Share Name Share Symbol Market Type Share ISIN Share Description
Falcon Oil 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
  +0.00p +0.00% 23.00p 22.50p 23.50p - - - 0 06:31:56
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -3.0 -0.3 - 211.95

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

28/11/2016 7:00am

UK Regulatory (RNS & others)


 
TIDMFOG 
 
Falcon Oil & Gas Ltd.: Filing of Interim Financial Statements 
FOR:  FALCON OIL & GAS LTD. 
 
TSX VENTURE SYMBOL:  FO 
AIM SYMBOL:  FOG 
ISE SYMBOL:  FAC 
 
November 28, 2016 
 
Falcon Oil & Gas Ltd.: Filing of Interim Financial Statements 
 
DUBLIN, IRELAND--(Marketwired - Nov. 28, 2016) - Falcon Oil & Gas Ltd. (AIM:FOG)(ESM:FAC)(TSX VENTURE:FO) 
announces that it has filed its Interim Financial Statements for the three and nine months ended 30 September 2016 
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 2016, 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. 
 
2016 Operational Highlights 
 
Australia 
 
=-  The Notification of Discovery issued by Origin Energy Resources Limited 
    ("Origin") in October 2016 is an exciting development and we look 
    forward to updating the market when the resource evaluation is 
    concluded. 
=-  The introduction of a moratorium on hydraulic fracturing will delay the 
    completion of the nine well drilling programme. Origin intends meeting 
    with the Department of Primary Industry and Resources of the Northern 
    Territory, Australia soon to agree a revised timetable due to the delays 
    the moratorium will have on the drilling and exploration programme. We 
    will update the market once a revised timetable has been agreed. 
 
South Africa 
 
=-  Processing of Falcon's exploration license application in South Africa's 
    Karoo Basin continues and the South African Department of Mineral 
    Resources is expected to issue licences in 2017. 
 
2016 Financial Highlights 
 
=-  Strong financial position, debt free with cash of US$10.6 million at 30 
    September 2016 (31 December 2015: US$12.7 million). 
=-  Continued focus on strict cost management and efficient operation of the 
    portfolio. 
=-  General and administrative expenses decreased 13% period on period to 
    US$1.6 million (2015: US$1.8 million). 
 
Holdings in Company 
 
Falcon has been informed Renova Asset Holding Ltd., a subsidiary of Renova Holding Ltd. ("Renova Holding") 
acquired beneficial ownership of 6,273,500 common shares ("Shares") of Falcon at US$0.0904, representing 
approximately 0.68% of Falcon's issued and outstanding Shares. 
 
Following the acquisition, Renova Holding has a beneficial ownership over an aggregate of 157,083,634 Shares, 
representing approximately 17.05% of Falcon's issued and outstanding Shares. 
 
Falcon Oil & Gas Ltd. 
Interim Condensed Consolidated Statement of Operations and Comprehensive 
 Loss 
(Unaudited) 
 
                     Three months  Three months   Nine months   Nine months 
                            ended         ended         ended         ended 
                               30            30            30            30 
                        September     September     September     September 
                             2016          2015          2016          2015 
                            $'000         $'000         $'000         $'000 
=--------------------------------------------------------------------------- 
 
Revenue 
Oil and natural gas 
 revenue                        3             2             4             6 
=--------------------------------------------------------------------------- 
                                3             2             4             6 
 
Expenses 
Exploration and               (77)         (141)         (265)         (593) 
 evaluation expenses 
Production and                 (4)           (4)          (12)          (15) 
 operating expenses 
Depreciation                   (1)           (8)          (12)          (26) 
General and                  (440)         (565)       (1,584)       (1,830) 
 administrative 
 expenses 
Share based                  (222)          (28)       (1,252)         (228) 
 compensation 
Foreign exchange               10            30            28           755 
 gain 
Other Income                    2             1             2             1 
=--------------------------------------------------------------------------- 
                             (732)         (715)       (3,095)       (1,936) 
=--------------------------------------------------------------------------- 
 
Results from                 (729)         (713)       (3,091)       (1,930) 
 operating 
 activities 
 
Fair value gain -             169           291           231            22 
 outstanding warrant 
 
Finance income                  6            68            33            75 
Finance expense               (31)          (38)          (93)         (172) 
=--------------------------------------------------------------------------- 
Net finance                   (25)           30           (60)          (97) 
 (expense) / income 
 
=--------------------------------------------------------------------------- 
Loss and                     (585)         (392)       (2,920)       (2,005) 
 comprehensive loss 
 for the period 
=--------------------------------------------------------------------------- 
 
Loss and 
 comprehensive loss 
 attributable to: 
 
Equity holders of            (586)         (390)       (2,918)       (2,000) 
 the company 
Non-controlling                 1            (2)           (2)           (5) 
 interests 
 
=--------------------------------------------------------------------------- 
Loss and 
 comprehensive loss 
 for the period              (585)         (392)       (2,920)       (2,005) 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
 
 
Loss per share 
 attributable to 
 equity 
holders of the 
 company: 
 
Basic and diluted     (0.001 cent)  (0.000 cent)  (0.003 cent)  (0.002 cent) 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
 
 
 
 Falcon Oil & Gas Ltd. 
 Consolidated Statement of Financial Position 
(Unaudited) 
 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
                                           At 30 September   At 31 December 
                                                      2016             2015 
                                                     $'000            $'000 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
Assets 
Non-current assets 
Exploration and evaluation assets                   39,618           39,618 
Property, plant and equipment                           10               64 
Trade and other receivables                             27               22 
Restricted cash                                      2,296            2,239 
=--------------------------------------------------------------------------- 
                                                    41,951           41,943 
=--------------------------------------------------------------------------- 
 
Current assets 
Cash and cash on deposit                            10,602           12,683 
Trade and other receivables                            210              268 
=--------------------------------------------------------------------------- 
                                                    10,812           12,951 
=--------------------------------------------------------------------------- 
 
=--------------------------------------------------------------------------- 
Total assets                                        52,763           54,894 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
 
Equity and liabilities 
 
Equity attributable to owners of the 
 parent 
Share capital                                      382,853          382,853 
Contributed surplus                                 44,168           42,916 
Retained deficit                                  (385,460)        (382,542) 
=--------------------------------------------------------------------------- 
                                                    41,561           43,227 
Non-controlling interests                              704              706 
=--------------------------------------------------------------------------- 
Total equity                                        42,265           43,933 
=--------------------------------------------------------------------------- 
 
Liabilities 
Non-current liabilities 
Decommissioning provision                            9,660            9,565 
=--------------------------------------------------------------------------- 
                                                     9,660            9,565 
=--------------------------------------------------------------------------- 
 
Current liabilities 
Accounts payable and accrued expenses                  634              961 
Derivative financial liabilities                       204              435 
=--------------------------------------------------------------------------- 
                                                       838            1,396 
=--------------------------------------------------------------------------- 
Total liabilities                                   10,498           10,961 
=--------------------------------------------------------------------------- 
 
=--------------------------------------------------------------------------- 
Total equity and liabilities                        52,763           54,894 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
 
 
 
Falcon Oil & Gas Ltd. 
Interim Condensed Consolidated Statement of Cash flows 
(Unaudited) 
                                             Nine months ended 30 September 
                                                       2016            2015 
                                                      $'000           $'000 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
 
Cash flows from operating activities 
Net loss for the period                              (2,920)         (2,005) 
Adjustments for: 
  Share based compensation                            1,252             228 
  Depreciation                                           12              26 
  Fair value gain - outstanding warrant                (231)            (22) 
  Net finance expense                                    60              97 
  Effect of exchange rates on operating 
   activities                                           (28)           (755) 
Change in non-cash working capital: 
  Trade and other receivables                            53             182 
  Accounts payable and accrued expenses                (206)             68 
  Restructuring spend                                     -            (439) 
Interest received                                        31              75 
=--------------------------------------------------------------------------- 
Net cash used in operating activities                (1,977)         (2,545) 
 
Cash flows from investing activities 
Increase in cash deposits - other 
 receivables                                         (1,701)              - 
Increase in restricted cash                               -          (1,991) 
Exploration and evaluation assets                      (110)           (110) 
=--------------------------------------------------------------------------- 
Net cash used in investing activities                (1,811)         (2,101) 
 
Change in cash and cash equivalents                  (3,788)         (4,646) 
Effect of exchange rates on cash & cash 
 equivalents                                              6            (265) 
Cash and cash equivalents at beginning of 
 period                                              10,683           8,753 
 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
Cash and cash equivalents at end of period            6,901           3,842 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
 
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 
                                                         2016           2015 
                                                        $'000          $'000 
=--------------------------------------------------------------------------- 
 
Cash and cash equivalents                               6,901         10,683 
Cash on deposit                                         3,701          2,000 
 
=--------------------------------------------------------------------------- 
                                                       10,602         12,683 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
 
This announcement has been reviewed by Dr. Gabor Bada, Falcon Oil & Gas Ltd's Head of Technical Operations. Dr. 
Bada obtained his geology degree at the Eotvos L. University in Budapest, Hungary and his PhD at the Vrije 
Aniversiteit Amsterdam, the Netherlands. He is a member of AAPG and EAGE. 
 
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 
 
About Origin Energy 
 
Origin Energy (ASX:ORG) is the leading Australian integrated energy company with market leading positions in 
energy retailing (approximately 4.3 million customers), power generation (approximately 6,000 MW of capacity owned 
and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe). To match its 
leadership in the supply of green energy, Origin also aspires to be the number one renewables company in 
Australia. 
 
Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is 
developing Australia's biggest CSG to LNG project based on the country's largest 2P CSG reserves base. 
 
www.originenergy.com.au 
 
Glossary of terms 
CSG  Coal seam gas 
LNG  Liquefied natural gas 
MW   Megawatt 
 
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. Such 
information may include, but is not limited to comments made with respect to the type, number, schedule, 
stimulating, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, expected 
contributions of the partners, the prospectivity of the Middle Velkerri & Kyalla shale plays, the prospect of the 
exploration programme being brought to commerciality and the awarding of an exploration license in South Africa. 
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. 
 
FOR FURTHER INFORMATION PLEASE CONTACT: 
 
Falcon Oil & Gas Ltd. 
Philip O'Quigley, CEO 
+353 1 676 8702 
+353 87 814 7042 
 
OR 
 
Falcon Oil & Gas Ltd. 
Anne Flynn, CFO 
+353 1 676 9162 
 
OR 
 
Davy (NOMAD & Broker) 
John Frain / Anthony Farrell 
+353 1 679 6363 
 
 
Falcon Oil & Gas Ltd. 
 

(END) Dow Jones Newswires

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