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

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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

	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

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