Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd.: Filing Of Interim Financial Statements
12 May 2017 - 4:01PM
UK Regulatory
TIDMFOG
FALCON OIL & GAS LTD.
("Falcon" or the "Company")
Filing of Interim Financial Statements
12 May 2017 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC)
announces that it has filed its Interim Financial Statements for the
three months ended 31 March 2017 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 months ended 31 March 2017, 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.
2017 Financial Highlights
-- Strong financial position, debt free with cash of US$10.1 million at 31
March 2017 (31 December 2016: US$10.1 million).
-- Continued focus on strict cost management and efficient operation of the
portfolio.
-- General and administrative expenses decreased 12% period on period to
US$477,000 (2016: US$541,000).
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 & Broker)
John Frain / Anthony Farrell +353 1 679 6363
Three months ended Three months ended
31 March 2017 31 March 2016
$'000 $'000
Revenue
Oil and natural gas revenue 3 -
3 -
Expenses
Exploration and evaluation expenses (67) (90)
Production and operating expenses (3) (3)
Depreciation (1) (7)
General and administrative expenses (477) (541)
Share based compensation (283) (820)
Foreign exchange gain 4 56
(827) (1,405)
Results from operating activities (824) (1,405)
Fair value (loss) / gain -
outstanding warrant (2,120) 136
Finance income 37 18
Finance expense (48) (31)
Net finance expense (11) (13)
Loss and comprehensive loss for the
period (2,955) (1,282)
Loss and comprehensive loss
attributable to:
Equity holders of the company (2,954) (1,280)
Non-controlling interests (1) (2)
Loss and comprehensive loss for the
period (2,955) (1,282)
Loss per share attributable to equity holders of the
company:
Basic and diluted ($0.003) ($0.001)
At 31 March At 31 December
2017 2016
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 39,618 39,618
Property, plant and equipment 6 7
Trade and other receivables 36 34
Restricted cash 2,154 2,151
41,814 41,810
Current assets
Cash and cash on deposit 10,100 10,127
Trade and other receivables 250 190
10,350 10,317
Total assets 52,164 52,127
Equity and liabilities
Equity attributable to owners of the parent
Share capital 383,311 382,853
Contributed surplus 44,534 44,251
Retained deficit (389,183) (386,229)
38,662 40,875
Non-controlling interests 702 703
Total equity 39,364 41,578
Liabilities
Non-current liabilities
Decommissioning provision 9,739 9,690
9,739 9,690
Current liabilities
Accounts payable and accrued expenses 714 632
Derivative financial liabilities 2,347 227
3,061 859
Total liabilities 12,800 10,549
Total equity and liabilities 52,164 52,127
Three months ended 31 March
2017 2016
$'000 $'000
Cash flows from operating activities
Net loss for the period (2,955) (1,282)
Adjustments for:
Share based compensation 283 820
Depreciation 1 7
Fair value (loss) / gain - outstanding
warrant 2,120 (136)
Net finance expense 11 13
Effect of exchange rates on operating
activities (3) (53)
Change in non-cash working capital:
Trade and other receivables (62) (26)
Accounts payable and accrued expenses 79 (83)
Interest received 34 13
Net cash used in operating activities (492) (727)
Cash flows from investing activities
Increase in cash deposits - other receivables 770 (5,701)
Exploration and evaluation assets - (55)
Net cash used in investing activities 770 (5,756)
Cash flows from financing activities
Proceeds from the exercise of share options 458 -
Net cash used in investing activities 458 -
Change in cash and cash equivalents 736 (6,483)
Effect of exchange rates on cash & cash
equivalents 7 13
Cash and cash equivalents at beginning of
period 5,857 10,683
Cash and cash equivalents at end of period 6,600 4,213
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.
31 March 31 December
2017 2016
$'000 $'000
Cash and cash equivalents 6,600 5,857
Cash on deposit 3,500 4,270
10,100 10,127
All dollar amounts in this document are in United States dollars "$",
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. Such information may include, but is not limited to comments
made with respect to the type, number, schedule, stimulating, testing
and objectives of the wells to be drilled in the Beetaloo basin
Australia, expected contributions of the partners, the prospectivity of
the Middle Velkerri & Kyalla shale plays, the prospect of the
exploration programme being brought to commerciality and the awarding of
an exploration license in South Africa. 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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Falcon Oil & Gas Ltd. via Globenewswire
http://www.falconoilandgas.com/
(END) Dow Jones Newswires
May 12, 2017 02:01 ET (06:01 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Falcon Oil & Gas (LSE:FOG)
Historical Stock Chart
From Apr 2024 to May 2024
Falcon Oil & Gas (LSE:FOG)
Historical Stock Chart
From May 2023 to May 2024