Falcon is a global energy company with projects in Hungary, Australia & South Africa

Developing large acreage positions of unconventional and conventional oil and gas resources

Free
Message: Re: Exxon: Waiting for the tiger to pounce

>Would exxon be allowed to buy us out if the szolnok tests go well, or is their a clause in the jv contract preventing them from doing so,


It's all clearly explained in Section 19 of the PDA :)

18. Confidentiality and Public Announcements. The Parties agree to terminate that certain Non-Disclosure Agreement between the Parties, dated September 17, 2007. All data and information under this Agreement and the Mining Plot shall be considered confidential in accordance with the provisions of Article 15.2 of the JOA.

Each Party shall have the right to make a public announcement of this Agreement after it is fully executed in accordance with the provisions of Article 19.3(B) of the JOA.

19. [This section outlines the handling of offers for Falcon].

20. Seismic Data. Falcon shall retain sole ownership of all seismic data pertaining to the Mining Plot, which Falcon acquired or developed at its sole cost and expense, regardless of whether the data was acquired or developed by Falcon before or after the date of this Agreement. ExxonMobil shall have full access and right to use to all seismic, well and other data in the Mining Plot, at no cost to ExxonMobil, but shall not have access to any new data on the Mining Plot after the date ExxonMobil ceases to be a Party to this Agreement. All such data shall be kept confidential in accordance with Article 15.2 of the JOA.




Share
New Message
Please login to post a reply