Falcon Oil & Gas posts FY pre-tax loss of $3.7m
Falcon Oil & Gas has returned a full-year pre-tax loss of $3.7m, from a much smaller loss of $90,000 a year previously.
Falcon Oil & Gas Ltd.
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The comparative period was boosted by other income of $3.6m, against nil in the just-ended 12 months.
Processing of Falcon's exploration license application in South Africa's Karoo Basin continued to progress and the South African Department of Mineral Resources was expected to issue licences in 2017.
Chief executive Philip O'Quigley said 2016 was a landmark year for Falcon, with the first extended production test in the Beetaloo basin and the announcement of a material gas resource.
"Our 2017 drilling program is delayed pending the outcome of the independent scientific inquiry on hydraulic fracturing, however we are hopeful of a favourable outcome and the resumption of drilling in the not too distant future."
The company was in a strong financial position, being debt free with cash of $10.1m at 31 December 2016.
At 14:47 BST, shares in AIM-traded Falcon were up 4.97% to 23.75p each.