Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. : Filing Of Interim Financial Statements
August 25 2017 - 1:00AM
UK Regulatory
TIDMFOG
FALCON OIL & GAS LTD.
("Falcon")
Filing of Interim Financial Statements
25 August 2017 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC)
announces that it has filed its Interim Financial Statements for the
three and six months ended 30 June 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 six months ended 30 June 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$9.7 million at 30
June 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 16% period on period to
US$961,000 (2016: US$1,144,000).
Annual General & Special Meeting
As previously announced, Falcon's Annual General and Special Shareholder
Meeting will be held at the Conrad Hotel, Earlsfort Terrace, Dublin 2,
Ireland on 14 September 2017 at 11:00 a.m. (Dublin time). A complete
notice and related documents have been sent to shareholders of record as
at 4 August 2017 and are also available on SEDAR at www.sedar.com and
Falcon's website at www.falconoilandgas.com.
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
Interim Condensed Consolidated Statement of Operations and Comprehensive
Loss
(Unaudited)
Three months ended 30 Three months ended 30 Six months ended 30 Six months ended 30
June 2017 June 2016 June 2017 June 2016
$'000 $'000 $'000 $'000
Revenue
Oil and natural gas revenue 2 1 5 1
2 1 5 1
Expenses
Exploration and evaluation
expenses (58) (98) (125) (188)
Production and operating
expenses (3) (4) (6) (7)
Depreciation (1) (4) (2) (11)
General and administrative
expenses (484) (603) (961) (1,144)
Share based compensation (130) (211) (413) (1,031)
Foreign exchange gain /
(loss) 142 (38) 146 18
(534) (958) (1,361) (2,363)
Results from operating
activities (532) (957) (1,356) (2,362)
Fair value gain / (loss) -
outstanding warrant 266 (74) (1,854) 62
Finance income 48 12 85 27
Finance expense (48) (34) (96) (62)
Net finance expense - (22) (11) (35)
Loss and comprehensive loss
for the period (266) (1,053) (3,221) (2,335)
Loss and comprehensive
loss attributable to:
Equity holders of the
company (266) (1,052) (3,220) (2,332)
Non-controlling interests - (1) (1) (3)
Loss and comprehensive loss
for the period (266) (1,053) (3,221) (2,335)
Loss per share attributable to equity holders of the
company:
Basic and diluted (0.000 cent) (0.001 cent) (0.003 cent) (0.003 cent)
Consolidated Statement of Financial Position
(Unaudited)
At 30 June At 31 December
2017 2016
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 39,630 39,618
Property, plant and equipment 5 7
Trade and other receivables 36 34
Restricted cash 2,296 2,151
41,967 41,810
Current assets
Cash and cash on deposit 9,675 10,127
Trade and other receivables 248 190
9,923 10,317
Total assets 51,890 52,127
Equity and liabilities
Equity attributable to owners of the parent
Share capital 383,392 382,853
Contributed surplus 44,664 44,251
Retained deficit (389,449) (386,229)
38,607 40,875
Non-controlling interests 702 703
Total equity 39,309 41,578
Liabilities
Non-current liabilities
Decommissioning provision 9,788 9,690
9,788 9,690
Current liabilities
Accounts payable and accrued expenses 712 632
Derivative financial liabilities 2,081 227
2,793 859
Total liabilities 12,581 10,549
Total equity and liabilities 51,890 52,127
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
Six months ended 30 June
2017 2016
$'000 $'000
Cash flows from operating activities
Net loss for the period (3,221) (2,335)
Adjustments for:
Share based compensation 413 1,031
Depreciation 2 11
Fair value loss / (gain) - outstanding warrant 1,854 (62)
Net finance expense 11 35
Effect of exchange rates on operating activities (149) (16)
Change in non-cash working capital:
Trade and other receivables (60) 23
Accounts payable and accrued expenses 83 (186)
Interest received 45 25
Net cash used in operating activities (1,022) (1,474)
Cash flows from investing activities
Increase in cash deposits - other receivables (3,007) (4,701)
Property plant and equipment - (4)
Exploration and evaluation assets (12) (110)
Net cash used in investing activities (3,019) (4,815)
Cash flows from financing activities
Proceeds from the exercise of share options 539 -
Net cash generated from financing activities 539 -
Change in cash and cash equivalents (3,502) (6,289)
Effect of exchange rates on cash & cash
equivalents 43 6
Cash and cash equivalents at beginning of period 5,857 10,683
Cash and cash equivalents at end of period 2,398 4,400
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 June 31 December
2017 2016
$'000 $'000
Cash and cash equivalents 2,398 5,857
Cash on deposit 7,277 4,270
9,675 10,127
All dollar amounts in this document are in United States dollars "$",
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 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
August 25, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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