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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.125 | 1.89% | 6.75 | 6.50 | 7.00 | 6.75 | 6.625 | 6.625 | 408,820 | 08:24:13 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -3.99M | -0.0038 | -31.58 | 125.32M |
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FALCON OIL & GAS LTD.
("Falcon")
Filing of Interim Financial Statements
24 November 2017 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC)
announces that it has filed its Interim Financial Statements for the
three and nine months ended 30 September 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 nine months ended 30 September 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$9.4 million at 30
September 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 6% period on period to
US$1,489,000 (2016: US$1,584,000).
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 & Joint Broker)
John Frain / Anthony Farrell +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000
Three months ended 30 Three months ended 30 Nine months ended 30 Nine months ended 30
September 2017 September 2016 September 2017 September 2016
$'000 $'000 $'000 $'000
Revenue
Oil and natural gas revenue 2 3 7 4
2 3 7 4
Expenses
Exploration and evaluation
expenses (53) (77) (178) (265)
Production and operating
expenses (4) (4) (10) (12)
Depreciation (1) (1) (3) (12)
General and administrative
expenses (528) (440) (1,489) (1,584)
Share based compensation (137) (222) (550) (1,252)
Foreign exchange gain 71 10 217 28
Other Income 1 2 1 2
(651) (732) (2,012) (3,095)
Results from operating
activities (649) (729) (2,005) (3,091)
Fair value (loss) / gain -
outstanding warrant (116) 169 (1,970) 231
Finance income 43 6 128 33
Finance expense (48) (31) (144) (93)
Net finance expense (5) (25) (16) (60)
Loss and comprehensive loss
for the period (770) (585) (3,991) (2,920)
Loss and comprehensive
loss attributable to:
Equity holders of the
company (770) (586) (3,990) (2,918)
Non-controlling interests - 1 (1) (2)
Loss and comprehensive loss
for the period (770) (585) (3,991) (2,920)
Loss per share attributable to equity holders of the
company:
Basic and diluted (0.001 cent) (0.001 cent) (0.004 cent) (0.003 cent)
At 30 September At 31 December
2017 2016
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 39,630 39,618
Property, plant and equipment 4 7
Trade and other receivables 37 34
Restricted cash 2,374 2,151
42,045 41,810
Current assets
Cash and cash on deposit 9,433 10,127
Trade and other receivables 203 190
9,636 10,317
Total assets 51,681 52,127
Equity and liabilities
Equity attributable to owners of the
parent
Share capital 383,533 382,853
Contributed surplus 44,801 44,251
Retained deficit (390,219) (386,229)
38,115 40,875
Non-controlling interests 702 703
Total equity 38,817 41,578
Liabilities
Non-current liabilities
Decommissioning provision 9,838 9,690
9,838 9,690
Current liabilities
Accounts payable and accrued expenses 829 632
Derivative financial liabilities 2,197 227
3,026 859
Total liabilities 12,864 10,549
Total equity and liabilities 51,681 52,127
Nine months ended 30 September
2017 2016
$'000 $'000
Cash flows from operating activities
Net loss for the period (3,991) (2,920)
Adjustments for:
Share based compensation 550 1,252
Depreciation 3 12
Fair value loss / (gain) - outstanding
warrant 1,970 (231)
Net finance expense 16 60
Effect of exchange rates on operating
activities (217) (28)
Change in non-cash working capital:
Trade and other receivables (16) 53
Accounts payable and accrued expenses 195 (206)
Interest received 50 31
Net cash used in operating activities (1,440) (1,977)
Cash flows from investing activities
Decrease / (increase) in cash deposits -
other receivables 4,270 (1,701)
Exploration and evaluation assets (12) (110)
Net cash generated from / (used in)
investing activities 4,258 (1,811)
Cash flows from financing activities
Proceeds from the exercise of share
options 680 -
Net cash generated from financing
activities 680 -
Change in cash and cash equivalents 3,498 (3,788)
Effect of exchange rates on cash & cash
equivalents 78 6
Cash and cash equivalents at beginning of
period 5,857 10,683
Cash and cash equivalents at end of period 9,433 6,901
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 September 31 December
2017 2016
$'000 $'000
Cash and cash equivalents 9,433 5,857
Cash on deposit - 4,270
9,433 10,127
All dollar amounts in this document are in United States dollars "$",
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
November 24, 2017 02:00 ET (07:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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