Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Filing Of Interim Financial Statements
August 28 2020 - 1:00AM
UK Regulatory
TIDMFOG
FALCON OIL & GAS LTD.
("Falcon")
Filing of Interim Financial Statements
28 August 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces
that it has filed its Interim Financial Statements for the three and six
months ended 30 June 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 and six months ended 30 June 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 www.falconoilandgas.com.
2020 financial highlights and other financial updates
-- Strong financial position, debt free with cash of US$11.8 million at 30
June 2020 (31 December 2019: US$13.1 million).
-- Continued focus on cost management and the efficient operation of the
portfolio.
-- On 7 July 2020 Falcon Australia agreed to a further extension of the call
option up to and including 30 April 2022 ("Additional Extension"), to
acquire it's 22.5% portion of the 2% ORRI from the TOG Group. Following
confirmation of registration of the Additional Extension from the
Northern Territory government Falcon Australia will pay US$150,000 to the
TOG Group for granting the Additional Extension, with the cost of
exercising the call option increasing from US$5.625 million to US$6
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
INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE
INCOME / (LOSS)
(Unaudited)
Three months ended 30 Three months ended 30 Six months ended 30 Six months ended 30
June 2020 June 2019 June 2020 June 2019
$'000 $'000 $'000 $'000
Revenue
Oil and natural gas revenue 1 1 2 3
1 1 2 3
Expenses
Exploration and evaluation expenses (35) (108) (73) (149)
Production and operating expenses (3) (3) (5) (6)
General and administrative expenses (597) (443) (1,000) (902)
Share based compensation - - - (12)
Foreign exchange gain / (loss) 17 24 (11) (27)
(618) (530) (1,089) (1,096)
-------------------------------------------------- --------------------- --------------------- ------------------- -------------------
Results from operating activities (617) (529) (1,087) (1,093)
Fair value gain -- outstanding warrant - 570 110 103
Finance income 874 144 15 187
Finance expense (58) (56) (279) (113)
Net finance income / (expense) 816 88 (264) 74
Income / (loss) and comprehensive income / (loss)
for the period 199 129 (1,241) (916)
Income / (loss) and comprehensive income / (loss)
attributable to:
Equity holders of the company 183 127 (1,238) (917)
Non-controlling interests 16 2 (3) 1
Income / (loss) and comprehensive income / (loss)
for the period 199 129 (1,241) (916)
Income / (loss) per share attributable to equity holders
of the company:
Basic and diluted 0.001 cent 0.001 cent (0.001 cent) (0.001 cent)
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
At 30 June At 31 December
2020 2019
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 40,294 40,246
Property, plant and equipment 1 1
Trade and other receivables 21 30
Restricted cash 2,225 2,241
42,541 42,518
Current assets
Cash and cash on equivalents 11,815 13,066
Trade and other receivables 104 141
11,919 13,207
Total assets 54,460 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 (394,581) (393,343)
42,664 43,902
Non-controlling interests 697 700
Total equity 43,361 44,602
Liabilities
Non-current liabilities
Decommissioning provision 10,444 10,331
10,444 10,331
Current liabilities
Accounts payable and accrued expenses 655 682
Derivative financial liabilities - 110
655 792
-------------------------------------------- ---------- --------------
Total liabilities 11,099 11,123
Total equity and liabilities 54,460 55,725
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Six months ended 30
June
2020 2019
$'000 $'000
Cash flows from operating activities
Net loss for the period (1,241) (916)
Adjustments for:
Share based compensation - 12
Fair value gain - outstanding warrant (110) (103)
Net finance expense / (income) 264 (74)
Effect of exchange rates on operating activities 11 27
Change in non-cash working capital:
Decrease / (increase) in trade and other
receivables 46 (28)
Increase in accounts payable and accrued
expenses 37 139
Net cash used in operating activities (993) (943)
Cash flows from investing activities
Interest Received 15 70
Exploration and evaluation assets (48) (14)
Net cash (used in) / generated from investing
activities (33) 56
Cash flows from financing activities
Net proceeds from private placement - 8,433
Net cash generated from financing activities - 8,433
Change in cash and cash equivalents (1,026) 7,546
Effect of exchange rates on cash & cash
equivalents (225) (48)
Cash and cash equivalents at beginning
of period 13,066 6,967
Cash and cash equivalents at end of period 11,815 14,465
All dollar amounts in this document are in United States dollars "$",
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.
Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil
& Gas Ltd.
For further information on Falcon Oil & Gas Ltd. please visit
https://www.globenewswire.com/Tracker?data=p9xm89lb1KNxcQriWKy1oPdMeFNEwIbi6x1ETeU1BwwtbFINTTx4GnlEs2qRQAThfmV0HvNSJpLsy6ZS8n0QlXHPjwFOo99SAZlqqKMOZDM=
www.falconoilandgas.com
Glossary of terms
ORRI Overriding royalty interest
TOG Group Malcolm John Gerrard, Territory Oil
& Gas LLC & Tom Dugan Family Partnership LLC
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
August 28, 2020 02:00 ET (06:00 GMT)
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