Actually, the research in the Hungarian play is more advanced than Australia. In the last year and the half, the company’s experts had been working to find the right methodology that suits the Makó Trough.

Falcon President and CEO Robert Macaulay commented, "I welcome our new shareholders who are bringing strong commitment and tremendous acumen to assist our company in moving forward. I am also grateful to our existing major shareholders who continue to demonstrate their commitment to Falcon by participating in this financing. This is an exciting time for the company, with the focus shifting over the near term towards achieving production tests in some of the high-potential targets on our acreage in Australia and Hungary, while advancing our understanding of our recently applied-for exploration license in South Africa."