TIDMFOG 
 
   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 
https://www.globenewswire.com/Tracker?data=hg4O4v-AHLdTvGkvB1_b9T2BgMJcL8SueakLS8NpCRKHyfR1eZK5ZIK464-RnJfa_1nwFZgILbs_6qyhn4xQrQ== 
www.sedar.com and on Falcon's website at 
https://www.globenewswire.com/Tracker?data=hg4O4v-AHLdTvGkvB1_b9ZaVa8jL6pC22l7kDLxQbmKGjptc3eUKMr9od3DkvHjRNPo5hH95mJ4FlOkfKSWrXsKRTIqOgnyRiTBzHWQOQns= 
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           Three months ended 30  Nine months ended 30  Nine months ended 30 
                                         2019                 September 2018        September 2019        September 2018 
                                        $'000                     $'000                  $'000                 $'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  At 31 December 
                                                   2019            2018 
                                                  $'000            $'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        2018 
                                                         $'000       $'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  31 December 
                                2019          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. 
 
   For further information on Falcon Oil & Gas Ltd. please visit 
https://www.globenewswire.com/Tracker?data=hg4O4v-AHLdTvGkvB1_b9ZaVa8jL6pC22l7kDLxQbmKnF8rrbq1x4igt5_ANJqJR1Hxym1c-9xSbLw69k53yCulWpDNz6m0h1jZ85xq99Oo= 
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. 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 22, 2019 02:00 ET (07:00 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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