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Falcon Oil & Gas highlights healthy cash pile in third quarter update

The business has shale interests in Australia at Beetaloo and in South Africa’s Karoo Basin
oil well
Falcon has interests in Australia and South Africa

Canada-based and London-listed Falcon Oil & Gas Ltd (LON:FOG CVE:FO) closed its third quarter with cash of US$7.5mln and no debt.

The business has shale interests in Australia at Beetaloo and in South Africa’s Karoo Basin.

READ: Falcon Oil & Gas and Origin Energy agree to cancel Beetaloo royalty

In a very short statement that accompanied the third quarter update, the junior said its focus was on strict cost management and efficient operation of the portfolio.

Operating losses in the three months to September were cut to US$501,000 from US$651,000.

Falcon is not yet generating any revenues.

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