Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd: Full Year Results
April 25 2019 - 1:00AM
UK Regulatory
TIDMFOG
FALCON OIL & GAS LTD.
("Falcon" or the "Company" or the "Group")
Full Year Results
25 April 2019 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, Euronext
Growth: FAC) is pleased to announce its financial results for the year
ended 31 December 2018.
The following should be read in conjunction with the complete audited
Financial Statements and the accompanying Management's Discussion and
Analysis ("MD&A") for the three and twelve months ended 31 December
2018.
2018 Financial Highlights:
-- Strong financial position, debt free with cash of US$6.9 million at 31
December 2018.
-- Continued focus on strict cost management and efficient operation of the
portfolio.
-- General & administrative expenses decreased 3% year on year to US$1.91
million.
Filing of Financial Statements, MD&A, AIF and Reserves Data
Falcon has filed its audited financial statements for the year ended 31
December 2018, the accompanying MD&A for year ended 31 December 2018
dated 24 April 2019, its Annual Information Form ("AIF") dated 24 April
2019 and the Statement of Reserves Data and Other Oil and Gas
Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and
51-101F3) with the relevant provincial securities regulators. These
filings are available for review on the Canadian System for Electronic
Document Analysis and Retrieval ("SEDAR") at www.sedar.com. The audited
financial statements, MD&A and AIF are also available on Falcon's
website www.falconoilandgas.com .
Consolidated Statement of Operations and Comprehensive Loss
Year Ended 31 December 2018 Year Ended 31 December 2017
$'000 $'000
Revenue
Oil and natural
gas revenue 15 7
15 7
Expenses
Exploration and
evaluation
expenses (159) (245)
Production and
operating
expenses (10) (18)
Depreciation (1) (4)
General and
administrative
expenses (1,909) (1,975)
Share based
compensation (126) (686)
Foreign exchange
(loss) / gain (96) 253
(2,301) (2,675)
Results from
operating
activities (2,286) (2,668)
Fair value gain /
loss --
outstanding
warrants 1,084 (1,336)
Finance income 118 201
Finance expense (298) (193)
Net finance
(expense) /
income (180) 8
Loss before tax (1,382) (3,996)
Taxation - -
Loss and
comprehensive
loss for the
year (1,382) (3,996)
Loss and
comprehensive
loss attributable
to:
Equity holders of
the company (1,381) (3,994)
Non-controlling
interests (1) (2)
Loss and
comprehensive
loss for the
year (1,382) (3,996)
Loss per share attributable to equity holders of the
company:
Basic and diluted (0.001) (0.004)
Consolidated Statement of Financial Position
At 31 December At 31 December
2018 2017
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 39,705 39,630
Property, plant and equipment 2 3
Trade and other receivables 31 33
Restricted cash 2,294 2,412
42,032 42,078
Current assets
Cash and cash on deposit 6,967 8,995
Trade and other receivables 100 186
7,067 9,181
Total assets 49,099 51,259
Equity and liabilities
Equity attributable to owners of the
parent
Share capital 383,737 383,570
Contributed surplus 45,063 44,937
Retained deficit (391,604) (390,223)
37,196 38,284
Non-controlling interests 700 701
Total equity 37,896 38,985
Liabilities
Non-current liabilities
Decommissioning provision 10,102 9,886
10,102 9,886
Current liabilities
Accounts payable and accrued expenses 622 825
Derivative financial liabilities 479 1,563
1,101 2,388
--------------------------------------- ---------------- ----------------
Total liabilities 11,203 12,274
Total equity and liabilities 49,099 51,259
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended 31 December
2018 2017
$'000 $'000
Cash flows from operating activities
Net loss for the year (1,382) (3,996)
Adjustments for:
Share based compensation 126 686
Depreciation 1 4
Fair value (gain) / loss - outstanding warrants (1,084) 1,336
Net finance loss / (income) 180 (8)
Foreign exchange loss / (gain) 96 (251)
Change in non-cash working capital
Trade and other receivables 88 5
Accounts payable and accrued expenses (206) 184
Net cash used in operating activities (2,181) (2,040)
Cash flows from investing activities
Interest received 118 117
Exploration and evaluation assets (75) (12)
Decrease / (increase) in cash deposits -- other
receivables 6,028 (1,758)
Net cash used in investing activities 6,071 (1,653)
Cash flows from financing activities
Proceeds from the exercise of share options 167 717
Net cash generated by financing activities 167 717
Change in cash and cash equivalents 4,057 (2,976)
Effect of exchange rates on cash & cash
equivalents (57) 86
Cash and cash equivalents at beginning of year 2,967 5,857
Cash and cash equivalents at end of year 6,967 2,967
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O'Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
Davy (NOMAD, Euronext Growth Advisor & Joint Broker)
John Frain / Barry Murphy +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000
Cenkos Securities plc (Joint Broker)
Neil McDonald/Derrick Lee +44 131 220 9771
All dollar amounts in this document are in United States dollars "$",
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=aHqjwyvxWgy3tCyj1eT6NQ-ysJNIrbvFmXyqdNeKMBDIt-rbQdHHvBM5SAFDtEy5E7oc3e-U7BocQ12ysUUDdh8k8DevjBC6KlUF9Oxo7tw=
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 awarding of an exploration license in South
Africa, to the type, number, schedule, 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
shale play and the prospect of the exploration programme being brought
to commerciality. 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
April 25, 2019 02:00 ET (06:00 GMT)
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