Friday 24 May 2019

Losses decline at Dublin headquartered Falcon Oil & Gas

(stock picture)
(stock picture)
Ellie Donnelly

Ellie Donnelly

Falcon Oil & Gas has reported a loss of $1.3m (€1.1m) for 2018.

This is down from a loss of almost $4m (€3.5m) the previous year, according to a trading update from the group.

Falcon, which is concentrated in Northern Australia, had net cash of $6.9m (€6.2m) at the end of the year.

The Dublin-headquartered company has a joint venture with Origin Energy, operator of the Beetaloo licences, in the Northern Territory of Australia.

The programme involves the drilling and hydraulic testing of two horizontal wells.

Along with Australia, Falcon's current portfolio includes South Africa and Hungary.

Earlier this year the group said Origin Energy had signed a rig contract with Ensign Australia to cover the stage two of its 2019 drilling campaign. These will allow assessment of the liquid rich gas fairway targets in the Kyalla and Velkerri formations.

Together with the Velkerri B dry gas play discovered in 2016, this allows for the assessment of three plays, enabling the most commercially prospective play to be targeted for stage three drilling during 2020, Falcon said in January.

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