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

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

FALCON OIL & GAS LTD.
("Falcon")

Filing of Interim Financial Statements

24 November 2017 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) announces that it has filed its Interim Financial Statements for the three and nine months ended 30 September 2017 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 2017, 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.

2017 Operational Highlights

  • Strong financial position, debt free with cash of US$9.4 million at 30 September 2017 (31 December 2016: US$10.1 million).
  • Continued focus on strict cost management and efficient operation of the portfolio.
  • General and administrative expenses decreased 6% period on period to US$1,489,000 (2016: US$1,584,000).

             
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 & Joint Broker)  
John Frain / Anthony Farrell +353 1 679 6363
   
RBC (Joint Broker)  
Matthew Coakes / Martin Copeland  +44 20 7653 4000



  Three months ended 30
September 2017
$'000
Three months ended 30
September 2016
$'000
Nine months ended 30
September 2017
$'000
Nine months ended 30
September 2016
$'000
 
             
Revenue          
Oil and natural gas revenue   2 3 7 4  
    2 3 7 4  
             
Expenses            
Exploration and evaluation expenses   (53) (77) (178) (265)  
Production and operating expenses   (4) (4) (10) (12)  
Depreciation   (1) (1) (3) (12)  
General and administrative expenses   (528) (440) (1,489) (1,584)  
Share based compensation   (137) (222) (550) (1,252)  
Foreign exchange gain   71 10 217 28  
Other Income   1 2 1 2  
    (651) (732) (2,012) (3,095)  
             
Results from operating activities   (649) (729) (2,005) (3,091)  
             
Fair value (loss) / gain - outstanding warrant   (116) 169 (1,970) 231  
             
Finance income   43 6 128 33  
Finance expense   (48) (31) (144) (93)  
Net finance expense   (5) (25) (16) (60)  
             
Loss and comprehensive loss for the period   (770) (585) (3,991) (2,920)  
             
Loss and comprehensive loss attributable to:            
             
Equity holders of the company   (770) (586) (3,990) (2,918)  
Non-controlling interests   - 1 (1) (2)  
             
Loss and comprehensive loss for the period   (770) (585) (3,991) (2,920)  
           
           
Loss per share attributable to equity holders of the company:          
            
Basic and diluted   (0.001 cent) (0.001 cent) (0.004 cent) (0.003 cent)  



   At 30 September
2017
$'000
At 31 December
2016
$'000
    
Assets   
Non-current assets    
Exploration and evaluation assets   39,630 39,618
Property, plant and equipment   4 7
Trade and other receivables   37 34
Restricted cash   2,374 2,151
   42,045 41,810
       
Current assets    
Cash and cash on deposit   9,433 10,127
Trade and other receivables   203 190
   9,636 10,317
     
Total assets 51,681 52,127
       
Equity and liabilities    
       
Equity attributable to owners of the parent    
Share capital   383,533 382,853
Contributed surplus   44,801 44,251
Retained deficit   (390,219) (386,229)
  38,115 40,875
Non-controlling interests 702 703
Total equity 38,817 41,578
     
Liabilities     
Non-current liabilities      
Decommissioning provision   9,838 9,690
  9,838 9,690
       
Current liabilities    
Accounts payable and accrued expenses   829 632
Derivative financial liabilities   2,197 227
  3,026 859
Total liabilities 12,864 10,549
     
Total equity and liabilities 51,681 52,127



    Nine months ended 30 September
    2017
$'000
2016
$'000
       
Cash flows from operating activities      
Net loss for the period   (3,991) (2,920)
Adjustments for:      
Share based compensation   550 1,252
Depreciation   3 12
Fair value loss / (gain) - outstanding warrant   1,970 (231)
Net finance expense   16 60
Effect of exchange rates on operating activities   (217) (28)
Change in non-cash working capital:      
Trade and other receivables   (16) 53
Accounts payable and accrued expenses   195 (206)
Interest received   50 31
Net cash used in operating activities   (1,440) (1,977)
       
Cash flows from investing activities      
Decrease / (increase) in cash deposits - other receivables    4,270 (1,701)
Exploration and evaluation assets   (12) (110)
Net cash generated from / (used in) investing activities   4,258 (1,811)
       
Cash flows from financing activities      
Proceeds from the exercise of share options   680 -
Net cash generated from financing activities 680-
    
    
Change in cash and cash equivalents   3,498 (3,788)
Effect of exchange rates on cash & cash equivalents   78 6
Cash and cash equivalents at beginning of period   5,857 10,683
       
Cash and cash equivalents at end of period   9,433 6,901

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
2017
31 December
2016
  $'000 $'000
     
Cash and cash equivalents 9,433 5,857
Cash on deposit - 4,270
  9,433 10,127

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. 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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