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

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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

Cenkos Securities plc (NOMAD & Broker)
Neil McDonald / Derrick Lee	+44 131 220 9771

	Three months ended 30 September 2019 $’000	Three months ended 30 September 2018 $’000	Nine months ended 30 September 2019 $’000	Nine months ended 30 September 2018 $’000

Revenue
Oil and natural gas revenue	1	-	4	3
	1	-	4	3

Expenses
Exploration and evaluation expenses	(36)	(35)	(185)	(114)
Production and operating expenses	(3)	(3)	(9)	(12)
Depreciation	(1)	-	(1)	(1)
General and administrative expenses	(403)	(436)	(1,305)	(1,437)
Share based compensation	-	(23)	(12)	(104)
Foreign exchange loss	(89)	(4)	(116)	(76)
	(532)	(501)	(1,628)	(1,744)

Results from operating activities	(531)	(501)	(1,624)	(1,741)

Fair value gain – outstanding warrant	127	414	230	641

Finance income	25	48	95	68
Finance expense	(385)	(55)	(381)	(211)
Net finance expense	(360)	(7)	(286)	(143)

Loss and comprehensive loss for the period	(764)	(94)	(1,680)	(1,243)

Loss and comprehensive loss attributable to:

Equity holders of the company	(758)	(94)	(1,675)	(1,242)
Non-controlling interests	(6)	-	(5)	(1)

Loss and comprehensive loss for the period	(764)	(94)	(1,680)	(1,243)


Loss per share attributable to equity holders of the company:

Basic and diluted	(0.001 cent)	(0.000 cent)	(0.002 cent)	(0.001 cent)

	At 30 September 2019 $’000	At 31 December 2018 $’000

Assets
Non-current assets
Exploration and evaluation assets	40,220	39,705
Property, plant and equipment	1	2
Trade and other receivables	29	31
Restricted cash	2,182	2,294
	42,432	42,032

Current assets
Cash and cash on deposit	13,179	6,967
Trade and other receivables	131	100
	13,310	7,067

Total assets	55,742	49,099

Equity and liabilities

Equity attributable to owners of the parent
Share capital	392,170	383,737
Contributed surplus	45,075	45,063
Retained deficit	(393,279)	(391,604)
	43,966	37,196
Non-controlling interests	695	700
Total equity	44,661	37,896

Liabilities
Non-current liabilities
Decommissioning provision	10,274	10,102
	10,274	10,102

Current liabilities
Accounts payable and accrued expenses	558	622
Derivative financial liabilities	249	479
	807	1,101
Total liabilities	11,081	11,203

Total equity and liabilities	55,742	49,099

	Nine months ended 30 September
	2019 $’000	2018 $’000

Cash flows from operating activities
Net loss for the period	(1,680)	(1,243)
Adjustments for:
Share based compensation	12	104
Depreciation	1	1
Fair value gain - outstanding warrant	(230)	(641)
Net finance expense	286	143
Effect of exchange rates on operating activities	116	77
Change in non-cash working capital:
Trade and other receivables	(29)	33
Accounts payable and accrued expenses	23	(118)
Net cash used in operating activities	(1,501)	(1,644)

Cash flows from investing activities
Decrease in cash deposits – other receivables	-	6,028
Interest Received	95	68
Exploration and evaluation assets	(515)	(76)
Net cash (used in) / generated from investing activities	(420)	6,020

Cash flows from financing activities
Net Proceeds from Private Placement	8,433	-
Proceeds from the exercise of share options	-	167
Net cash generated from financing activities	8,433	167


Change in cash and cash equivalents	6,512	4,543
Effect of exchange rates on cash & cash equivalents	(300)	(26)
Cash and cash equivalents at beginning of period	6,967	2,967

Cash and cash equivalents at end of period	13,179	7,484

	30 September 2019	31 December 2018
	$’000	$’000

Cash and cash equivalents	13,179	6,967
Cash on deposit	-	-
	13,179	6,967

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