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Falcon & Petrovietnam Set Up a JV in Singapore

Source: www.gulfoilandgas.com 1/26/2013, Location: Asia

The Board of Directors of Falcon Energy Group Limited (“Company”) wishes to announce that the Company has entered into a preliminary agreement (“Preliminary Agreement”) with PetroVietnam Drilling & Well Service Corporation (“PVDWSC”) dated 24 January 2013 in relation to the setting up of a joint venture company in Singapore (“JV Company”) which may provide drilling services and associate services to clients.

PVDWSC is a Vietnam-based provider of oil and gas drilling services and is a subsidiary of PetroVietnam.

Pursuant to the Preliminary Agreement, the Company and PVDWSC will use their good faith efforts to discuss and conclude the definitive joint venture agreement. The Company will keep shareholders informed if there is any material development by making the appropriate announcement in compliance with the listing rules of the Singapore Exchange Securities Trading Limited.

Shareholders and potential investors of the Company are advised to refrain from taking any action in respect of their shares in the Company which may be prejudicial to their interests and to exercise caution when dealing in the shares of the Company. Save for the shareholding interests in the Company, none of the directors or substantial shareholders of the Company has any interest, direct or indirect, in the transaction contemplated under the Preliminary Agreement.

The transaction contemplated under the Preliminary Agreement is not expected to have a material impact on the net tangible assets per share and earnings per share of the Company for the financial year ending 31 March 2013.

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