A late request by Hess to defer the election date again was unanimously rejected by Falcon's Board for reasons outlined below.

• Falcon retains a 100% working interest in the four Beetaloo exploration permits which puts Falcon in a stronger position going forward.
• Hess has transferred a perpetual, royalty-free and irrevocable licence to Falcon over the 3,490 km of seismic acquired by them.
• The interpretation of 3,490 kms of new seismic data, acquired and processed at no cost to Falcon, is extremely encouraging.
• Identification of a shale oil play in the northern part of the permits in addition to the shale gas and conventional plays throughout the acreage.
• Unsolicited interest from major oil and gas companies.

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In my opinion this should mean retaining more interest in what will be farmed out to those in the waiting room. Probably - I hope in smaller land packages - over a longer period of time with more knowledge as the time goes on. I also note the conventional play - Oilman