(MENAFN- ProactiveInvestors)
(LON:FOG) said it is a strong financial position as it readies for a drill programme at Beetaloo in Australia.
Cash at the end December was US$14.8mln following receipt of farm-out money from partners Sasol and Origin.
Philip O'Quigley chief executive added it was also making good progress in South Africa where a decision had been taken to proceed with the processing of Falcon's application for a shale gas exploration licence in the Karoo basin.
"Looking ahead with our fully funded 2015 Australian drilling campaign on track to commence this summer and a decision expected from the South African DMR later this year Falcon has a number of value driving events coming up in the months ahead."
There was a loss of US$31.8 mln (US$3.6mln) in 2014 which included US$26.6mln write-down on its Hungarian assets.
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