Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd.: Filing Of Interim Financial Statements
24 May 2019 - 4:00PM
UK Regulatory
TIDMFOG
FALCON OIL & GAS LTD.
("Falcon" or the "Company")
Filing of Interim Financial Statements
24 May 2019 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, Euronext
Growth: FAC) announces that it has filed its Interim Financial
Statements for the three months ended 31 March 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 months ended 31 March 2019, which are available on the
Canadian System for Electronic Document Analysis and Retrieval ("SEDAR")
at
https://www.globenewswire.com/Tracker?data=6z0_7UZfn0C0uMh_v4oQOMfobbTkg4HO3EHP96PV1vQpwpjwGiJI3ze5eYtfvdby_dhrPnhmlxVMwSMXmdnpvA==
www.sedar.com and on Falcon's website at
https://www.globenewswire.com/Tracker?data=6z0_7UZfn0C0uMh_v4oQOGfbtv9JVErg_RV--lPAMbglaLCymHCjpj8UTh9Vs6IePy317iC53XMXyPAKwsNvkEOKQlk4AdQ-mXgsTXuEBT4=
www.falconoilandgas.com.
Q1 2019 Financial Highlights
-- Strong financial position, debt free with cash of US$6.4 million at 31
March 2019 (31 December 2018: US$7 million).
-- Continued focus on 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, Euronext Growth Advisor & Joint Broker)
John Frain / Barry Murphy +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000
Cenkos Securities plc (Joint Broker)
Neil McDonald/Derrick Lee +44 131 220 9771
Interim Condensed Consolidated Statement of Operations and Comprehensive
Loss
(Unaudited)
Three months ended Three months ended
31 March 2019 31 March 2018
$'000 $'000
-------------------------------------- ------------------ ------------------
Revenue
Oil and natural gas revenue 2 1
2 1
Expenses
Exploration and evaluation expenses (41) (41)
Production and operating expenses (3) (4)
General and administrative expenses (459) (504)
Share based compensation (12) (59)
Foreign exchange (loss) / gain (51) 62
(566) (546)
-------------------------------------- ------------------ ------------------
Results from operating activities (564) (545)
Fair value (loss) - outstanding
warrant (467) (56)
Finance income 43 6
Finance expense (57) (60)
Net finance expense (14) (54)
Loss and comprehensive loss for the
period (1,045) (655)
Loss and comprehensive loss
attributable to:
Equity holders of the company (1,044) (655)
Non-controlling interests (1) -
Loss and comprehensive loss for the
period (1,045) (655)
Loss per share attributable to equity holders of the
company:
Basic and diluted ($0.001) ($0.001)
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
At 31 March At 31 December
2019 2018
$'000 $'000
-------------------------------------------- ----------- --------------
Assets
Non-current assets
Exploration and evaluation assets 39,707 39,705
Property, plant and equipment 2 2
Trade and other receivables 31 31
Restricted cash 2,248 2,294
41,988 42,032
Current assets
Cash and cash on deposit 6,438 6,967
Trade and other receivables 208 100
6,646 7,067
Total assets 48,634 49,099
Equity and liabilities
Equity attributable to owners of the parent
Share capital 383,737 383,737
Contributed surplus 45,075 45,063
Retained deficit (392,648) (391,604)
36,164 37,196
Non-controlling interests 699 700
Total equity 36,863 37,896
Liabilities
Non-current liabilities
Decommissioning provision 10,160 10,102
10,160 10,102
Current liabilities
Accounts payable and accrued expenses 665 622
Derivative financial liabilities 946 479
1,611 1,101
-------------------------------------------- ----------- --------------
Total liabilities 11,771 11,203
Total equity and liabilities 48,634 49,099
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Three months ended 31
March
2019 2018
$'000 $'000
Cash flows from operating activities
Net loss for the period (1,045) (655)
Adjustments for:
Share based compensation 12 59
Fair value loss - outstanding warrant 467 56
Net finance expense 14 54
Effect of exchange rates on operating
activities (51) (62)
Change in non-cash working capital:
Trade and other receivables (108) (87)
Accounts payable and accrued expenses 140 90
Net cash used in operating activities (571) (545)
Cash flows from investing activities
Interest received 35 6
Decrease in cash deposits -- other receivables - 3,028
Exploration and evaluation assets (2) -
Net cash generated by investing activities 33 3,034
Change in cash and cash equivalents (538) 2,489
Effect of exchange rates on cash & cash
equivalents 9 (1)
Cash and cash equivalents at beginning
of period 6,967 2,967
Cash and cash equivalents at end of
period 6,438 5,455
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
2019 2018
$'000 $'000
Cash and cash equivalents 6,438 6,967
Cash on deposit - -
6,438 6,967
All dollar amounts in this document are in United States dollars "$",
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=6z0_7UZfn0C0uMh_v4oQOGfbtv9JVErg_RV--lPAMbj3iuCLVQy-5onbdaISF2noY204X906lv5glM8ppcuE9L-CtDXeGNtv18gmvXVgPXA=
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.
(END) Dow Jones Newswires
May 24, 2019 02:00 ET (06:00 GMT)
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