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Falcon Oil & Gas highlights strong financial position as it awaits Australia fracking verdict

Review into proposals to frack vast shale resources in the Beetaloo basin is presently underway, in the meantime Falcon said it has adopted strict cost management.
oil well drilling
It is debt free and had US$9.4mln of cash

Falcon Oil & Gas Ltd (LON:FOG) has told investors it ended the three months to September 30 with a strong financial position – it is debt free and had US$9.4mln of cash.

As the AIM-quoted shale group continues to await the outcome of a government commissioned review into fracking in Australia’s Northern Territory the company continues to adopt strict cost management.

READ: Falcon Oil & Gas expects draft Northern Territory report by mid-December

Amid the operational hiatus, Falcon’s general and admin expenses decreased by 6% quarter on quarter to US$1.48mln.

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