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Falcon Oil & Gas in good financial health ahead of new drill programme

As it prepares for drilling, Falcon confirmed it ended 2018 with US$6.9mln of cash

oil well drilling
New drilling is slated for June

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.

WATCH: Falcon Oil & Gas Ltd is getting back to drilling

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.

Quick facts: Falcon Oil & Gas Ltd

Price: 11 GBX

AIM:FOG
Market: AIM
Market Cap: £108 m
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Falcon Oil & Gas Ltd excited to be back drilling in the Beetaloo Basin

Falcon Oil & Gas Ltd’s (LON:FOG) (CVE:FO) CEO Philip O'Quigley says it's exciting times for the business as exploration re-commences at Beetaloo. In October, the Kyalla 117 N2-1 was spudded - It is the first well in the ‘Stage 2’ drill programme. The well is located some 32 kilometres...

on 10/10/19

2 min read