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Falcon Oil & Gas Ltd. (FOG)

Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd: Filing of Interim Financi...
Falcon Oil & Gas Ltd: Filing of Interim Financial Statements

FALCON OIL & GAS LTD.
(“Falcon)

Filing of Interim Financial Statements

22 November 2019 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three and nine months ended 30 September 2019 and the accompanying Management’s Discussion and Analysis (“MD&A”).

The following should be read in conjunction with the complete unaudited unreviewed Interim Financial Statements and the accompanying MD&A for the three and nine months ended 30 September 2019, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and on Falcon’s website at www.falconoilandgas.com.

2019 Operational Highlights

  • Strong financial position, debt free with cash of US$13 million at 30 September 2019 (31 December 2018: US$7 million).
  • Continued focus on strict cost management and efficient operation of the portfolio.

             


CONTACT DETAILS:

Falcon Oil & Gas Ltd.   +353 1 676 8702
Philip O'Quigley, CEO+353 87 814 7042
Anne Flynn, CFO+353 1 676 9162
  
Cenkos Securities plc (NOMAD & Broker) 
Neil McDonald / Derrick Lee+44 131 220 9771



Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)

  Three months ended 30
September
2019
$’000
Three months ended 30
September 2018
$’000
Nine months ended 30
September 2019
$’000
Nine months ended 30
September 2018
$’000
 
       
Revenue      
Oil and natural gas revenue 1-43 
  1-43 
       
Expenses      
Exploration and evaluation expenses (36)(35)(185)(114) 
Production and operating expenses (3)(3)(9)(12) 
Depreciation (1)-(1)(1) 
General and administrative expenses (403)(436)(1,305)(1,437) 
Share based compensation -    (23)(12)(104) 
Foreign exchange loss (89)(4)(116)(76) 
  (532)(501)(1,628)  (1,744) 
       
Results from operating activities (531)(501)(1,624)(1,741) 
       
Fair value gain – outstanding warrant 127414230641 
       
Finance income 25489568 
Finance expense (385)(55)(381)(211) 
Net finance expense (360)(7)(286)(143) 
       
Loss and comprehensive loss for the period (764)(94)(1,680)(1,243) 
       
Loss and comprehensive loss attributable to:      
       
Equity holders of the company (758)(94)(1,675)(1,242) 
Non-controlling interests (6)-(5)(1) 
       
Loss and comprehensive loss for the period (764)(94)(1,680)(1,243) 
       
      
Loss per share attributable to equity holders of the company:     
       
Basic and diluted (0.001 cent)(0.000 cent)(0.002 cent)(0.001 cent) 



Interim Condensed Consolidated Statement of Financial Position
(Unaudited)

  At 30 September
2019
$’000
At 31 December
2018
$’000
    
Assets   
Non-current assets   
Exploration and evaluation assets 40,22039,705
Property, plant and equipment 12
Trade and other receivables 2931
Restricted cash 2,1822,294
  42,43242,032
    
Current assets   
Cash and cash on deposit 13,1796,967
Trade and other receivables 131100
  13,3107,067
    
Total assets 55,74249,099
    
Equity and liabilities   
    
Equity attributable to owners of the parent   
Share capital 392,170383,737
Contributed surplus 45,07545,063
Retained deficit (393,279)(391,604)
  43,96637,196
Non-controlling interests 695700
Total equity 44,66137,896
    
Liabilities    
Non-current liabilities   
Decommissioning provision 10,27410,102
  10,27410,102
    
Current liabilities   
Accounts payable and accrued expenses 558622
Derivative financial liabilities 249479
  8071,101
Total liabilities 11,08111,203
    
Total equity and liabilities 55,74249,099



INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)

  Nine months ended 30 September
  2019
$’000
2018
$’000
    
Cash flows from operating activities   
Net loss for the period (1,680)(1,243)
Adjustments for:   
Share based compensation 12104
Depreciation 11
Fair value gain - outstanding warrant (230)(641)
Net finance expense 286143
Effect of exchange rates on operating activities 11677
Change in non-cash working capital:   
Trade and other receivables (29)33
Accounts payable and accrued expenses 23(118)
Net cash used in operating activities (1,501)(1,644)
    
Cash flows from investing activities   
Decrease in cash deposits – other receivables -6,028
Interest Received 9568
Exploration and evaluation assets (515)(76)
Net cash (used in) / generated from investing activities (420)6,020
    
Cash flows from financing activities   
Net Proceeds from Private Placement 8,433-
Proceeds from the exercise of share options -167
Net cash generated from financing activities 8,433167
    
    
Change in cash and cash equivalents 6,5124,543
Effect of exchange rates on cash & cash equivalents (300)(26)
Cash and cash equivalents at beginning of period 6,9672,967
    
Cash and cash equivalents at end of period 13,1797,484

Cash and cash on deposit

Cash and cash equivalents includes cash on hand, deposits held on call with banks, other short term highly liquid investments with initial maturities of three months or less at inception and bank overdrafts where a legal right of offset exists. Cash on deposit represents cash on deposit with a maturity in excess of three months.

 30 September
2019
31 December
2018
 $’000$’000
   
Cash and cash equivalents13,1796,967
Cash on deposit--
 13,1796,967


All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated.

About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

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