Re: Falcon Oil & Gas Ltd. enters into binding agreement ... lanman
in response to
by
posted on
May 28, 2009 06:25PM
Developing large acreage positions of unconventional and conventional oil and gas resources
>MOL had 2 licenses expiring this year. Wasn't it June and August? You had previously posted the dates. Do you know/remember if they were ineligible for any more extensions which, if so, would mean they are about to be in the same boat with however many wells Exxon has drilled on their acreage?
Block 106 (west) was issued Oct 4, 1999 and expires Aug 30, 2009
Block 107 (donut) was issued Aug 5, 1999 and expires on June 15, 2009
An exploration license is good for 4 years, and can be renewed twice for 1/2 the initial period.
4 + 2 + 2 = 8 years
I think it's safe to say that MOL isn't legally entitled to another renewal.