The company, in a statement, said it had conditionally raised £7mln (US$9mln) with 50.5mln new shares being sold at a price of 14p each.
It noted that the injection of funds will primarily be used to fund Falcon’s share of costs for a new programme of drilling, hydraulic fracturing and testing across its shale acreage in Australia’s Northern Territory.
“Falcon is delighted with the proposed placing to conditionally raise c.US$9mln,” said Phillip O’Quigley, Falcon chief executive.
“This placing will see the company being adequately funded through the next c.US$100mln of capital expenditure on the Beetaloo project.
“Preparations continue for the re-commencement of drilling of Stage 2 in mid-2019, which will include the drilling and hydraulic fracture stimulation of two horizontal wells, and we look forward to updating the market in due course.”