Falcon Oil & Gas Ltd. Filing of Interim Financi...

*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.

Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy

To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.

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

	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)

	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

	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

	30 September 2018	31 December 2017
	$’000	$’000

Cash and cash equivalents	7,484	2,967
Cash on deposit	-	6,028
	7,484	8,995

Companies

UK 100

Latest directors dealings