Falcon Oil & Gas Ltd: Filing of Interim Financial Statements
FALCON OIL & GAS LTD. (“Falcon”)
Filing of Interim Financial Statements
22 November 2019 - 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 2019 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 2019, 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.
2019 Operational Highlights
Strong financial position, debt free with cash of US$13 million at 30 September 2019 (31 December 2018: US$7 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
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 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)
Interim Condensed Consolidated Statement of Financial Position (Unaudited)
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
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
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
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 2019
31 December 2018
$’000
$’000
Cash and cash equivalents
13,179
6,967
Cash on deposit
-
-
13,179
6,967
All dollar amounts in this document are in United States dollars “$”, 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.
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.
Source: GlobeNewswire
(November 22, 2019 - 2:00 AM EST)
