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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 | 0.00 | 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 23 August 2018 - 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 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 and six months ended 30 June 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 Operational Highlights -- Strong financial position, debt free with cash of US$7.7 million at 30 June 2018 (31 December 2017: US$9 million). -- Continued focus on strict cost management and efficient operation of the portfolio. 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 / Barry Murphy +353 1 679 6363 RBC (Joint Broker) Matthew Coakes / Martin Copeland +44 20 7653 4000 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 2018 June 2017 June 2018 June 2017 $'000 $'000 $'000 $'000 Revenue Oil and natural gas revenue 2 2 3 5 2 2 3 5 Expenses Exploration and evaluation expenses (38) (58) (79) (125) Production and operating expenses (5) (3) (9) (6) Depreciation (1) (1) (1) (2) General and administrative expenses (497) (484) (1,001) (961) Share based compensation (22) (130) (81) (413) Foreign exchange (loss) / gain (134) 142 72 146 (697) (534) (1,243) (1,361) Results from operating activities (695) (532) (1,240) (1,356) Fair value gain / (loss) - outstanding warrant 283 266 227 (1,854) Finance expense Interest income on bank deposits 25 11 31 45 Accretion of decommission provisions (55) (48) (110) (96) Net foreign exchange (loss) / gain (52) 37 (57) 40 (82) - (136) (11) Loss and comprehensive loss for the period (494) (266) (1,149) (3,221) Loss and comprehensive loss attributable to: Equity holders of the company (494) (266) (1,148) (3,220) Non-controlling interests - - (1) (1) Loss and comprehensive loss for the period (494) (266) (1,149) (3,221) Loss per share attributable to equity holders of the company: Basic and diluted (0.001 cent) (0.000 cent) (0.001 cent) (0.003 cent) Consolidated Statement of Financial Position (Unaudited) At 30 June At 31 December 2018 2017 $'000 $'000 Assets Non-current assets Exploration and evaluation assets 39,656 39,630 Property, plant and equipment 2 3 Trade and other receivables 22 33 Restricted cash 2,330 2,412 42,010 42,078 Current assets Cash and cash on deposit 7,722 8,995 Trade and other receivables 206 186 7,928 9,181 Total assets 49,938 51,259 Equity and liabilities Equity attributable to owners of the parent Share capital 383,627 383,570 Contributed surplus 45,018 44,937 Retained deficit (391,371) (390,223) 37,274 38,284 Non-controlling interests 700 701 Total equity 37,974 38,985 Liabilities Non-current liabilities Decommissioning provision 9,995 9,886 9,995 9,886 Current liabilities Accounts payable and accrued expenses 633 825 Derivative financial liabilities 1,336 1,563 1,969 2,388 Total liabilities 11,964 12,274 Total equity and liabilities 49,938 51,259 Interim Condensed Consolidated Statement of Cash Flows (Unaudited) Six months ended 30 June 2018 2017 $'000 $'000 Cash flows from operating activities Net loss for the period (1,149) (3,221) Adjustments for: Share based compensation 81 413 Depreciation 1 2 Fair value (gain) / loss - outstanding warrant (227) 1,854 Net finance expense 136 11 Effect of exchange rates on operating activities 73 (149) Change in non-cash working capital: Trade and other receivables (9) (60) Accounts payable and accrued expenses (196) 83 Net cash used in operating activities (1,290) (1,067) Cash flows from investing activities Decrease / (increase) in cash deposits - other receivables 3,528 (3,007) Interest Received 31 45 Exploration and evaluation assets (26) (12) Net cash generated from / (used in) investing activities 3,533 (2,974) Cash flows from financing activities Proceeds from the exercise of share options 57 539 Net cash generated from financing activities 57 539 Change in cash and cash equivalents 2,300 (3,502) Effect of exchange rates on cash & cash equivalents (45) 43 Cash and cash equivalents at beginning of period 2,967 5,857 Cash and cash equivalents at end of period 5,222 2,398 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 2018 2017 $'000 $'000 Cash and cash equivalents 5,222 2,967 Cash on deposit 2,500 6,028 7,722 8,995 All dollar amounts in this document are in United States dollars "$", 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. 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 23, 2018 02:00 ET (06:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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