Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. : Full Year Results
12 April 2018 - 4:00PM
UK Regulatory
TIDMFOG
FALCON OIL & GAS LTD.
("Falcon" or the "Company" or the "Group")
Full Year Results
12 April 2018 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) is
pleased to announce its financial results for the year ended 31 December
2017.
The following should be read in conjunction with the complete audited
Financial Statements and the accompanying Management's Discussion and
Analysis ("MD&A") for the three and twelve months ended 31 December
2017.
2017 Highlights:
Financial
-- Strong financial position, debt free with cash of US$9 million at 31
December 2017.
-- Continued focus on strict cost management and efficient operation of the
portfolio.
-- General & administrative expenses decreased 3% year on year to US$1.98
million.
Operational
-- Falcon awaits the Northern Territory government's decision on the current
moratorium following the publication of the Final Report by the
scientific inquiry into hydraulic fracturing on 27 March 2018.
Filing of Financial Statements, MD&A, AIF and Reserves Data
Falcon has filed its audited financial statements for the year ended 31
December 2017, the accompanying MD&A for year ended 31 December 2017
dated 11 April 2018, its Annual Information Form ("AIF") dated 11 April
2018 and the Statement of Reserves Data and Other Oil and Gas
Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and
51-101F3) with the relevant provincial securities regulators. These
filings are available for review on the Canadian System for Electronic
Document Analysis and Retrieval ("SEDAR") at www.sedar.com. The audited
financial statements, MD&A and AIF are also available on Falcon's
website www.falconoilandgas.com .
Change of Registered Address
The registered address of Falcon has changed to the following:
Falcon Oil & Gas Ltd.
1200 Waterfront Centre,
200 Burrard Street,
Vancouver BC V7X 1T2,
Canada.
Falcon Oil & Gas Ltd.
Consolidated Statement of Operations and Comprehensive Loss
Year Ended 31 December 2017 Year Ended 31 December 2016
$'000 $'000
Revenue
Oil and natural
gas revenue 7 6
7 6
Expenses
Exploration and
evaluation
expenses (245) (336)
Production and
operating
expenses (18) (15)
Depreciation (4) (16)
General and
administrative
expenses (1,975) (2,037)
Share based
compensation (686) (1,335)
Foreign exchange
gain / (loss) 253 (73)
(2,675) (3,812)
Results from
operating
activities (2,668) (3,806)
Fair value (loss)
/ gain -
outstanding
warrants (1,336) 208
Finance income 201 53
Finance expense (193) (145)
Net finance income
/ (expense) 8 (92)
Loss before tax (3,996) (3,690)
Taxation - -
Loss and
comprehensive
loss for the
year (3,996) (3,690)
Loss and
comprehensive
loss attributable
to:
Equity holders of
the company (3,994) (3,687)
Non-controlling
interests (2) (3)
Loss and
comprehensive
loss for the
year (3,996) (3,690)
Loss per share attributable to equity holders of the
company:
Basic and diluted (0.004) (0.004)
Falcon Oil & Gas Ltd.
Consolidated Statement of Financial Position
At 31 December At 31 December
2017 2016
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 39,630 39,618
Property, plant and equipment 3 7
Trade and other receivables 33 34
Restricted cash 2,412 2,151
42,078 41,810
Current assets
Cash and cash on deposit 8,995 10,127
Trade and other receivables 186 190
9,181 10,317
Total assets 51,259 52,127
Equity and liabilities
Equity attributable to owners of the parent
Share capital 383,570 382,853
Contributed surplus 44,937 44,251
Retained deficit (390,223) (386,229)
38,284 40,875
Non-controlling interests 701 703
Total equity 38,985 41,578
Liabilities
Non-current liabilities
Decommissioning provision 9,886 9,690
9,886 9,690
Current liabilities
Accounts payable and accrued expenses 825 632
Derivative financial liabilities 1,563 227
2,388 859
Total liabilities 12,274 10,549
Total equity and liabilities 51,259 52,127
Falcon Oil & Gas Ltd.
Consolidated Statement of Cash flows
Year Ended 31 December
2017 2016
$'000 $'000
Cash flows from operating activities
Net loss for the year (3,996) (3,690)
Adjustments for:
Share based compensation 686 1,335
Depreciation 4 16
Fair value loss / (gain) - outstanding warrants 1,336 (208)
Net finance (income) / expense (8) 92
Foreign exchange (gain) / loss (251) 101
Change in non-cash working capital
Trade and other receivables 5 66
Accounts payable and accrued expenses 184 (202)
Net cash used in operating activities (2,040) (2,490)
Cash flows from investing activities
Interest received 117 53
Decrease in restricted cash - 22
Exploration and evaluation assets (12) (110)
Increase in cash deposits - other receivables (1,758) (2,270)
Property, plant and equipment - (4)
Net cash used in investing activities (1,653) (2,309)
Cash flows from financing activities
Proceeds from the exercise of share options 717 -
Net cash generated by financing activities 717 -
Change in cash and cash equivalents (2,976) (4,799)
Effect of exchange rates on cash & cash equivalents 86 (27)
Cash and cash equivalents at beginning of year 5,857 10,683
Cash and cash equivalents at end of year 2,967 5,857
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O'Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
Davy (NOMAD & Broker)
John Frain / Barry Murphy +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000
All dollar amounts in this document are in United States dollars "$",
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 awarding of an exploration license in South
Africa, to the type, number, schedule, 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
shale play and the prospect of the exploration programme being brought
to commerciality. 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
April 12, 2018 02:00 ET (06:00 GMT)
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