Falcon Oil and Gas, the Irish independent believes its high-quality assets in Australia leave it well positioned to deal with current difficult market conditions.
Chief executive Philip O’Quigley, said Falcon’s strong cash position, fully funded drilling programme and high quality assets in the Beetaloo basin left it “uniquely placed” after announcing encouraging results from the first three wells, with excellent gas shows indicating the potential prospects from its acreage.
He added: “The technical evaluation of the results to date remains ongoing and we look forward to announcing these results and our 2016 drilling and exploration programme in due course.”
Its 2015 financial results for the nine months to September 30, revealed its strong financial position with $9.8million of cash and no debt despite incurring a loss of $2million during the nine months ended 30 September 2015, decreasing from a loss of $3.97million during the nine months ended 30 September 2014.
In South Africa, the processing of a shale gas exploration licence continues to progress for the Karoo Basin which is expected 2016.
Falcon continues to review its operation and future plans in Hungary, maintaining its 100% interest in the Mako Trough.
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