The junior oil and gas firm has a stake in a significant shale gas discovery in the Northern Territory though quickly after breakthrough success, progress was hindered by a moratorium on fracking, but, a scientific review recently boosted expectations.
In late March, a scientific inquiry into hydraulic fracturing commissioned by the region's government concluded that the inherent risks of the controversial oil and gas extraction method can be mitigated, reduced to an acceptable level or in some cases eliminated entirely.
The inquiry chair, Justice Rachel Pepper said: "It was not the role of the Inquiry to recommend whether the moratorium on hydraulic fracturing in the Northern Territory be lifted, that is a political decision that rests with the Government alone."
Falcon and its investors continue to wait on news from the Northern Territory.
In the meantime, the company’s financial results statement for 2017 has confirmed the group’s strong position, with some US$9mln of cash on account at the end of December.
The company added that it had continued to focus on strict cost management during the Australian hiatus, with general and admin expenses reducing by 3% year-on-year to US$1.98mln.
Falcon reported a US$3.99mln loss for the year.