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Thursday, 29 August 2013
Falcon Oil and Gas expects busy second half
Falcon Oil & Gas (LON:FOG) (CVE:FO) looks to a busy second half as it unveiled its latest six month numbers.
Chief executive Philip O'Quigley told investors: "We have been extremely busy during the first half of 2013, successfully raising US$25.7 million of new capital, achieving debt-free status and significantly reducing our operating loss.
"Our attention has now switched to securing a new farm-out on our acreage in Australia, preparing for the testing of the Kutvolgy-1 well in Hungary and working with Chevron under our Cooperation Agreement in South Africa."
The firm now owns 96.9% of subsidiary Falcon Australia, which holds four exploration permits in the potentially world-class Beetaloo basin, in the Northern Territory.
In Hungary, drilling on the Kutvolgy-1 well has been successfully completed and now cased ahead of testing.
Falcon posted a net loss of US$1.9mln for the three months to end June (2012: loss of US$5.8mln).
It ended the period with cash of US$14.7mln (2012: US$8.7mln).