Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. : Filing Of Interim Financial Statements
August 23 2018 - 1:00AM
UK Regulatory
TIDMFOG
FALCON OIL & GAS LTD.
("Falcon")
Filing of Interim Financial Statements
23 August 2018 - 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 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 and six months ended 30 June 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 Operational Highlights
-- Strong financial position, debt free with cash of US$7.7 million at 30
June 2018 (31 December 2017: US$9 million).
-- Continued focus on strict 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 & Joint Broker)
John Frain / Barry Murphy +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000
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 2018 June 2017 June 2018 June 2017
$'000 $'000 $'000 $'000
Revenue
Oil and natural gas revenue 2 2 3 5
2 2 3 5
Expenses
Exploration and evaluation
expenses (38) (58) (79) (125)
Production and operating
expenses (5) (3) (9) (6)
Depreciation (1) (1) (1) (2)
General and administrative
expenses (497) (484) (1,001) (961)
Share based compensation (22) (130) (81) (413)
Foreign exchange (loss) /
gain (134) 142 72 146
(697) (534) (1,243) (1,361)
Results from operating
activities (695) (532) (1,240) (1,356)
Fair value gain / (loss) -
outstanding warrant 283 266 227 (1,854)
Finance expense
Interest income on bank
deposits 25 11 31 45
Accretion of decommission
provisions (55) (48) (110) (96)
Net foreign exchange (loss)
/ gain (52) 37 (57) 40
(82) - (136) (11)
Loss and comprehensive loss
for the period (494) (266) (1,149) (3,221)
Loss and comprehensive
loss attributable to:
Equity holders of the
company (494) (266) (1,148) (3,220)
Non-controlling interests - - (1) (1)
Loss and comprehensive loss
for the period (494) (266) (1,149) (3,221)
Loss per share attributable to equity holders of the
company:
Basic and diluted (0.001 cent) (0.000 cent) (0.001 cent) (0.003 cent)
Consolidated Statement of Financial Position
(Unaudited)
At 30 June At 31 December
2018 2017
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 39,656 39,630
Property, plant and equipment 2 3
Trade and other receivables 22 33
Restricted cash 2,330 2,412
42,010 42,078
Current assets
Cash and cash on deposit 7,722 8,995
Trade and other receivables 206 186
7,928 9,181
Total assets 49,938 51,259
Equity and liabilities
Equity attributable to owners of the parent
Share capital 383,627 383,570
Contributed surplus 45,018 44,937
Retained deficit (391,371) (390,223)
37,274 38,284
Non-controlling interests 700 701
Total equity 37,974 38,985
Liabilities
Non-current liabilities
Decommissioning provision 9,995 9,886
9,995 9,886
Current liabilities
Accounts payable and accrued expenses 633 825
Derivative financial liabilities 1,336 1,563
1,969 2,388
Total liabilities 11,964 12,274
Total equity and liabilities 49,938 51,259
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
Six months ended 30 June
2018 2017
$'000 $'000
Cash flows from operating activities
Net loss for the period (1,149) (3,221)
Adjustments for:
Share based compensation 81 413
Depreciation 1 2
Fair value (gain) / loss - outstanding warrant (227) 1,854
Net finance expense 136 11
Effect of exchange rates on operating activities 73 (149)
Change in non-cash working capital:
Trade and other receivables (9) (60)
Accounts payable and accrued expenses (196) 83
Net cash used in operating activities (1,290) (1,067)
Cash flows from investing activities
Decrease / (increase) in cash deposits - other
receivables 3,528 (3,007)
Interest Received 31 45
Exploration and evaluation assets (26) (12)
Net cash generated from / (used in) investing
activities 3,533 (2,974)
Cash flows from financing activities
Proceeds from the exercise of share options 57 539
Net cash generated from financing activities 57 539
Change in cash and cash equivalents 2,300 (3,502)
Effect of exchange rates on cash & cash
equivalents (45) 43
Cash and cash equivalents at beginning of period 2,967 5,857
Cash and cash equivalents at end of period 5,222 2,398
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
2018 2017
$'000 $'000
Cash and cash equivalents 5,222 2,967
Cash on deposit 2,500 6,028
7,722 8,995
All dollar amounts in this document are in United States dollars "$",
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. 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 23, 2018 02:00 ET (06:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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