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Falcon Oil in strong position ahead of Australia drilling campaign

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Falcon Oil & Gas (LON:FOG) said it is a strong financial position as it readies for a drill programme at Beetaloo in Australia.

Cash at the end December was US$14.8mln, following receipt of farm-out money from partners Sasol and Origin.

Philip O'Quigley, chief executive, added it was also making good progress in South Africa where a decision had been taken to proceed with the processing of Falcon's application for a shale gas exploration licence in the Karoo basin.

"Looking ahead, with our fully funded 2015 Australian drilling campaign on track to commence this summer and a decision expected from the South African DMR later this year, Falcon has a number of value driving events coming up in  the months ahead."

There was a loss of US$31.8 mln (US$3.6mln) in 2014, which included US$26.6mln write-down on its Hungarian assets.

Quick facts: Falcon Oil & Gas Ltd

Price: 12.4 GBX

AIM:FOG
Market: AIM
Market Cap: £121.75 m
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