The Board of Directors of FALCON ENERGY GROUP LIMITED (the ‘Company’) wishes to announce that the Company through its wholly-owned subsidiary, Falcon Oilfield Services Pte. Ltd., has established a subsidiary in Houston known as Falcon Oilfield Services (USA) Inc. (the ‘Subsidiary’) for the purpose of providing services to oilfield companies. The Subsidiary has a paid up capital of US$50,000/-.
The Directors of the Company believe that the establishment of the Subsidiary is in line with the Company’s strategy to seek out new business opportunities in the marine and oil and gas industries.
At this early stage, the Company is unable to estimate the financial impact of this transaction on the Company’s net tangible assets and earnings per share for the financial year ending 30 September 2007.
None of the Directors and, to the best of knowledge of the Directors, none of the substantial shareholders or controlling shareholders of the Company, has any direct or indirect interest in the transaction.
Submitted by Tan Pong Tyea, Director on 1 June 2007 to the SGX