FALCON OIL & GAS LTD. ('Falcon' or the 'Company')
Filing of Interim Financial Statements
11 May 2018 - 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 2018 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 2018, 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.
2018 Financial Highlights
* Strong financial position, debt free with cash of US$8.5 million at 31 March 2018 (31 December 2017: US$9 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 & Broker)
John Frain / Barry Murphy +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000
-------------------------------------------------------------------------------- Three months ended Three months ended 31 March 2018 31 March 2017 $'000 $'000 --------------------------------------------------------------------------------
Revenue
Oil and natural gas revenue 1 3 -------------------------------------------------------------------------------- 1 3
Expenses
Exploration and evaluation expenses (41) (67)
Production and operating expenses (4) (3)
Depreciation - (1)
General and administrative expenses (504) (477)
Share based compensation (59) (283)
Foreign exchange gain 62 4 -------------------------------------------------------------------------------- (546) (827) --------------------------------------------------------------------------------
Results from operating activities (545) (824)
Fair value loss - outstanding warrant (56) (2,120)
Finance income 6 37
Finance expense (60) (48) -------------------------------------------------------------------------------- Net finance expense (54) (11)
-------------------------------------------------------------------------------- Loss and comprehensive loss for the period (655) (2,955) --------------------------------------------------------------------------------
Loss and comprehensive loss attributable to:
Equity holders of the company (655) (2,954)
Non-controlling interests - (1)
-------------------------------------------------------------------------------- Loss and comprehensive loss for the period (655) (2,955) --------------------------------------------------------------------------------
Loss per share attributable to equity holders of the company:
Basic and diluted ($0.001) ($0.003) --------------------------------------------------------------------------------
------------------------------------------------------------------------- At 31 March At 31 December 2018 2017 $'000 $'000 -------------------------------------------------------------------------
Assets
Non-current assets
Exploration and evaluation assets 39,630 39,630
Property, plant and equipment 3 3
Trade and other receivables 33 33
Restricted cash 2,475 2,412 ------------------------------------------------------------------------- 42,141 42,078 -------------------------------------------------------------------------
Current assets
Cash and cash on deposit 8,455 8,995
Trade and other receivables 273 186 ------------------------------------------------------------------------- 8,728 9,181 -------------------------------------------------------------------------
------------------------------------------------------------------------- Total assets 50,869 51,259 -------------------------------------------------------------------------
Equity and liabilities
Equity attributable to owners of the parent
Share capital 383,570 383,570
Contributed surplus 44,996 44,937
Retained deficit (390,878) (390,223) ------------------------------------------------------------------------- 37,688 38,284
Non-controlling interests 701 701 ------------------------------------------------------------------------- Total equity 38,389 38,985 -------------------------------------------------------------------------
Liabilities
Non-current liabilities
Decommissioning provision 9,941 9,886 ------------------------------------------------------------------------- 9,941 9,886 -------------------------------------------------------------------------
Current liabilities
Accounts payable and accrued expenses 920 825
Derivative financial liabilities 1,619 1,563 ------------------------------------------------------------------------- 2,539 2,388 ------------------------------------------------------------------------- Total liabilities 12,480 12,274 -------------------------------------------------------------------------
------------------------------------------------------------------------- Total equity and liabilities 50,869 51,259 -------------------------------------------------------------------------
------------------------------------------------------------------------------- Three months ended 31 March
2018 2017 $'000 $'000 -------------------------------------------------------------------------------
Cash flows from operating activities
Net loss for the period (655) (2,955)
Adjustments for:
Share based compensation 59 283
Depreciation - 1
Fair value loss - outstanding warrant 56 2,120
Net finance expense 54 11
Effect of exchange rates on operating activities (62) (3)
Change in non-cash working capital:
Trade and other receivables (87) (62)
Accounts payable and accrued expenses 90 79 ------------------------------------------------------------------------------- Net cash used in operating activities (545) (526)
Cash flows from investing activities
Interest received 6 34
Decrease in cash deposits - other receivables 3,028 770 ------------------------------------------------------------------------------- Net cash generated by investing activities 3,034 804
Cash flows from financing activities
Proceeds from the exercise of share options - 458 ------------------------------------------------------------------------------- Net cash generated by financing activities - 458
Change in cash and cash equivalents 2,489 736
Effect of exchange rates on cash & cash (1) 7 equivalents
Cash and cash equivalents at beginning of period 2,967 5,857
------------------------------------------------------------------------------- Cash and cash equivalents at end of period 5,455 6,600 -------------------------------------------------------------------------------
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 2018 2017
$'000 $'000 ------------------------------------------------------
Cash and cash equivalents 5,455 2,967
Cash on deposit 3,000 6,028
------------------------------------------------------ 8,455 8,995 ------------------------------------------------------
All dollar amounts in this document are in United States dollars '$', 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
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