>FO has wells and a pipeline. Recompleting one or more wells in shallow zones could establish production and hold the license. (The reference to Magy-1 suggests this)

Falcons production license only covers the BCGA below 2800 meters. The Algyo formation is above 2800 meters, so it's covered by the exploration licences, which expire on Dec 31. That's 46 days from now!

So in a way you are correct. Production from the Magy would go towards protecting the production license, since the prospective area from the Magy was below 2800 meters.