Sunday 22 September 2019

Falcon Oil & Gas to cease Euronext Dublin trading as losses ease

Falcon Oil & Gas chief executive Philip O’Quigley
Falcon Oil & Gas chief executive Philip O’Quigley
Ellie Donnelly

Ellie Donnelly

THE Dublin-headquartered Falcon Oil & Gas is set to cease trading on Euronext Dublin.

The last day of trading will be on September 25.

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The exploration company will remain on the Aim exchange in London and the Canadian TXS venture exchange.

Meanwhile, the group reported cash of $14.5m (€13m) at June 30, a jump from the $7m of cash as at December 31.

Over the past six months, the company has continued its focus on strict cost management and efficient operation of the portfolio, it said in interim financial results.

Losses at the group, which is headed by Philip O'Quigley, dropped to $494,000 from $916,000 during the period.

Falcon's drilling operations on the Kyalla 117 N2 Horizontal Appraisal well in the Beetaloo Basin in northern Australia will start next month.

The work will be prepared by Origin Energy, which is Falcon's joint venture partner.

The well, within the Northern Territory state of Australia, is to focus on the liquid gas-rich fairway targets in the Kyalla formations.

Construction of the well pad and related civil works is nearing completion, and drilling operations will start next month.

Falcon Australia owns 30pc of three exploration permits in the Beetaloo Basin, where the total gross acres amount to 4.6 million.

In 2014, Falcon farmed out 70pc of Beetaloo to Origin in a deal worth AUS$200m (€121.9m).

Last year, Falcon reported a loss of $1.3m for 2018, which was down from a loss of almost $4m in the previous year.

Incorporated in British Columbia, the company's management collectively has more than 45 years of experience in the oil and gas industry.

The group's portfolio also includes projects in South Africa and Hungary.

Irish Independent

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