Falcon Oil & Gas plc (LON:FOG) boasted a strong financial position ahead of new well drilling programme, due to start in June.
The company highlighted that it had US$6.9mln of cash and it was debt free.
It added that the company has continued to focus on strict cost management, and, efficient operation of the portfolio. General and admin expenses decreased US$1.91mln.
Falcon reported a US$1.38mln loss for the year.
Operationally, the focus is on the upcoming work programmes in the Beetaloo basin, in Australia’s Northern Territory.
The exploration and appraisal programme will include the drilling and hydraulic fracture stimulation of two horizontal wells, with drilling slated to start in June.
It will see Falcon finally get back to drilling after a 2-year delay imposed by the fracking moratorium in Australia’s Northern Territory.