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Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements

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 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 
31 March 2020
$’000
Three months ended 
31 March 2019
$’000
 
      
Revenue     
Oil and natural gas revenue  12 
   12 
      
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  1443 
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
2020
$’000
At 31 December
2019
$’000
    
Assets   
Non-current assets   
Exploration and evaluation assets 40,28240,246
Property, plant and equipment 11
Trade and other receivables 2830
Restricted cash 2,1762,241
  42,48742,518
    
Current assets   
Cash and cash equivalents 11,54013,066
Trade and other receivables 130141
  11,67013,207
    
Total assets 54,15755,725
    
Equity and liabilities   
    
Equity attributable to owners of the parent   
Share capital 392,170392,170
Contributed surplus 45,07545,075
Retained deficit (394,764)(393,343)
  42,48143,902
Non-controlling interests 681700
Total equity 43,16244,602
    
Liabilities    
Non-current liabilities   
Decommissioning provision 10,38510,331
  10,38510,331
    
Current liabilities   
Accounts payable and accrued expenses 610682
Derivative financial liabilities -110
  610792
Total liabilities 10,99511,123
    
Total equity and liabilities 54,15755,725


INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)

  Three months ended 31 March
  2020
$’000
2019
$’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 1,08014
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 1435
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 13,0666,967
    
Cash and cash equivalents at end of period 11,5406,438

 


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 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.

Quick facts: Falcon Oil & Gas Ltd

Price: 8.1199

Market: AIM
Market Cap: £79.73 m
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