Falcon Oil buys CityView?s stake

Australian listed oil explorer CityView Corporation Limited announced on Wednesday the issuance of thirteen million ordinary fully paid shares to Falcon Oil Pte Ltd, a Singaporean energy company which is co-venturer with CityView in the Madura, East Java and Simenggaris, East Kalimantan exploration blocks.

Falcon has agreed to subscribe for the shares in CityView at a price of A$0.24 with each share entitled to one unlisted option convertible into one ordinary fully paid share at an exercise price of A$0.40 each and exercisable by June 24, 2002. (alex)