Falcon Oil & Gas Ltd. : Filing of Interim Finan...

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

FALCON OIL & GAS LTD.
("Falcon" or the "Company")

Filing of Interim Financial Statements

11 May 2018 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) announces that it has filed its Interim Financial Statements for the three months ended 31 March 2018 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 months ended 31 March 2018, 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.

2018 Financial Highlights

  • Strong financial position, debt free with cash of US$8.5 million at 31 March 2018 (31 December 2017: US$9 million).
  • Continued focus on 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
   
Davy (NOMAD & Broker)  
John Frain / Barry Murphy +353 1 679 6363
   
RBC (Joint Broker)  
Matthew Coakes / Martin Copeland +44 20 7653 4000

  Three months ended 
31 March 2018
$'000
Three months ended 
31 March 2017
$'000
       
Revenue    
Oil and natural gas revenue   1 3
  1 3
       
Expenses    
Exploration and evaluation expenses   (41) (67)
Production and operating expenses  (4) (3)
Depreciation  - (1)
General and administrative expenses  (504) (477)
Share based compensation  (59) (283)
Foreign exchange gain   62 4
  (546) (827)
       
Results from operating activities   (545) (824)
       
Fair value loss - outstanding warrant  (56) (2,120)
       
Finance income   6 37
Finance expense   (60) (48)
Net finance expense   (54) (11)
     
Loss and comprehensive loss for the period (655) (2,955)
     
Loss and comprehensive loss attributable to:      
      
Equity holders of the company   (655) (2,954)
Non-controlling interests   - (1)
       
Loss and comprehensive loss for the period   (655) (2,955)
 
Loss per share attributable to equity holders of the company:
      
Basic and diluted   ($0.001) ($0.003)

  At 31 March
2018
$'000
At 31 December
2017
$'000
    
Assets   
Non-current assets   
Exploration and evaluation assets   39,630 39,630
Property, plant and equipment   3 3
Trade and other receivables   33 33
Restricted cash   2,475 2,412
   42,141 42,078
       
Current assets    
Cash and cash on deposit   8,455 8,995
Trade and other receivables   273 186
   8,728 9,181
     
Total assets 50,869 51,259
       
Equity and liabilities    
       
Equity attributable to owners of the parent    
Share capital   383,570 383,570
Contributed surplus   44,996 44,937
Retained deficit   (390,878) (390,223)
  37,688 38,284
Non-controlling interests 701 701
Total equity 38,389 38,985
     
Liabilities     
Non-current liabilities      
Decommissioning provision   9,941 9,886
  9,941 9,886
       
Current liabilities    
Accounts payable and accrued expenses   920 825
Derivative financial liabilities   1,619 1,563
  2,539 2,388
Total liabilities 12,480 12,274
     
Total equity and liabilities 50,869 51,259

    Three months ended 31 March
    2018
$'000
2017
$'000
       
Cash flows from operating activities      
Net loss for the period   (655) (2,955)
Adjustments for:      
Share based compensation   59 283
Depreciation   - 1
Fair value loss - outstanding warrant   56 2,120
Net finance expense   54 11
Effect of exchange rates on operating activities   (62) (3)
Change in non-cash working capital:      
Trade and other receivables   (87) (62)
Accounts payable and accrued expenses   90 79
Net cash used in operating activities   (545) (526)
       
Cash flows from investing activities      
Interest received   6 34
Decrease in cash deposits - other receivables   3,028 770
Net cash generated by investing activities   3,034 804
       
Cash flows from financing activities      
Proceeds from the exercise of share options   - 458
Net cash generated by financing activities   - 458
       
       
Change in cash and cash equivalents   2,489 736
Effect of exchange rates on cash & cash equivalents   (1) 7
       
Cash and cash equivalents at beginning of period   2,967 5,857
       
Cash and cash equivalents at end of period   5,455 6,600

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.

  31 March 
2018
31 December
2017
  $'000 $'000
     
Cash and cash equivalents 5,455 2,967
Cash on deposit 3,000 6,028
     
  8,455 8,995

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 acquisition, exploration and development of conventional and 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.  Such information may include, but is not limited to comments made with respect to the type, number, schedule, stimulating, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, expected contributions of the partners, the prospectivity of the Middle Velkerri & Kyalla shale plays, the prospect of the exploration programme being brought to commerciality and the awarding of an exploration license in South Africa. 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.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Falcon Oil & Gas Ltd. via Globenewswire

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