Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd: Filing Of Interim Financial Statements
22 Novembre 2019 - 08:00AM
UK Regulatory
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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