August 23, 2018 - 2:00 AM EDT
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Falcon Oil & Gas Ltd. : Filing of Interim Financial Statements

FALCON OIL & GAS LTD.
("Falcon")

Filing of Interim Financial Statements

23 August 2018 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) announces that it has filed its Interim Financial Statements for the three and six months ended 30 June 2018 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 six months ended 30 June 2018, 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.

2018 Operational Highlights

  • Strong financial position, debt free with cash of US$7.7 million at 30 June 2018 (31 December 2017: US$9 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
   
Davy (NOMAD & Joint Broker)  
John Frain / Barry Murphy +353 1 679 6363
   
RBC (Joint Broker)  
Matthew Coakes / Martin Copeland +44 20 7653 4000
   
   

Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)

    Three months ended 30
June 2018
$'000
Three months ended 30
June 2017
$'000
Six months ended 30
June 2018
$'000
Six months ended 30
June 2017
$'000
           
Revenue          
Oil and natural gas revenue   2 2 3 5
    2 2 3 5
           
Expenses          
Exploration and evaluation expenses   (38) (58) (79) (125)
Production and operating expenses   (5) (3) (9) (6)
Depreciation   (1) (1) (1) (2)
General and administrative expenses   (497) (484) (1,001) (961)
Share based compensation   (22) (130) (81) (413)
Foreign exchange (loss) / gain   (134) 142 72 146
    (697) (534) (1,243) (1,361)
           
Results from operating activities   (695) (532) (1,240) (1,356)
           
Fair value gain / (loss) - outstanding warrant   283 266 227 (1,854)
           
Finance expense          
Interest income on bank deposits   25 11 31 45
Accretion of decommission provisions   (55) (48) (110) (96)
Net foreign exchange (loss) / gain   (52) 37 (57) 40
    (82) - (136) (11)
           
           
Loss and comprehensive loss for the period   (494) (266) (1,149) (3,221)
           
Loss and comprehensive loss attributable to:          
           
Equity holders of the company   (494) (266) (1,148) (3,220)
Non-controlling interests   - - (1) (1)
           
Loss and comprehensive loss for the period   (494) (266) (1,149) (3,221)
           
       
Loss per share attributable to equity holders of the company:      
           
Basic and diluted   (0.001 cent) (0.000 cent) (0.001 cent) (0.003 cent)

Consolidated Statement of Financial Position
(Unaudited)

    At 30 June
2018
$'000
At 31 December
2017
$'000
       
Assets      
Non-current assets      
Exploration and evaluation assets   39,656 39,630
Property, plant and equipment   2 3
Trade and other receivables   22 33
Restricted cash   2,330 2,412
    42,010 42,078
       
Current assets      
Cash and cash on deposit   7,722 8,995
Trade and other receivables   206 186
    7,928 9,181
       
Total assets   49,938 51,259
       
Equity and liabilities      
       
Equity attributable to owners of the parent      
Share capital   383,627 383,570
Contributed surplus   45,018 44,937
Retained deficit   (391,371) (390,223)
    37,274 38,284
Non-controlling interests   700 701
Total equity   37,974 38,985
       
Liabilities       
Non-current liabilities      
Decommissioning provision   9,995 9,886
    9,995 9,886
       
Current liabilities      
Accounts payable and accrued expenses   633 825
Derivative financial liabilities   1,336 1,563
    1,969 2,388
Total liabilities   11,964 12,274
       
Total equity and liabilities   49,938 51,259

Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)

    Six months ended 30 June
    2018
$'000
2017
$'000
       
Cash flows from operating activities      
Net loss for the period   (1,149) (3,221)
Adjustments for:      
Share based compensation   81 413
Depreciation   1 2
Fair value (gain) / loss - outstanding warrant   (227) 1,854
Net finance expense   136 11
Effect of exchange rates on operating activities   73 (149)
Change in non-cash working capital:      
Trade and other receivables   (9) (60)
Accounts payable and accrued expenses   (196) 83
Net cash used in operating activities   (1,290) (1,067)
       
Cash flows from investing activities      
Decrease / (increase) in cash deposits - other receivables   3,528 (3,007)
Interest Received   31 45
Exploration and evaluation assets   (26) (12)
Net cash generated from / (used in) investing activities   3,533 (2,974)
       
Cash flows from financing activities      
Proceeds from the exercise of share options   57 539
Net cash generated from financing activities   57 539
       
       
Change in cash and cash equivalents   2,300 (3,502)
Effect of exchange rates on cash & cash equivalents   (45) 43
Cash and cash equivalents at beginning of period   2,967 5,857
       
Cash and cash equivalents at end of period   5,222 2,398

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 June
2018
31 December
2017
  $'000 $'000
     
Cash and cash equivalents 5,222 2,967
Cash on deposit 2,500 6,028
  7,722 8,995

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 acquisition, exploration and development of conventional and 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.

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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Source: GlobeNewswire (August 23, 2018 - 2:00 AM EDT)

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