Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Full Year Results
April 27 2021 - 1:00AM
UK Regulatory
TIDMFOG
FALCON OIL & GAS LTD.
("Falcon")
Full Year Results
27 April 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to
announce its financial results for the year ended 31 December 2020.
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 year ended 31 December 2020.
2020 Financial Highlights
-- Strong financial position, debt free with cash of US$11 million at 31
December 2020 (31 December 2019: US$13.1 million).
-- Continued focus on strict cost management and efficient operation of the
portfolio.
Filing of Financial Statements, MD&A, AIF and Reserves Data
Falcon has filed its audited financial statements for the year ended 31
December 2020, the accompanying MD&A for year ended 31 December 2020
dated 26 April 2021, its Annual Information Form ("AIF") dated 26 April
2021 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.
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
Consolidated Statement of Operations and Comprehensive Loss
Year Ended Year Ended
31 December 2020 31 December 2019
$'000 $'000
Revenue
Oil and natural gas revenue 5 5
5 5
Expenses
Exploration and evaluation expenses (159) (233)
Production and operating expenses (12) (13)
General and administrative expenses (1,871) (1,780)
Share based compensation - (12)
Foreign exchange gain / (loss) 105 (70)
(1,937) (2,108)
----------------------------------------------------- ----------------- -----------------
Results from operating activities (1,932) (2,103)
Fair value gain -- outstanding warrant 110 369
Finance income 224 221
Finance expense (231) (226)
Net finance expense (7) (5)
Loss before tax (1,829) (1,739)
------------------------------------------------------- ----------------- -----------------
Taxation - -
Loss and comprehensive loss for the year (1,829) (1,739)
Loss and comprehensive loss attributable to:
Equity holders of the company (1,830) (1,739)
Non-controlling interests 1 -
Loss and comprehensive loss for the year (1,829) (1,739)
------------------------------------------------------- ----------------- -----------------
Loss per share attributable to equity holders of the
company:
Basic and diluted (0.002 cent) (0.002 cent)
Consolidated Statement of Financial Position
At 31 December At 31 December
2020 2019
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 40,444 40,246
Property, plant and equipment 4 1
Trade and other receivables 23 30
Restricted cash 2,429 2,241
42,900 42,518
------------------------------------------- -------------- --------------
Current assets
Cash and cash equivalents 11,036 13,066
Trade and other receivables 117 141
11,153 13,207
------------------------------------------- -------------- --------------
Total assets 54,053 55,725
-------------------------------------------- -------------- --------------
Equity and liabilities
Equity attributable to owners of the parent
Share capital 392,170 392,170
Contributed surplus 45,075 45,075
Deficit (395,173) (393,343)
42,072 43,902
Non-controlling interests 701 700
Total equity 42,773 44,602
-------------------------------------------- -------------- --------------
Liabilities
Non-current liabilities
Decommissioning provision 10,563 10,331
10,563 10,331
------------------------------------------- -------------- --------------
Current liabilities
Accounts payable and accrued expenses 717 682
Derivative financial liabilities - 110
717 792
------------------------------------------- -------------- --------------
Total liabilities 11,280 11,123
-------------------------------------------- -------------- --------------
Total equity and liabilities 54,053 55,725
-------------------------------------------- -------------- --------------
Consolidated Statement of Cash Flows
Year Ended 31 December
2020 2019
$'000 $'000
Cash flows from operating activities
Net loss for the year (1,829) (1,739)
Adjustments for:
Share based compensation - 12
Depreciation - 1
Fair value gain - outstanding warrant (110) (369)
Net finance loss 7 5
Foreign exchange (gain) / loss (105) 70
Change in non-cash working capital:
Decrease / (increase) in trade and other
receivables 31 (41)
(Decrease) / increase in accounts payable
and accrued expenses (145) 88
Net cash used in operating activities (2,151) (1,973)
Cash flows from investing activities
Interest Received 16 136
Exploration and evaluation assets (48) (541)
Property plant and equipment (3) -
Net cash used in investing activities (35) (405)
Cash flows from financing activities
Raised Equity - 8,433
Net cash generated by financing activities - 8,433
Change in cash and cash equivalents (2,186) 6,055
Effect of exchange rates on cash & cash
equivalents 156 44
Cash and cash equivalents at beginning
of year 13,066 6,967
Cash and cash equivalents at end of year 11,036 13,066
--------------------------------------------- ----------- -----------
All dollar amounts in this document are in United States dollars "$",
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
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
April 27, 2021 02:00 ET (06:00 GMT)
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