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.