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Friday, 24 November 2017

Falcon Oil & Gas Ltd.: Filing of Interim Financial Statements

Falcon Oil & Gas Ltd.    

Published: 08:00 CET 24-11-2017 /GlobeNewswire /Source: Falcon Oil & Gas Ltd. / : FOG /ISIN: CA3060711015

Falcon Oil & Gas Ltd.: Filing of Interim Financial Statements

FALCON OIL & GAS LTD.

("Falcon")

 

Filing of Interim Financial Statements


24 November 2017 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) announces that it has filed its Interim Financial Statements for the three and nine months ended 30 September 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 and nine months ended 30 September 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 Operational Highlights

  • Strong financial position, debt free with cash of US$9.4 million at 30 September 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 6% period on period to US$1,489,000 (2016: US$1,584,000).

 

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 & Joint Broker)

 

John Frain / Anthony Farrell

+353 1 679 6363

 

 

RBC (Joint Broker)

 

Matthew Coakes / Martin Copeland

 +44 20 7653 4000

 

 


 

 

 

Three months ended 30

September 2017

$'000

Three months ended 30

September 2016

$'000

Nine months ended 30

September 2017

$'000

Nine months ended 30

September 2016

$'000

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Oil and natural gas revenue

 

2

3

7

4

 

 

 

2

3

7

4

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

Exploration and evaluation expenses

 

(53)

(77)

(178)

(265)

 

Production and operating expenses

 

(4)

(4)

(10)

(12)

 

Depreciation

 

(1)

(1)

(3)

(12)

 

General and administrative expenses

 

(528)

(440)

(1,489)

(1,584)

 

Share based compensation

 

(137)

(222)

(550)

(1,252)

 

Foreign exchange gain

 

71

10

217

28

 

Other Income

 

1

2

1

2

 

 

 

(651)

(732)

(2,012)

(3,095)

 

 

 

 

 

 

 

 

Results from operating activities

 

(649)

(729)

(2,005)

(3,091)

 

 

 

 

 

 

 

 

Fair value (loss) / gain - outstanding warrant

 

(116)

169

(1,970)

231

 

 

 

 

 

 

 

 

Finance income

 

43

6

128

33

 

Finance expense

 

(48)

(31)

(144)

(93)

 

Net finance expense

 

(5)

(25)

(16)

(60)

 

 

 

 

 

 

 

 

Loss and comprehensive loss for the period

 

(770)

(585)

(3,991)

(2,920)

 

 

 

 

 

 

 

 

Loss and comprehensive loss attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity holders of the company

 

(770)

(586)

(3,990)

(2,918)

 

Non-controlling interests

 

-

1

(1)

(2)

 

 

 

 

 

 

 

 

Loss and comprehensive loss for the period

 

(770)

(585)

(3,991)

(2,920)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share attributable to equity holders of the company:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

(0.001 cent)

(0.001 cent)

(0.004 cent)

(0.003 cent)

 

 



 

 

At 30 September

2017

$'000

At 31 December

2016

$'000

 

 

 

 

Assets

 

 

 

Non-current assets

 

 

 

Exploration and evaluation assets

 

39,630

39,618

Property, plant and equipment

 

4

7

Trade and other receivables

 

37

34

Restricted cash

 

2,374

2,151

 

 

42,045

41,810

 

 

 

 

Current assets

 

 

 

Cash and cash on deposit

 

9,433

10,127

Trade and other receivables

 

203

190

 

 

9,636

10,317

 

 

 

 

Total assets

 

51,681

52,127

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

Equity attributable to owners of the parent

 

 

 

Share capital

 

383,533

382,853

Contributed surplus

 

44,801

44,251

Retained deficit

 

(390,219)

(386,229)

 

 

38,115

40,875

Non-controlling interests

 

702

703

Total equity

 

38,817

41,578

 

 

 

 

Liabilities 

 

 

 

Non-current liabilities

 

 

 

Decommissioning provision

 

9,838

9,690

 

 

9,838

9,690

 

 

 

 

Current liabilities

 

 

 

Accounts payable and accrued expenses

 

829

632

Derivative financial liabilities

 

2,197

227

 

 

3,026

859

Total liabilities

 

12,864

10,549

 

 

 

 

Total equity and liabilities

 

51,681

52,127


 


 

 

Nine months ended 30 September

 

 

2017

$'000

2016

$'000

 

 

 

 

Cash flows from operating activities

 

 

 

Net loss for the period

 

(3,991)

(2,920)

Adjustments for:

 

 

 

Share based compensation

 

550

1,252

Depreciation

 

3

12

Fair value loss / (gain) - outstanding warrant

 

1,970

(231)

Net finance expense

 

16

60

Effect of exchange rates on operating activities

 

(217)

(28)

Change in non-cash working capital:

 

 

 

Trade and other receivables

 

(16)

53

Accounts payable and accrued expenses

 

195

(206)

Interest received

 

50

31

Net cash used in operating activities

 

(1,440)

(1,977)

 

 

 

 

Cash flows from investing activities

 

 

 

Decrease / (increase) in cash deposits - other receivables

 

 4,270

(1,701)

Exploration and evaluation assets

 

(12)

(110)

Net cash generated from / (used in) investing activities

 

4,258

(1,811)

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from the exercise of share options

 

680

-

Net cash generated from financing activities

 

680

-

 

 

 

 

 

 

 

 

Change in cash and cash equivalents

 

3,498

(3,788)

Effect of exchange rates on cash & cash equivalents

 

78

6

Cash and cash equivalents at beginning of period

 

5,857

10,683

 

 

 

 

Cash and cash equivalents at end of period

 

9,433

6,901

 

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

2017

31 December

2016

 

$'000

$'000

 

 

 

Cash and cash equivalents

9,433

5,857

Cash on deposit

-

4,270

 

9,433

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. 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 (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Falcon Oil & Gas Ltd., 68 Merrion Square South, Dublin 2, Ireland
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