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 
 
   12 May 2017 - 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 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 months ended 31 March 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 Financial Highlights 
 
 
   -- Strong financial position, debt free with cash of US$10.1 million at 31 
      March 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 12% period on period to 
      US$477,000 (2016: US$541,000). 
 
 
   CONTACT DETAILS: 
 
 
 
 
Falcon Oil & Gas Ltd.           [phone] 
Philip O'Quigley, CEO          [phone] 
Anne Flynn, CFO                 [phone] 
 
Davy (NOMAD & Broker) 
John Frain / Anthony Farrell    [phone] 
 
 
 
 
                                      Three months ended  Three months ended 
                                         31 March 2017       31 March 2016 
                                             $'000               $'000 
 
Revenue 
Oil and natural gas revenue                            3                   - 
                                                       3                   - 
 
Expenses 
Exploration and evaluation expenses                 (67)                (90) 
Production and operating expenses                    (3)                 (3) 
Depreciation                                         (1)                 (7) 
General and administrative expenses                (477)               (541) 
Share based compensation                           (283)               (820) 
Foreign exchange gain                                  4                  56 
                                                   (827)             (1,405) 
 
Results from operating activities                  (824)             (1,405) 
 
Fair value (loss) / gain - 
 outstanding warrant                             (2,120)                 136 
 
Finance income                                        37                  18 
Finance expense                                     (48)                (31) 
Net finance expense                                 (11)                (13) 
 
Loss and comprehensive loss for the 
 period                                          (2,955)             (1,282) 
 
Loss and comprehensive loss 
attributable to: 
 
Equity holders of the company                    (2,954)             (1,280) 
Non-controlling interests                            (1)                 (2) 
 
Loss and comprehensive loss for the 
 period                                          (2,955)             (1,282) 
 
Loss per share attributable to equity holders of the 
 company: 
 
Basic and diluted                               ($0.003)            ($0.001) 
 
 
 
 
                                               At 31 March  At 31 December 
                                                   2017          2016 
                                                  $'000          $'000 
 
Assets 
Non-current assets 
Exploration and evaluation assets                   39,618          39,618 
Property, plant and equipment                            6               7 
Trade and other receivables                             36              34 
Restricted cash                                      2,154           2,151 
                                                    41,814          41,810 
 
Current assets 
Cash and cash on deposit                            10,100          10,127 
Trade and other receivables                            250             190 
                                                    10,350          10,317 
 
Total assets                                        52,164          52,127 
 
Equity and liabilities 
 
Equity attributable to owners of the parent 
Share capital                                      383,311         382,853 
Contributed surplus                                 44,534          44,251 
Retained deficit                                 (389,183)       (386,229) 
                                                    38,662          40,875 
Non-controlling interests                              702             703 
Total equity                                        39,364          41,578 
 
Liabilities 
Non-current liabilities 
Decommissioning provision                            9,739           9,690 
                                                     9,739           9,690 
 
Current liabilities 
Accounts payable and accrued expenses                  714             632 
Derivative financial liabilities                     2,347             227 
                                                     3,061             859 
Total liabilities                                   12,800          10,549 
 
Total equity and liabilities                        52,164          52,127 
 
 
 
 
                                                 Three months ended 31 March 
                                                    2017           2016 
                                                    $'000          $'000 
 
Cash flows from operating activities 
Net loss for the period                               (2,955)        (1,282) 
Adjustments for: 
Share based compensation                                  283            820 
Depreciation                                                1              7 
Fair value (loss) / gain - outstanding 
 warrant                                                2,120          (136) 
Net finance expense                                        11             13 
Effect of exchange rates on operating 
 activities                                               (3)           (53) 
Change in non-cash working capital: 
Trade and other receivables                              (62)           (26) 
Accounts payable and accrued expenses                      79           (83) 
Interest received                                          34             13 
Net cash used in operating activities                   (492)          (727) 
 
Cash flows from investing activities 
Increase in cash deposits - other receivables             770        (5,701) 
Exploration and evaluation assets                           -           (55) 
Net cash used in investing activities                     770        (5,756) 
 
Cash flows from financing activities 
Proceeds from the exercise of share options               458              - 
Net cash used in investing activities                     458              - 
 
 
Change in cash and cash equivalents                       736        (6,483) 
Effect of exchange rates on cash & cash 
 equivalents                                                7             13 
 
Cash and cash equivalents at beginning of 
 period                                                 5,857         10,683 
 
Cash and cash equivalents at end of period              6,600          4,213 
 
 
   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 
                              2017        2016 
                             $'000       $'000 
 
Cash and cash equivalents      6,600        5,857 
Cash on deposit                3,500        4,270 
 
                              10,100       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.  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 12, 2017 02:01 ET (06:01 GMT)

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