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Falcon Oil & Gas highlights strong position in first quarter results

Falcon saw a major breakthrough last month, as Australian authorities green-lighted its shale project in the Northern Territory.
oil and gas operations
It had US$8.5mln of cash

Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) highlighted its strong position as it filed interim financial statement for the three months ended March 31.

The company boasted a cash position of US$8.5mln and noted that it is debt free.

READ: Falcon Oil & Gas ready to reward patient investors

It also highlighted that the company continued to focus on cost management and efficient operation of the portfolio.

The pre-revenue oiler reported a US$655,000 loss for the quarter, compared to US$2.95mln in the same period last year.

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