Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Falcon Oil & Gas expects Karoo Basin licence in 2016

The oil and gas company says it expects be awarded the exploration right over the Karoo Basin acreage before the end of the year
Oil barrels lined up, which Falcon Oil and Gas will hope to fill should
The firm hopes to be filling a few of these if all goes to plan at Karoo Basin

Falcon Oil & Gas Ltd (LON:FOG) is hopeful that it will be awarded a shale gas exploration licence for Karoo Basin in the second half of the year.

“The board now expects that the exploration right over the acreage will be awarded in 2016,” the company said in its interim statement.

The Karoo Basin is located in South Africa, and the board says that it’s confident it is a “well-suited” area in which to find shale oil and shale gas.

Elsewhere in its interim results for the three months to March, Falcon said it was debt-free with nearly US$12mln in cash.

It also reduced its general and admin expenses by 12% to US$0.5mln from US$0.6mln a year earlier, as a result of its “continued focus on strict cost management.”

Its total loss for the period was US$1.3mln.

Shares were up 0.15p, or 2%, to 7.9p.

View full FOG profile View Profile

Falcon Oil & Gas Ltd Timeline

Related Articles

oil well
February 13 2018
At Welch, work in recent months has focused on workovers and production optimisation.
oil and gas operations
January 04 2018
Phase 1 of the Otakikpo field is targeting 10,000 bopd of production, with Phase 2 due to raise the bar to 20,000 bopd.
coal trucks
March 14 2018
Polish group Cobant is the latest partner and will work with AEG to develop a new "Super Fuel" that combines CoalSwitch and reclaimed coal

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use