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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Falcon Oil & Gas Ltd. | LSE:FOG | London | Ordinary Share | CA3060711015 | COM SHS NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.60 | 6.50 | 6.70 | 6.60 | 6.60 | 6.60 | 276,502 | 07:30:33 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 0 | -3.99M | -0.0038 | -31.58 | 125.32M |
TIDMFOG FALCON OIL & GAS LTD. ("Falcon") Filing of Interim Financial Statements 25 August 2017 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) announces that it has filed its Interim Financial Statements for the three and six months ended 30 June 2017 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 2017, 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. 2017 Operational Highlights -- Strong financial position, debt free with cash of US$9.7 million at 30 June 2017 (31 December 2016: US$10.1 million). -- Continued focus on strict cost management and efficient operation of the portfolio. -- General and administrative expenses decreased 16% period on period to US$961,000 (2016: US$1,144,000). Annual General & Special Meeting As previously announced, Falcon's Annual General and Special Shareholder Meeting will be held at the Conrad Hotel, Earlsfort Terrace, Dublin 2, Ireland on 14 September 2017 at 11:00 a.m. (Dublin time). A complete notice and related documents have been sent to shareholders of record as at 4 August 2017 and are also available on SEDAR at www.sedar.com and Falcon's website at 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 Davy (NOMAD & Broker) John Frain / Anthony Farrell +353 1 679 6363 Interim Condensed Consolidated Statement of Operations and Comprehensive Loss (Unaudited) Three months ended 30 Three months ended 30 Six months ended 30 Six months ended 30 June 2017 June 2016 June 2017 June 2016 $'000 $'000 $'000 $'000 Revenue Oil and natural gas revenue 2 1 5 1 2 1 5 1 Expenses Exploration and evaluation expenses (58) (98) (125) (188) Production and operating expenses (3) (4) (6) (7) Depreciation (1) (4) (2) (11) General and administrative expenses (484) (603) (961) (1,144) Share based compensation (130) (211) (413) (1,031) Foreign exchange gain / (loss) 142 (38) 146 18 (534) (958) (1,361) (2,363) Results from operating activities (532) (957) (1,356) (2,362) Fair value gain / (loss) - outstanding warrant 266 (74) (1,854) 62 Finance income 48 12 85 27 Finance expense (48) (34) (96) (62) Net finance expense - (22) (11) (35) Loss and comprehensive loss for the period (266) (1,053) (3,221) (2,335) Loss and comprehensive loss attributable to: Equity holders of the company (266) (1,052) (3,220) (2,332) Non-controlling interests - (1) (1) (3) Loss and comprehensive loss for the period (266) (1,053) (3,221) (2,335) Loss per share attributable to equity holders of the company: Basic and diluted (0.000 cent) (0.001 cent) (0.003 cent) (0.003 cent) Consolidated Statement of Financial Position (Unaudited) At 30 June At 31 December 2017 2016 $'000 $'000 Assets Non-current assets Exploration and evaluation assets 39,630 39,618 Property, plant and equipment 5 7 Trade and other receivables 36 34 Restricted cash 2,296 2,151 41,967 41,810 Current assets Cash and cash on deposit 9,675 10,127 Trade and other receivables 248 190 9,923 10,317 Total assets 51,890 52,127 Equity and liabilities Equity attributable to owners of the parent Share capital 383,392 382,853 Contributed surplus 44,664 44,251 Retained deficit (389,449) (386,229) 38,607 40,875 Non-controlling interests 702 703 Total equity 39,309 41,578 Liabilities Non-current liabilities Decommissioning provision 9,788 9,690 9,788 9,690 Current liabilities Accounts payable and accrued expenses 712 632 Derivative financial liabilities 2,081 227 2,793 859 Total liabilities 12,581 10,549 Total equity and liabilities 51,890 52,127 Interim Condensed Consolidated Statement of Cash Flows (Unaudited) Six months ended 30 June 2017 2016 $'000 $'000 Cash flows from operating activities Net loss for the period (3,221) (2,335) Adjustments for: Share based compensation 413 1,031 Depreciation 2 11 Fair value loss / (gain) - outstanding warrant 1,854 (62) Net finance expense 11 35 Effect of exchange rates on operating activities (149) (16) Change in non-cash working capital: Trade and other receivables (60) 23 Accounts payable and accrued expenses 83 (186) Interest received 45 25 Net cash used in operating activities (1,022) (1,474) Cash flows from investing activities Increase in cash deposits - other receivables (3,007) (4,701) Property plant and equipment - (4) Exploration and evaluation assets (12) (110) Net cash used in investing activities (3,019) (4,815) Cash flows from financing activities Proceeds from the exercise of share options 539 - Net cash generated from financing activities 539 - Change in cash and cash equivalents (3,502) (6,289) Effect of exchange rates on cash & cash equivalents 43 6 Cash and cash equivalents at beginning of period 5,857 10,683 Cash and cash equivalents at end of period 2,398 4,400 Cash and cash on deposit Cash and cash equivalents includes cash on hand, deposits held on call with banks, other short term highly liquid investments with initial maturities of three months or less at inception and bank overdrafts where a legal right of offset exists. Cash on deposit represents cash on deposit with a maturity in excess of three months. 30 June 31 December 2017 2016 $'000 $'000 Cash and cash equivalents 2,398 5,857 Cash on deposit 7,277 4,270 9,675 10,127 All dollar amounts in this document are in United States dollars "$", except as otherwise indicated. About Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd is an international oil & gas company engaged in
the acquisition, exploration and development of conventional and 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. This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Falcon Oil & Gas Ltd. via Globenewswire http://www.falconoilandgas.com/
(END) Dow Jones Newswires
August 25, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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