Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Filing Of Interim Financial Statements
May 29 2020 - 1:00AM
UK Regulatory
TIDMFOG
FALCON OIL & GAS LTD.
("Falcon")
Filing of Interim Financial Statements
29 May 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that
it has filed its Interim Financial Statements for the three months ended
31 March 2020 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 2020, which are available on the
Canadian System for Electronic Document Analysis and Retrieval ("SEDAR")
at www.sedar.com and on Falcon's website at
https://www.globenewswire.com/Tracker?data=wKkiGfRqiATHVADXiWg5bu3doVJp4SEtJY8asgtG-wi2rPV3aejEwqcE0jmnhNRy437uPGCChUtsRq8vvb0qnL656oWw28TbXCAPJRyLczE=
www.falconoilandgas.com.
Q1 2020 Financial Highlights
-- Strong financial position, debt free with cash of US$11.5 million at 31
March 2020 (31 December 2019: US$13.1 million).
-- Continued focus on strict cost management and efficient operation of the
portfolio.
-- General & administrative expenses decreased 12% quarter on quarter to
US$0.4 million.
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O'Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
Cenkos Securities plc (NOMAD &
Broker)
Neil McDonald / Derrick Lee +44 131 220 9771
All dollar amounts in this document are in United States dollars "$",
except as otherwise indicated.
Interim Condensed Consolidated Statement of Operations and Comprehensive
Loss
(Unaudited)
Three months ended Three months ended
31 March 2020 31 March 2019
$'000 $'000
Revenue
Oil and natural gas revenue 1 2
1 2
Expenses
Exploration and evaluation expenses (38) (41)
Production and operating expenses (2) (3)
General and administrative expenses (403) (459)
Share based compensation - (12)
Foreign exchange loss (28) (51)
(471) (566)
----------------------------------------------------- ------------------ ------------------
Results from operating activities (470) (564)
Fair value gain / (loss) -- warrant 110 (467)
Finance income 14 43
Finance expense (1,094) (57)
Net finance expense (1,080) (14)
Loss and comprehensive loss for the year (1,440) (1,045)
Loss and comprehensive loss attributable to:
Equity holders of the company (1,421) (1,044)
Non-controlling interests (19) (1)
Loss and comprehensive loss for the year (1,440) (1,045)
Loss per share attributable to equity holders of the
company:
Basic and diluted ($0.001 cent) ($0.001 cent)
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
At 31 March At 31 December
2020 2019
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 40,282 40,246
Property, plant and equipment 1 1
Trade and other receivables 28 30
Restricted cash 2,176 2,241
42,487 42,518
Current assets
Cash and cash equivalents 11,540 13,066
Trade and other receivables 130 141
11,670 13,207
Total assets 54,157 55,725
Equity and liabilities
Equity attributable to owners of the parent
Share capital 392,170 392,170
Contributed surplus 45,075 45,075
Retained deficit (394,764) (393,343)
42,481 43,902
Non-controlling interests 681 700
Total equity 43,162 44,602
Liabilities
Non-current liabilities
Decommissioning provision 10,385 10,331
10,385 10,331
Current liabilities
Accounts payable and accrued expenses 610 682
Derivative financial liabilities - 110
610 792
-------------------------------------------- ----------- --------------
Total liabilities 10,995 11,123
Total equity and liabilities 54,157 55,725
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Three months ended
31 March
2020 2019
$'000 $'000
Cash flows from operating activities
Net loss for the year (1,440) (1,045)
Adjustments for:
Share based compensation - 12
Fair value (gain) / loss - warrant (110) 467
Net finance expense 1,080 14
Effect of exchange rates on operating activities 28 (51)
Change in non-cash working capital:
Decrease / (increase) in trade and other
receivables 13 (108)
(Decrease) / increase in accounts payable
and accrued expenses (42) 140
Net cash used in operating activities (471) (571)
Cash flows from investing activities
Interest Received 14 35
Exploration and evaluation assets (36) (2)
Net cash (used in) / generated by investing
activities (22) 33
Change in cash and cash equivalents (493) (538)
Effect of exchange rates on cash & cash
equivalents (1,033) 9
Cash and cash equivalents at beginning
of year 13,066 6,967
Cash and cash equivalents at end of period 11,540 6,438
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=wKkiGfRqiATHVADXiWg5bu3doVJp4SEtJY8asgtG-wgUbKSU81d9oAM4_3RdTHGpdAcn1S90Mk8xYxkcVaSMLxo8O6F4JyKrOA0yCyOfNt0=
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.
(END) Dow Jones Newswires
May 29, 2020 02:00 ET (06:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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