London-listed Falcon said in a statement that a six-month extension granted to partner Naftna Industrija Srbije (NIS) to the end of 2014 had expired, preventing the third well being drilled in the shallow part of the Algyo play in its Mako trough licence.
The pair had inked a deal early last year whereby NIS, owned 56.15% by Russia’s Gazprom Neft, made a cash payment of $1.15
