Sharply reduced impairment charges meant Falcon Oil & Gas Ltd (LON:FOG CVE:FO) more or less broke even in 2015.
The hydrocarbon explorer received US$3.7mln from former partner Naftna Industrija Srbije (NIS) for contractual obligations at Hungary’s Mako Trough and these covered 2015's operating expenses of US$3.63mln. Net losses for the year were US$200,000 (US$31.7mln).
The numbers came out just a day after a comprehensive technical and operational update.
Drilling plans for 2016 are focused on its Australian shale interests and include recommissioning of Rig 185, stored at the Amungee NW-1H well site, is expected in mid-May with the well scheduled for re-entry in June.
Thereafter Amungee NW-1H, a horizontal well, will then undergo a multi-stage fracture stimulation programme to test the Middle Velkerri ‘B’ shale reservoir. The objective is to test the productivity of the gas in the shale.
Cash and equivalents at the year-end amounted to US$10.7mln.