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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 | 117,857 | 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 |
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FALCON OIL & GAS LTD.
("Falcon" or the "Company" or the "Group")
Full Year Results
28 April 2017 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) is
pleased to announce its financial results for the year ended 31 December
2016.
The following should be read in conjunction with the complete audited
Financial Statements and the accompanying Management's Discussion and
Analysis ("MD&A") for the three and twelve months ended 31 December
2016.
Highlights:
Operational
-- Successfully completed the drilling of the Beetaloo W-1 well to a total
depth of 3,173 with very encouraging results.
-- Hydraulic stimulation of the horizontal Amungee NW-1H well was completed.
-- In February 2017, the Group announced that Origin Energy Resources
("Origin"), Falcon's 35% joint venture partner submitted the Results of
Evaluation of the Discovery and Preliminary Estimate of Petroleum in
Place for the Amungee NW-1H Velkerri B Shale Gas Pool to the Northern
Territory Government indicating a material gas resource.
-- Completion of the nine well exploration and appraisal programme will be
delayed pending the outcome of the independent scientific inquiry on
hydraulic fracturing.
-- Processing of Falcon's exploration license application in South Africa's
Karoo Basin continues to progress and the South African Department of
Mineral Resources is expected to issue licences in 2017.
Financial
-- Strong financial position, debt free with cash of US$10.1 million at 31
December 2016.
-- Continued focus on strict cost management and efficient operation of the
portfolio.
-- General & administrative expenses decreased 18% year on year to US$2.0
million (31 December 2015: US$2.5 million).
Philip O'Quigley, CEO of Falcon Oil & Gas commented:
"2016 was a landmark year for our Company with the first extended
production test in the Beetaloo basin and the announcement of a material
gas resource. Our 2017 drilling program is delayed pending the outcome
of the independent scientific inquiry on hydraulic fracturing, however
we are hopeful of a favourable outcome and the resumption of drilling in
the not too distant future. "
Filing of Financial statements, MD&A, AIF and Reserves data
Falcon has filed its audited financial statements for the year ended 31
December 2016, the accompanying MD&A for year ended 31 December 2016
dated 27 April 2017, its Annual Information Form ("AIF") dated 27 April
2017 and the Statement of Reserves Data and Other Oil and Gas
Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and
51-101F3) with the relevant provincial securities regulators. These
filings are available for review on the Canadian System for Electronic
Document Analysis and Retrieval ("SEDAR") at www.sedar.com. The audited
financial statements, MD&A and AIF are also available on Falcon's
website www.falconoilandgas.com.
Falcon Oil & Gas Ltd.
Consolidated Statement of Operations and Comprehensive Loss
Year Ended 31 December Year Ended 31 December
2016 2015
$'000 $'000
Revenue
Oil and natural gas revenue 6 7
6 7
Expenses
Exploration and evaluation
expenses (336) (679)
Production and operating
expenses (15) (20)
Depreciation (16) (39)
General and administrative
expenses (2,037) (2,491)
Share based compensation (1,335) (256)
Foreign exchange loss (73) (143)
(3,812) (3,628)
Other income - 3,594
(3,806) 3,594
Results from operating
activities (3,806) (27)
Fair value gain -
outstanding warrants 208 79
Finance income 53 78
Finance expense (145) (220)
Net finance expense (92) (142)
Loss before tax (3,690) (90)
Taxation - (110)
Loss and comprehensive loss
for the year (3,690) (200)
Loss and comprehensive loss
attributable to:
Equity holders of the
company (3,687) (193)
Non-controlling interests (3) (7)
Loss and comprehensive loss
for the year (3,690) (200)
Loss per share attributable to equity holders of the
company:
Basic and diluted ($0.004) ($0.000)
Falcon Oil & Gas Ltd.
Consolidated Statement of Financial Position
At 31 December At 31 December
2016 2015
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 39,618 39,618
Property, plant and equipment 7 64
Trade and other receivables 34 22
Restricted cash 2,151 2,239
41,810 41,943
Current assets
Cash and cash on deposit 10,127 12,683
Trade and other receivables 190 268
10,317 12,951
Total assets 52,127 54,894
Equity and liabilities
Equity attributable to owners of the
parent
Share capital 382,853 382,853
Contributed surplus 44,251 42,916
Retained deficit (386,229) (382,542)
40,875 43,227
Non-controlling interests 703 706
Total equity 41,578 43,933
Liabilities
Non-current liabilities
Decommissioning provision 9,690 9,565
9,690 9,565
Current liabilities
Accounts payable and accrued expenses 632 961
Derivative financial liabilities 227 435
859 1,396
Total liabilities 10,549 10,961
Total equity and liabilities 52,127 54,894
Falcon Oil & Gas Ltd.
Consolidated Statement of Cash flows
Year Ended 31 December
2016 2015
$'000 $'000
Cash flows from operating activities
Net loss for the year (3,690) (200)
Adjustments for:
Share based compensation 1,335 256
Depreciation 16 39
Fair value gain - outstanding warrants 208 (79)
Net finance expense 92 142
Termination of farm-out transaction - NIS - (3,700)
Other 101 143
Change in non-cash working capital
Trade and other receivables 66 257
Accounts payable and accrued expenses (202) 124
Restructuring spend - (444)
Interest received 53 78
Net cash used in operating activities (2,437) (3,384)
Cash flows from investing activities
Decrease / (increase) in restricted cash 22 (1,991)
Exploration and evaluation assets (110) (110)
(Increase) / decrease in cash deposits - other
receivables (2,270) 4,000
Termination of farm-out transaction - NIS - 3,700
Property, plant and equipment (4) -
Net cash (used in) / generated by investing
activities (2,362) 5,599
Change in cash and cash equivalents (4,799) 2,215
Effect of exchange rates on cash & cash equivalents (27) (285)
Cash and cash equivalents at beginning of year 10,683 8,753
Cash and cash equivalents at end of year 5,857 10,683
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O'Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
Davy (NOMAD & Broker)
John Frain / Anthony Farrell +353 1 679 6363
This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil &
Gas Ltd's Head of Technical Operations. Dr. Bada obtained his geology
degree at the Eötvös L. University in Budapest, Hungary and
his PhD at the Vrije Aniversiteit Amsterdam, the Netherlands. He is a
member of AAPG and EAGE.
All dollar amounts in this document are in United States dollars "$",
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
AIM London Stock Exchange's international market for smaller
growing companies
ASX Australian Securities Exchange
CSG Coal seam gas
LNG Liquefied natural gas
MW Megawatt
TCF Trillion cubic feet
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.
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 awarding of an exploration license in South
Africa, to the type, number, schedule, 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
shale play and the prospect of the exploration programme being brought
to commerciality. 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
April 28, 2017 02:01 ET (06:01 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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