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Falcon Oil & Gas Ltd. (FOG)

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Friday 27 November, 2020

Falcon Oil & Gas Ltd.

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

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

FALCON OIL & GAS LTD.
(“Falcon)

Filing of Interim Financial Statements

27 November 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three and nine months ended 30 September 2020 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 2020, 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.

2020 financial highlights and other financial updates

  • Debt free with cash of US$11.5 million at 30 September 2020 (31 December 2019: US$13.1 million).
  • Continued focus on cost management and the 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
   
Cenkos Securities plc (NOMAD & Broker)  
Neil McDonald / Derrick Lee +44 131 220 9771



Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
  Three months ended 30
September 2020
$’000
Three months ended 30
September 2019
$’000
Nine months ended 30
September 2020
$’000
Nine months ended 30
September 2019
$’000
 
             
Revenue            
Oil and natural gas revenue   1 1 3 4  
    1 1 3 4  
             
Expenses            
Exploration and evaluation expenses   (37) (36) (110) (185)  
Production and operating expenses   (3) (3) (8) (9)  
General and administrative expenses   (415) (404) (1,415) (1,306)  
Share based compensation   - - - (12)  
Foreign exchange gain / (loss)   29 (89) 18 (116)  
    (426) (532) (1,515) (1,628)  
             
Results from operating activities   (425) (531) (1,512) (1,624)  
             
Fair value gain – outstanding warrant   - 127 110 230  
             
Finance income   337 25 189 95  
Finance expense   (58) (385) (174) (381)  
Net finance income / (expense)   279 (360) 15 (286)  
             
Loss and comprehensive loss for the period   (146) (764) (1,387) (1,680)  
             
Loss and comprehensive loss attributable to:            
             
Equity holders of the company   (150) (758) (1,388) (1,675)  
Non-controlling interests   4 (6) 1 (5)  
             
Loss and comprehensive loss for the period   (146) (764) (1,387) (1,680)  
             
           
Loss per share attributable to equity holders of the company:          
             
Basic and diluted   (0.000 cent) (0.001 cent) (0.001 cent) (0.002 cent)  



Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
  At 30 September
2020
$’000
At 31 December
2019
$’000
       
Assets      
Non-current assets      
Exploration and evaluation assets   40,294 40,246
Property, plant and equipment   1 1
Trade and other receivables   21 30
Restricted cash   2,317 2,241
    42,633 42,518
       
Current assets      
Cash and cash on equivalents   11,485 13,066
Trade and other receivables   162 141
    11,647 13,207
       
Total assets   54,280 55,725
       
Equity and liabilities      
       
Equity attributable to owners of the parent      
Share capital   392,170 392,170
Contributed surplus   45,075 45,075
Retained deficit   (394,731) (393,343)
    42,514 43,902
Non-controlling interests   701 700
Total equity   43,215 44,602
       
Liabilities       
Non-current liabilities      
Decommissioning provision   10,503 10,331
    10,503 10,331
       
Current liabilities      
Accounts payable and accrued expenses   562 682
Derivative financial liabilities   - 110
    562 792
Total liabilities   11,065 11,123
       
Total equity and liabilities   54,280 55,725



Interim Condensed Consolidated Statement of Cash Flows   Nine months ended 30 September
(Unaudited)   2020
$’000
2019
$’000
       
Cash flows from operating activities      
Net loss for the period   (1,387) (1,680)
Adjustments for:      
Share based compensation   - 12
Depreciation   - 1
Fair value gain - outstanding warrant   (110) (230)
Net finance (income) / expenses   (15) 286
Effect of exchange rates on operating activities   (18) 116
Change in non-cash working capital:      
Increase in trade and other receivables   (12) (29)
(Decrease) / increase in accounts payable and accrued expenses   (134) 23
Net cash used in operating activities   (1,676) (1,501)
       
Cash flows from investing activities      
Interest received   16 95
Exploration and evaluation assets   (48) (515)
Net cash used in investing activities   (32) (420)
       
Cash flows from financing activities      
Net proceeds from private placement   - 8,433
Net cash generated from financing activities   - 8,433
       
       
Change in cash and cash equivalents   (1,708) 6,512
Effect of exchange rates on cash & cash equivalents   127 (300)
Cash and cash equivalents at beginning of period   13,066 6,967
       
Cash and cash equivalents at end of period   11,485 13,179

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 exploration and development of 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.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

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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