Falcon Oil & Gas interim loss narrows with focus on cost management
Falcon Oil & Gas Ltd on Friday said its loss narrowed in the first half of the year as costs fell.
The Australia, Hungary and South Africa-focused oil and gas explorer said its loss narrowed to $872,000 in the six months to the end of June from $1.6 million a year ago.
The firm reported no revenue, unchanged from a year ago, and other income of $63,000, compared to none the year before.
Finance expenses fell 36% to $290,000 from $451,000.
The company said it has $4.8 million in cash as of June 30, down 29% from $6.8 million at the end of 2024.
It said it has a ‘continued focus on cost management and the efficient operation of the portfolio’.
Shares in Falcon Oil & Gas were down 0.1% at 7.20 pence in London on Friday afternoon.
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