The Board of Victoria Oil & Gas Plc announces that it has signed a 12 month option to acquire the entire share capital of Falcon Petroleum Limited (“Falcon”), a Cyprus-based company with substantial exploration prospects in Ethiopia and Mali.
Falcon has a Production Sharing Agreement (“PSA”) for 90% of Blocks Ab1, Ab4 and Ab7 of the Blue Nile (Abay) Basin in Ethiopia covering around 26,000 square kilometres and a PSA for 50% of the 20,000 square kilometre Block 17 in the Nara Trough in the west of Mali.
VOG Chairman, Kevin Foo, said today, “We are delighted to get the opportunity to acquire these substantial exploration properties and are very encouraged by the initial reports we have received. This deal will further our strategy of diversifying our asset portfolio outside the Former Soviet Union and the option gives us a low-cost entry into two exciting and underexplored new regions.”
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