Falcon Oil & Gas’s losses narrow

Aim-listed Falcon Oil & Gas yesterday said farm-out talks are advancing in Australia and that it has completed the acquisition of a minority stake in its Australian subsidiary, bringing its holding up to 98.1 per cent. Net loss for the first nine months of 2013 narrowed to $3.73m (£2.28m) from $16.64m last year. The oil and gas explorer said seismic tests in Australia’s Beetaloo Basin were encouraging and showed the shale oil and gas potential in the area.