Like you, Energygamer, I was expecting the price to rocket to $0.30 after the announcement, particularly as it did so back in January 2013 after news less momentous (to my mind, anyway) than this. Back then the sp took a few days to reach its peak but it's certainly not looking as though it's even going to hit $0.20 this time.

The best explanation I've found for the lack of movement was on a UK-based Falcon messageboard. I don't want to transgress any forum etiquette by posting a link, so I've copied and pasted the post below.

Like the majority here, I'm disappointed but not downhearted as the SA license should have a significant impact on the price and any favourable news from Hungary should definitely see us break the $0.30 barrier and stay there.

Here's the post I was talking about, explaining the poster's opinion as to why the JV hasn't had much of an impact on the sp. Incidentally, reading other posts by the same individual, he seems to know what he's talking about:

Sentiment for onshore E&P in Australia is absolutely rock bottom , especially in Australia itself so there are a couple of Australian companies which look cheap in comparison with Falcon .

Looking at the application of hydraulic fracturing and horizontal drilling onshore Europe , the most impressive junior by far is BNK .

BNK operate acreage in the US and have shown themselves capable of evolving frac designs . There were a spin off from Bankers Petroleum which has heavy oil in Europe which requires horizontal drilling to achieve flow rates .

BNK know what it takes to generate revenue from these sort of onshore plays . There is no substitute for that sort of hard won experience .

Falcon's have not operating capability and the business model seems to be based on outstanding deal making as demonstrated by the Beetaloo farmout . That gives them very little control over their destiny and investors are understandably wary of this .

Falcon have some wells testing in Hungary with you know who as operator (check it out) and I suppose that even if the results are good it's possible that it has got caught up in the Ukraine thing - which would have a downward effect on share prices .

In the short term they will get a boost from the technical cooperation permit in South Africa being converted to an exploration permit .

More than anything Falcon would benefit from the exploration success of others during 2014 in Australia causing a turnaround in sentiment .