Friday 20 September 2019

Falcon Oil & Gas reports 'strong' financial position as losses decline

The Dublin-listed company reported a loss of $94,000 for the period (stock picture)
The Dublin-listed company reported a loss of $94,000 for the period (stock picture)
Ellie Donnelly

Ellie Donnelly

Dublin-headquartered Falcon Oil & Gas has said it is in a "strong" financial position, as its losses fell to $94,000 (€82,000) in the three months to 30 September, from $770,000 (€675,000) in the same period last year.

In its interim results the company said it was continuing to focus on strict cost management and the efficient operation of its portfolio.

The group, which has projects in Australia, South Africa and Hungary, had total assets of $49.7m, down slightly on its total assets of $51m at 31 December 2017.

General and administrative expenses were $436,000 during the three-month period, while the company recorded a foreign exchange loss of $4,000.

At 30 September Falcon had cash of $7.5m, down from $9m at 31 December.

In August the group announced that it had signed an agreement to amend its farm-out agreement with Origin, its partner in its Australian business, to commence stage two of its drilling programme in the Beetaloo Sub-basin of Australia’s Northern Territory. Falcon Australia holds a 30pc interest in 4.6 million gross acres in exploration permits in the area.

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