Dublin-headquartered onshore exploration firm, Falcon Oil & Gas has reported a significant slashing in first-quarter losses and a jump in revenues of more than 230%.

The company, which has onshore assets in Hungary, Australia and South Africa, yesterday reported revenues of $10,000 (€7,352) for the three months to the end of March; up from $3,000 for the corresponding period last year.

More significantly, the company slashed its pre-tax losses for the period from just over $4.74m a year ago to just $333,000. The company said it is in a strong financial position, being debt-free with cash and cash equivalents of nearly $7m.

Highlights for the period under review included the spudding of a second well in Hungary and a “transformational” farm-out agreement and joint-operating agreements at its Beetaloo permits in Australia’s Northern Territory, with local company Origin Energy Resources, which will lead to a nine-well exploration and appraisal programme over five years. Drilling will commence following formal completion of agreements and Origin and Sasol Petroleum Australia will pay Falcon Aus$20m in cash.