Business Irish

Monday 21 October 2019

Losses decline to €1.1m at Falcon Oil & Gas

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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.

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

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

Earlier this year the group said Origin Energy had signed a rig contract with Ensign Australia to cover stage two of its 2019 drilling campaign.

This will allow assessment of the liquid rich gas fairway targets in the Kyalla and Velkerri formations. Falcon's portfolio also includes projects in South Africa and Hungary.

Irish Independent

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