>I rank them - Australia then Hungry and finally South Africa in order of ripining over the next 7 years.

I disagree oilmaninvestor. I rank Hungary first, Australia second and Africa third. My ranking is in agreement with Falcon’s own.

“Falcon began operations in Hungary in 2005 and it is the most developed asset in its portfolio.”

Makó Trough, Hungary

Falcon began operations in Hungary in 2005 and it is the most developed asset in its portfolio. Falcon's subsidiary, TXM, holds the 35-year Makó Production Licence covering an area of approximately 245,775 acres (approximately 1,000 km2) located in the Makó Trough, part of the greater Pannonian Basin of central Europe. The Makó Production Licence is located approximately ten kilometres from the MOL Group owned and operated Algyö field, which the Company understands has produced approximately 2.5 Tcf and 220 Mmbo to date. The Makó Licence area is transected by existing gas pipelines, including a 12 kilometre gas pipeline built by Falcon in 2007, which together offer potential access to local and international markets.

The Makó Trough contains two distinct plays:

·a play targeting gas prospects in the Algyö Play at depths between 2,300 metres and 3,500 metres; and

·a deeper unconventional play targeting significant contingent resources in the Deep Makó Trough.

RPS Energy estimates that eight prospects in the Algyö Play contain gross un-risked recoverable prospective gas resources of 568 Bcf (P50) (see Note 1). In January 2013, Falcon agreed a three-well drilling exploration programme with NIS, owned 56 per cent. by Gazprom Group, to target the Algyö Play. NIS have made a cash payment of US$1.5 million to Falcon and agreed to drill three exploration wells by July 2014. NIS will earn 50 per cent. of net production from the first three wells, and has the option to participate in any future drilling on terms to be negotiated, after paying Falcon US$2.75 million. Falcon is to be fully carried on the drilling and testing of the three exploration wells.

Drilling preparations are already underway. NIS has informed the Company that it expects the first well to spud by the end of Q2 2013 and the three-well drilling programme to be completed before the end of 2013.

Between 2005 and 2007, Falcon acquired 1,100 kilometres of 3D seismic data and executed a six-well drilling programme on the Deep Makó Trough. Each of the six wells encountered thick sequences of hydrocarbon bearing rocks, and tests flowed hydrocarbons from each tested horizon. Early exploration efforts focused on proving hydrocarbon potential and delineation of the basin in order to secure the Makó Production Licence. Falcon may seek to partner with an industry player to re-enter and develop the Deep Makó Trough play.

RPS Energy in its independent CPR estimates gross recoverable contingent resources for the Makó Production Licence of 35.3 Tcf of gas and 76.7 Mmbo of oil (P50) (see Note 1)