Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. : Full Year Results

 
TIDMFOG 
 
   FALCON OIL & GAS LTD. 
 
   ("Falcon" or the "Company" or the "Group") 
 
   Full Year Results 
 
   12 April 2018 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) is 
pleased to announce its financial results for the year ended 31 December 
2017. 
 
   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 
2017. 
 
   2017 Highlights: 
 
   Financial 
 
 
   -- Strong financial position, debt free with cash of US$9 million at 31 
      December 2017. 
 
   -- Continued focus on strict cost management and efficient operation of the 
      portfolio. 
 
   -- General & administrative expenses decreased 3% year on year to US$1.98 
      million. 
 
 
   Operational 
 
 
   -- Falcon awaits the Northern Territory government's decision on the current 
      moratorium following the publication of the Final Report by the 
      scientific inquiry into hydraulic fracturing on 27 March 2018. 
 
 
   Filing of Financial Statements, MD&A, AIF and Reserves Data 
 
   Falcon has filed its audited financial statements for the year ended 31 
December 2017, the accompanying MD&A for year ended 31 December 2017 
dated 11 April 2018, its Annual Information Form ("AIF") dated 11 April 
2018 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 . 
 
   Change of Registered Address 
 
   The registered address of Falcon has changed to the following: 
 
   Falcon Oil & Gas Ltd. 
 
   1200 Waterfront Centre, 
 
   200 Burrard Street, 
 
   Vancouver BC V7X 1T2, 
 
   Canada. 
 
   Falcon Oil & Gas Ltd. 
 
   Consolidated Statement of Operations and Comprehensive Loss 
 
 
 
 
                    Year Ended 31 December 2017  Year Ended 31 December 2016 
                               $'000                        $'000 
 
Revenue 
Oil and natural 
 gas revenue                                  7                            6 
                                              7                            6 
 
Expenses 
Exploration and 
 evaluation 
 expenses                                 (245)                        (336) 
Production and 
 operating 
 expenses                                  (18)                         (15) 
Depreciation                                (4)                         (16) 
General and 
 administrative 
 expenses                               (1,975)                      (2,037) 
Share based 
 compensation                             (686)                      (1,335) 
Foreign exchange 
 gain / (loss)                              253                         (73) 
                                        (2,675)                      (3,812) 
 
Results from 
 operating 
 activities                             (2,668)                      (3,806) 
 
Fair value (loss) 
 / gain - 
 outstanding 
 warrants                               (1,336)                          208 
 
Finance income                              201                           53 
Finance expense                           (193)                        (145) 
Net finance income 
 / (expense)                                  8                         (92) 
 
Loss before tax                         (3,996)                      (3,690) 
 
Taxation                                      -                            - 
 
Loss and 
 comprehensive 
 loss for the 
 year                                   (3,996)                      (3,690) 
 
Loss and 
comprehensive 
loss attributable 
to: 
 
Equity holders of 
 the company                            (3,994)                      (3,687) 
Non-controlling 
 interests                                  (2)                          (3) 
 
Loss and 
 comprehensive 
 loss for the 
 year                                   (3,996)                      (3,690) 
 
Loss per share attributable to equity holders of the 
 company: 
 
Basic and diluted                       (0.004)                      (0.004) 
 
   Falcon Oil & Gas Ltd. 
 
   Consolidated Statement of Financial Position 
 
 
 
 
                                              At 31 December  At 31 December 
                                                   2017            2016 
                                                   $'000           $'000 
 
Assets 
Non-current assets 
Exploration and evaluation assets                     39,630          39,618 
Property, plant and equipment                              3               7 
Trade and other receivables                               33              34 
Restricted cash                                        2,412           2,151 
                                                      42,078          41,810 
 
Current assets 
Cash and cash on deposit                               8,995          10,127 
Trade and other receivables                              186             190 
                                                       9,181          10,317 
 
Total assets                                          51,259          52,127 
 
Equity and liabilities 
 
Equity attributable to owners of the parent 
Share capital                                        383,570         382,853 
Contributed surplus                                   44,937          44,251 
Retained deficit                                   (390,223)       (386,229) 
                                                      38,284          40,875 
Non-controlling interests                                701             703 
Total equity                                          38,985          41,578 
 
Liabilities 
Non-current liabilities 
Decommissioning provision                              9,886           9,690 
                                                       9,886           9,690 
 
Current liabilities 
Accounts payable and accrued expenses                    825             632 
Derivative financial liabilities                       1,563             227 
                                                       2,388             859 
Total liabilities                                     12,274          10,549 
 
Total equity and liabilities                          51,259          52,127 
 
   Falcon Oil & Gas Ltd. 
 
   Consolidated Statement of Cash flows 
 
 
 
 
                                                       Year Ended 31 December 
                                                         2017         2016 
                                                         $'000        $'000 
 
Cash flows from operating activities 
Net loss for the year                                     (3,996)      (3,690) 
Adjustments for: 
Share based compensation                                      686        1,335 
Depreciation                                                    4           16 
Fair value loss / (gain) - outstanding warrants             1,336        (208) 
Net finance (income) / expense                                (8)           92 
Foreign exchange (gain) / loss                              (251)          101 
Change in non-cash working capital 
Trade and other receivables                                     5           66 
Accounts payable and accrued expenses                         184        (202) 
Net cash used in operating activities                     (2,040)      (2,490) 
 
Cash flows from investing activities 
Interest received                                             117           53 
Decrease in restricted cash                                     -           22 
Exploration and evaluation assets                            (12)        (110) 
Increase in cash deposits - other receivables             (1,758)      (2,270) 
Property, plant and equipment                                   -          (4) 
Net cash used in investing activities                     (1,653)      (2,309) 
 
Cash flows from financing activities 
Proceeds from the exercise of share options                   717            - 
Net cash generated by financing activities                    717            - 
 
Change in cash and cash equivalents                       (2,976)      (4,799) 
Effect of exchange rates on cash & cash equivalents            86         (27) 
 
Cash and cash equivalents at beginning of year              5,857       10,683 
 
Cash and cash equivalents at end of year                    2,967        5,857 
 
 
   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] 
 
 
   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 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 12, 2018 02:00 ET (06:00 GMT)

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