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

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
June 2020
$’000
Three months ended 30
June 2019
$’000
Six months ended 30
June 2020
$’000
Six months ended 30
June 2019
$’000
 
       
Revenue      
Oil and natural gas revenue 1123 
  1123 
       
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) 1724(11)(27) 
  (618)(530)(1,089)(1,096) 
       
Results from operating activities (617)(529)(1,087)(1,093) 
       
Fair value gain – outstanding warrant -570110103 
       
Finance income 87414415187 
Finance expense (58)(56)(279)(113) 
Net finance income / (expense) 81688(264)74 
       
Income / (loss) and comprehensive income / (loss) for the period 199129(1,241)(916) 
       
Income / (loss) and comprehensive income / (loss) attributable to:      
       
Equity holders of the company 183127(1,238)(917) 
Non-controlling interests 162(3)1 
       
Income / (loss) and comprehensive income / (loss) for the period 199129(1,241)(916) 
       
      
Income / (loss) per share attributable to equity holders of the company:     
       
Basic and diluted 0.001 cent0.001 cent(0.001 cent)(0.001 cent) 


Interim Condensed Consolidated Statement of Financial Position

(Unaudited)

  At 30 June
2020
$’000
At 31 December
2019
$’000
    
Assets   
Non-current assets   
Exploration and evaluation assets 40,29440,246
Property, plant and equipment 11
Trade and other receivables 2130
Restricted cash 2,2252,241
  42,54142,518
    
Current assets   
Cash and cash on equivalents 11,81513,066
Trade and other receivables 104141
  11,91913,207
    
Total assets 54,46055,725
    
Equity and liabilities   
    
Equity attributable to owners of the parent   
Share capital 392,170392,170
Contributed surplus 45,07545,075
Retained deficit (394,581)(393,343)
  42,66443,902
Non-controlling interests 697700
Total equity 43,36144,602
    
Liabilities    
Non-current liabilities   
Decommissioning provision 10,44410,331
  10,44410,331
    
Current liabilities   
Accounts payable and accrued expenses 655682
Derivative financial liabilities -110
  655792
Total liabilities 11,09911,123
    
Total equity and liabilities 54,46055,725


INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

  Six months ended 30 June
  2020
$’000
2019
$’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 1127
Change in non-cash working capital:   
Decrease / (increase) in trade and other receivables 46(28)
Increase in accounts payable and accrued expenses 37139
Net cash used in operating activities (993)(943)
    
Cash flows from investing activities   
Interest Received 1570
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 13,0666,967
    
Cash and cash equivalents at end of period 11,81514,465

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 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.

Quick facts: Falcon Oil & Gas Ltd

Price: 10.25

Market: AIM
Market Cap: £100.64 m
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