Falcon Oil & Gas Ltd. - Appointment of Non-executive Chairman
Falcon Oil & Gas
Ltd.(“Falcon” or
“Company”)
Appointment of
Non-executive Chairman
13 September 2021 - Falcon Oil & Gas Ltd.
(TSXV: FO, AIM: FOG) is pleased to announce the appointment of Joe
Nally as Non-executive Chairman and to the Board of the Company,
with immediate effect, replacing Joachim Conrad who will remain on
the Board as a Non-executive Director.
Mr Nally has over 45 years’ experience in
London’s capital markets including 18 years at Cenkos Securities
PLC, a firm he co-founded in 2004. Mr Nally was an Executive
Director and Head of Natural Resources at Cenkos, where he helped
to build, develop and give strategic advice to a number of
successful companies in the oil and gas sector. Prior to this, Mr
Nally was a partner and director at Williams de Broe and an
individual member of the International Stock Exchange of
London.
Philip O'Quigley,
Falcon’s CEO said:“We are delighted to welcome Joe onto
the board of Falcon as Non-executive Chairman. Joe’s strategic
insight and vision gained from his extensive experience in oil and
gas in the UK and North American markets will be a huge asset to
the Company. I look forward to working with Joe as we enter the
next stage of development following the exciting Amungee NW-1H test
results announced on 3 September 2021. I would like to sincerely
thank Joachim Conrad for his stewardship of the Company as Chairman
since 2015 and I am delighted that he will remain on the board as a
Non-executive Director.”
Joe
Nally,
Non-executive Chairman said:“I am
delighted to be joining the Board of Falcon at this exciting time
with the recent significant development providing a line of sight
to gas commercialisation of the Beetaloo in the Northern Territory,
Australia.”
The Company provides the following disclosures in accordance
with Schedule 2(g) of the AIM Rules for Companies.
Regulatory Disclosures
Full name (age)
- John Joseph (Joe) Nally (69)
Current directorships:
- Southern Energy Corp.
- Tennyson Court Limited
- Waverton Property LLP
Previous directorships / partnerships (in the last five
years):
There are no further disclosures pursuant to Schedule 2(g) of
the AIM Rules for Companies to be made in respect of Mr Nally’s
appointment.
Granting of stock options
Following Mr. Nally’s formal appointment by the Board on 10
September 2021, the Company granted Mr. Nally share options
(“Options”) to purchase an aggregate of 3,000,000
common shares of Falcon at an exercise price of GBP£0.10 under the
stock option plan approved at Falcon’s annual shareholders meeting
held on 10 December 2020.
The Options have a vesting schedule allowing for
1/3 of the Options to vest immediately with an additional 1/3
vesting on each subsequent anniversary until the Options are fully
vested on 10 September 2023. The Options have an expiry date of 9
September 2026.
After this grant, there are 47,000,000 Options
outstanding, representing 4.79% of the issued and outstanding
common shares of Falcon.
Appointment of Communication
AdvisorFalcon is also pleased to announce the appointment
of Capital Market Communications Ltd (“Camarco”) as communications
advisor. Camarco is a communications firm based in London that
provides investor relations and corporate communications services.
It does not have any direct or indirect interest in Falcon or its
securities. The fee payable to Camarco is GBP£6,000 per month,
until terminated by either party in accordance with the terms of
the engagement. The appointment of Camarco is subject to TSXV
approval.
Ends.
CONTACT DETAILS:
Falcon Oil & Gas Ltd.
|
+353 1 676 8702 |
Philip O'Quigley, CEO |
+353 87 814 7042 |
Anne Flynn, CFO |
+353 1 676 9162 |
|
Cenkos Securities plc (NOMAD & Broker) |
|
Neil McDonald / Derrick Lee |
+44 131 220 9771 |
|
|
Camarco |
|
James Crothers / Rebecca Waterworth / Billy Clegg |
+44 (0)20 3781 8331 |
The information below is disclosed in accordance
with Article 19 of the EU Market Abuse Regulation.
1 |
Details of the person discharging managerial
responsibilities/person closely associated |
|
a) |
Name |
Joe Nally |
2 |
Reason for notification |
|
a) |
Position/Status |
Non- Executive Chairman |
b) |
Initial notification/Amendment |
Initial Notification |
3 |
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor |
|
a) |
Name |
Falcon Oil & Gas Ltd. |
b) |
LEI |
213800KQY87Z1KNPIM76 |
4 |
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted |
|
a) |
Description of the financial instrument, type of
instrumentIdentification code |
Options in respect of common shares in the CompanyCA3060711015 |
b) |
Nature of the transaction |
Award of Options in respect of common shares in the Company |
c) |
Price(s) and volume(s) |
Date |
Price(s) |
Volume(s) |
10 September 2021 |
GBP£0.10 |
3,000,000 |
d) |
Aggregated information
|
N/AN/A |
e) |
Date of the transaction |
10 September 2021 |
f) |
Place of the transaction |
Outside an exchange |
About Falcon Oil & Gas
Ltd.Falcon Oil & Gas Ltd is an international oil &
gas company engaged in the exploration and development of
unconventional oil and gas assets, with the current portfolio
focused in Australia, South Africa and Hungary. Falcon Oil &
Gas Ltd is incorporated in British Columbia, Canada and
headquartered in Dublin, Ireland with a technical team based in
Budapest, Hungary.
Falcon Oil & Gas Australia Limited is a c.
98% subsidiary of Falcon Oil & Gas Ltd. Falcon Oil & Gas
Australia Limited and a wholly-owned subsidiary of Origin Energy
Limited (ASX: ORG) (“Origin”) are joint venture
partners in respect of the Beetaloo project.
For further information on Falcon Oil & Gas
Ltd. please visit www.falconoilandgas.com
Advisory regarding forward looking
statementsCertain information in this press release may
constitute forward-looking information. Any statements that are
contained in this news release that are not statements of
historical fact may be deemed to be forward-looking information.
Forward-looking information typically contains statements with
words such as “may”, “will”, “should”, “expect”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “projects”, “dependent”,
“potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”,
“support” or the negative of those terms or similar words
suggesting future outcomes. In particular, forward-looking
information in this press release includes, but is not limited to,
information relating to the 2021 work programme, Amungee NW-1H test
results and the prospect of the exploration programme being brought
to commerciality. This information is based on current expectations
that are subject to significant risks and uncertainties that are
difficult to predict. The risks, assumptions and other factors that
could influence actual results include risks associated with
fluctuations in market prices for shale gas; risks related to the
exploration, development and production of shale gas reserves;
general economic, market and business conditions; substantial
capital requirements; uncertainties inherent in estimating
quantities of reserves and resources; extent of, and cost of
compliance with, government laws and regulations and the effect of
changes in such laws and regulations; the need to obtain regulatory
approvals before development commences; environmental risks and
hazards and the cost of compliance with environmental regulations;
aboriginal claims; inherent risks and hazards with operations such
as mechanical or pipe failure, cratering and other dangerous
conditions; potential cost overruns, drilling wells is speculative,
often involving significant costs that may be more than estimated
and may not result in any discoveries; variations in foreign
exchange rates; competition for capital, equipment, new leases,
pipeline capacity and skilled personnel; the failure of the holder
of licenses, leases and permits to meet requirements of such;
changes in royalty regimes; failure to accurately estimate
abandonment and reclamation costs; inaccurate estimates and
assumptions by management and their joint venture partners;
effectiveness of internal controls; the potential lack of available
drilling equipment; failure to obtain or keep key personnel; title
deficiencies; geo-political risks; and risk of litigation.
Readers are cautioned that the foregoing list of
important factors is not exhaustive and that these factors and
risks are difficult to predict. Actual results might differ
materially from results suggested in any forward-looking
statements. Falcon assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Falcon. Additional information identifying risks and
uncertainties is contained in Falcon’s filings with the Canadian
securities regulators, which filings are available at
www.sedar.com, including under "Risk Factors" in the Annual
Information Form.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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