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

 
TIDMFOG 
 
   FALCON OIL & GAS LTD. 
 
   ("Falcon" or the "Company") 
 
   Filing of Interim Financial Statements 
 
   11 May 2018 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) 
announces that it has filed its Interim Financial Statements for the 
three months ended 31 March 2018 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 months ended 31 March 2018, 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. 
 
   2018 Financial Highlights 
 
 
   -- Strong financial position, debt free with cash of US$8.5 million at 31 
      March 2018 (31 December 2017: US$9 million). 
 
   -- Continued focus on cost management and efficient operation of the 
      portfolio. 
 
 
   CONTACT DETAILS: 
 
 
 
 
Falcon Oil & Gas Ltd.               [phone] 
Philip O'Quigley, CEO              [phone] 
Anne Flynn, CFO                     [phone] 
 
Davy (NOMAD & Broker) 
John Frain / Barry Murphy           [phone] 
 
RBC (Joint Broker) 
Matthew Coakes / Martin Copeland   [phone] 
 
 
 
 
                                      Three months ended  Three months ended 
                                         31 March 2018       31 March 2017 
                                             $'000               $'000 
 
Revenue 
Oil and natural gas revenue                            1                   3 
                                                       1                   3 
 
Expenses 
Exploration and evaluation expenses                 (41)                (67) 
Production and operating expenses                    (4)                 (3) 
Depreciation                                           -                 (1) 
General and administrative expenses                (504)               (477) 
Share based compensation                            (59)               (283) 
Foreign exchange gain                                 62                   4 
                                                   (546)               (827) 
 
Results from operating activities                  (545)               (824) 
 
Fair value loss - outstanding 
 warrant                                            (56)             (2,120) 
 
Finance income                                         6                  37 
Finance expense                                     (60)                (48) 
Net finance expense                                 (54)                (11) 
 
Loss and comprehensive loss for the 
 period                                            (655)             (2,955) 
 
Loss and comprehensive loss 
attributable to: 
 
Equity holders of the company                      (655)             (2,954) 
Non-controlling interests                              -                 (1) 
 
Loss and comprehensive loss for the 
 period                                            (655)             (2,955) 
 
Loss per share attributable to equity holders of the 
 company: 
 
Basic and diluted                               ($0.001)            ($0.003) 
 
 
 
 
                                               At 31 March  At 31 December 
                                                   2018          2017 
                                                  $'000          $'000 
 
Assets 
Non-current assets 
Exploration and evaluation assets                   39,630          39,630 
Property, plant and equipment                            3               3 
Trade and other receivables                             33              33 
Restricted cash                                      2,475           2,412 
                                                    42,141          42,078 
 
Current assets 
Cash and cash on deposit                             8,455           8,995 
Trade and other receivables                            273             186 
                                                     8,728           9,181 
 
Total assets                                        50,869          51,259 
 
Equity and liabilities 
 
Equity attributable to owners of the parent 
Share capital                                      383,570         383,570 
Contributed surplus                                 44,996          44,937 
Retained deficit                                 (390,878)       (390,223) 
                                                    37,688          38,284 
Non-controlling interests                              701             701 
Total equity                                        38,389          38,985 
 
Liabilities 
Non-current liabilities 
Decommissioning provision                            9,941           9,886 
                                                     9,941           9,886 
 
Current liabilities 
Accounts payable and accrued expenses                  920             825 
Derivative financial liabilities                     1,619           1,563 
                                                     2,539           2,388 
Total liabilities                                   12,480          12,274 
 
Total equity and liabilities                        50,869          51,259 
 
 
 
 
                                                 Three months ended 31 March 
                                                   2018            2017 
                                                   $'000           $'000 
 
Cash flows from operating activities 
Net loss for the period                                (655)         (2,955) 
Adjustments for: 
Share based compensation                                  59             283 
Depreciation                                               -               1 
Fair value loss - outstanding warrant                     56           2,120 
Net finance expense                                       54              11 
Effect of exchange rates on operating 
 activities                                             (62)             (3) 
Change in non-cash working capital: 
Trade and other receivables                             (87)            (62) 
Accounts payable and accrued expenses                     90              79 
Net cash used in operating activities                  (545)           (526) 
 
Cash flows from investing activities 
Interest received                                          6              34 
Decrease in cash deposits - other receivables          3,028             770 
Net cash generated by investing activities             3,034             804 
 
Cash flows from financing activities 
Proceeds from the exercise of share options                -             458 
Net cash generated by financing activities                 -             458 
 
 
Change in cash and cash equivalents                    2,489             736 
Effect of exchange rates on cash & cash 
 equivalents                                             (1)               7 
 
Cash and cash equivalents at beginning of 
 period                                                2,967           5,857 
 
Cash and cash equivalents at end of period             5,455           6,600 
 
 
   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. 
 
 
 
 
                            31 March  31 December 
                              2018        2017 
                             $'000       $'000 
 
Cash and cash equivalents      5,455        2,967 
Cash on deposit                3,000        6,028 
 
                               8,455        8,995 
 
 
   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.  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. 
 
   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

May 11, 2018 02:00 ET (06:00 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.