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

23 November 2018 - 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 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 and nine months ended 30 September 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 Operational Highlights

  • Strong financial position, debt free with cash of US$7.5 million at 30 September 2018 (31 December 2017: US$9 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
  
Davy (NOMAD & Joint Broker)  
John Frain / Barry Murphy+353 1 679 6363
  
RBC (Joint Broker) 
Matthew Coakes / Martin Copeland+44 20 7653 4000
  
Cenkos Securities plc (Joint Broker) 
Neil McDonald/Derrick Lee+44 131 220 9771



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

  Three months ended 30
September
2018
$’000
Three months ended 30
September 2017
$’000
Nine months ended 30
September 2018
$’000
Nine months ended 30
September 2017
$’000
 
       
Revenue      
Oil and natural gas revenue - 2 3 7  
  - 2 3 7  
       
Expenses      
Exploration and evaluation expenses (35)(53)(114)(178) 
Production and operating expenses (3)(4)(12)(10) 
Depreciation - (1)(1)(3) 
General and administrative expenses (436)(528)(1,437)(1,489) 
Share based compensation     (23)(137)(104)(550) 
Foreign exchange (loss) / gain (4)71 (76)217  
Other Income - 1 - 1  
  (501)(651)  (1,744 )(2,012) 
       
Results from operating activities (501)(649)(1,741)(2,005) 
       
Fair value gain / (loss) – outstanding warrant 414 (116)641 (1,970) 
       
Finance income 48 43 68 128  
Finance expense (55)(48)(211)(144) 
Net finance expense (7)(5)(143)(16) 
       
Loss and comprehensive loss for the period (94)(770)(1,243)(3,991) 
       
Loss and comprehensive loss attributable to:      
       
Equity holders of the company (94)(770)(1,242)(3,990) 
Non-controlling interests - - (1)(1) 
       
Loss and comprehensive loss for the period (94)(770)(1,243)(3,991) 
       
      
Loss per share attributable to equity holders of the company:     
       
Basic and diluted (0.000 cent)(0.001 cent)(0.001 cent)(0.004 cent) 



Consolidated Statement of Financial Position
(Unaudited)

  At 30 September
2018
$’000
At 31 December
2017
$’000
    
Assets   
Non-current assets   
Exploration and evaluation assets 39,706 39,630 
Property, plant and equipment 2 3 
Trade and other receivables 22 33 
Restricted cash 2,326 2,412 
  42,056 42,078 
    
Current assets   
Cash and cash on deposit 7,484 8,995 
Trade and other receivables 164 186 
  7,648 9,181 
    
Total assets 49,704 51,259 
    
Equity and liabilities   
    
Equity attributable to owners of the parent   
Share capital 383,737 383,570 
Contributed surplus 45,041 44,937 
Retained deficit (391,465)(390,223)
  37,313 38,284 
Non-controlling interests 700 701 
Total equity 38,013 38,985 
    
Liabilities    
Non-current liabilities   
Decommissioning provision 10,051 9,886 
  10,051 9,886 
    
Current liabilities   
Accounts payable and accrued expenses 718 825 
Derivative financial liabilities 922 1,563 
  1,640 2,388 
Total liabilities 11,691 12,274 
    
Total equity and liabilities 49,704 51,259 


Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)

  Nine months ended 30 September
  2018
$’000
2017
$’000
    
Cash flows from operating activities   
Net loss for the period (1,243)(3,991)
Adjustments for:   
Share based compensation 104 550 
Depreciation 1 3 
Fair value (gain) / loss - outstanding warrant (641)1,970 
Net finance expense 143 16 
Effect of exchange rates on operating activities 77 (217)
Change in non-cash working capital:   
Trade and other receivables 33 (16)
Accounts payable and accrued expenses (118)195 
Net cash used in operating activities (1,644)(1,490)
    
Cash flows from investing activities   
Decrease in cash deposits – other receivables 6,028 4,270 
Interest Received 68 50 
Exploration and evaluation assets (76)(12)
Net cash generated from investing activities 6,020 4,308 
    
Cash flows from financing activities   
Proceeds from the exercise of share options 167 680 
Net cash generated from financing activities 167 680 
    
    
Change in cash and cash equivalents 4,543 3,498 
Effect of exchange rates on cash & cash equivalents (26)78 
Cash and cash equivalents at beginning of period 2,967 5,857 
    
Cash and cash equivalents at end of period 7,484 9,433 


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
2018
31 December
2017
 $’000$’000
   
Cash and cash equivalents7,4842,967
Cash on deposit-6,028
 7,4848,995


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. 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.

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