Irish oil firm Falcon Oil & Gas has reported a £2.3million loss for the first nine months of the year.
The company, which has operations in Australia and Hungary, reported a £2.3million to September 30th 2013, compared with a £10.2 million loss for the same period last year.
“As expected, we have had an extremely busy start to the second half of 2013,” said chief executive Philip O’Quigley.
“Our attention is focused on securing a new farm-out of our acreage in Australia, preparing for the testing of the Kutvolgy-1 well in Jungary and working with Chevron under our co-operation agreement in South Africa.
“We are delighted to report that progressto date on all of these fronts is in line with our expectations.”
The company today confirmed farm-out discussions were advancing in Australia and said results of the seismic programme in the country’s Beetaloo Basin were encouraging.
Drilling of the first well in Hungary was complete, said Falcon, and the company is awaiting the start of extensive testing.
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