Falcon slashes first-half losses by 64%

Falcon Oil & Gas, the Dublin-headquartered unconventional exploration firm, has reported a near 64% slashing of first-half losses.

The company — headed by former Providence Resources finance director, Philip O’Quigley — yesterday reported a net loss of $2.4m (€1.8m) for the six months to the end of June. This was down from a loss of $6.6m for the corresponding period last year.

In addition, Falcon — which practises so-called unconventional exploration models, such as fracking, on onshore assets in Australia, South Africa and Hungary — reached the half-way stage of the year in a strong financial position; debt free, and with cash and cash equivalents of $5.5m. It also received Aus$20m in cash from the completion of a farm-out deal at its Beetaloo permits in Australia’s Northern Territory.

Mr O’Quigley said 2014 has been a busy year, thus far, for Falcon.

“Together with the Aus$20m cash received, the [Beetaloo] deal is worth up to approximately Aus$200m to Falcon,” he added.

Meanwhile, Irish explorer PetroNeft Resources saw its share price jump by over 6% yesterday on the back of management outlining its re-energised drilling plans for its interests in the Tomsk region of Russia; made possible by the recent €61.5m 50% farm-out of its chief licence to Oil India. In total, nine million PetroNeft shares traded yesterday. At its AGM in Dublin, shareholders passed all but two motions. The two not immediately approved related to pre-emption rights, which would have allowed the board to issue 10% of the company’s shares without seeking approval at an EGM. Both were special resolutions, needing 75% approval rates.

Elsewhere, Irish-registered mineral exploration and development firm, Minco has reported a consolidated net loss of $487,000 for the first half of 2014; down from a loss of $790,000 for the same period last year. It is currently engaged in zinc and lead exploration in Canada, Ireland and Britain.

The company invested just under $1.9m in exploration and development projects during the six months, and held $7.84m in cash and cash equivalents as of the end of June.

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