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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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TIDMFOG
FALCON OIL & GAS LTD.
("Falcon")
Filing of Interim Financial Statements
29 August 2019 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, Euronext
Growth: FAC) announces that it has filed its Interim Financial
Statements for the three and six months ended 30 June 2019 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 2019, which are available on the
Canadian System for Electronic Document Analysis and Retrieval ("SEDAR")
at
https://www.globenewswire.com/Tracker?data=UEfopcTv9700ZufCvEMxwcS8ZCUpZdmbkkO4VDQMuXUJoyyEC7T9VgO5A5jpDv6KSKQGQJx4O3Cf_2kB891m1Q==
www.sedar.com and on Falcon's website at
https://www.globenewswire.com/Tracker?data=UEfopcTv9700ZufCvEMxwbXvrSzc1NGtY0JPSrrjHzMrGdmkLhelWb0SRKNLgWuR_tsJ0RzU4AXJPzqb02t1XYZvL5iddGp3GPxrsXhdCgs=
www.falconoilandgas.com.
2019 Operational Highlights
-- Strong financial position, debt free with cash of US$14.5 million at 30
June 2019 (31 December 2018: US$7 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, Euronext
Growth Advisor)
John Frain / Barry Murphy +353 1 679 6363
Cenkos Securities plc (Joint Broker)
Neil McDonald / Derrick Lee +44 131 220 9771
RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000
Interim Condensed Consolidated Statement of Operations and
Comprehensive Income / (Loss)
(Unaudited)
Three months ended 30 Three months ended 30 Six months ended 30 Six months ended 30
June 2019 June 2018 June 2019 June 2018
$'000 $'000 $'000 $'000
Revenue
Oil and natural gas revenue 1 2 3 3
1 2 3 3
Expenses
Exploration and evaluation expenses (108) (38) (149) (79)
Production and operating expenses (3) (5) (6) (9)
Depreciation - (1) - (1)
General and administrative expenses (443) (497) (902) (1,001)
Share based compensation - (22) (12) (81)
Foreign exchange gain / (loss) 24 (134) (27) (72)
(530) (697) (1,096) (1,243)
-------------------------------------------------- ----------------------- --------------------- ------------------- -------------------
Results from operating activities (529) (695) (1,093) (1,240)
Fair value gain -- outstanding warrant 570 283 103 227
Finance income 144 25 187 31
Finance expense (56) (107) (113) (167)
Net finance income / (expense) 88 (82) 74 (136)
Income / (loss) and comprehensive income / (loss)
for the period 129 (494) (916) (1,149)
Income / (loss) and comprehensive income / (loss)
attributable to:
Equity holders of the company 127 (494) (917) (1,148)
Non-controlling interests 2 - 1 (1)
Income / (loss) and comprehensive income / (loss)
for the period 129 (494) (916) (1,149)
Income / (loss) per share attributable to equity holders
of the company:
Basic and diluted 0.000 cent (0.001 cent) (0.001 cent) (0.001 cent)
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
At 30 June At 31 December
2019 2018
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 39,719 39,705
Property, plant and equipment 2 2
Trade and other receivables 31 31
Restricted cash 2,281 2,294
42,033 42,032
Current assets
Cash and cash on deposit 14,465 6,967
Trade and other receivables 128 100
14,593 7,067
Total assets 56,626 49,099
Equity and liabilities
Equity attributable to owners of the parent
Share capital 392,170 383,737
Contributed surplus 45,075 45,063
Retained deficit (392,521) (391,604)
44,724 37,196
Non-controlling interests 701 700
Total equity 45,425 37,896
Liabilities
Non-current liabilities
Decommissioning provision 10,218 10,102
10,218 10,102
Current liabilities
Accounts payable and accrued expenses 607 622
Derivative financial liabilities 376 479
983 1,101
-------------------------------------------- ---------- --------------
Total liabilities 11,201 11,203
Total equity and liabilities 56,626 49,099
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Six months ended 30
June
2019 2018
$'000 $'000
Cash flows from operating activities
Net loss for the period (916) (1,149)
Adjustments for:
Share based compensation 12 81
Depreciation - 1
Fair value gain - outstanding warrant (103) (227)
Net finance (income) / expense (74) 136
Effect of exchange rates on operating activities (27) 73
Change in non-cash working capital:
Trade and other receivables (28) (9)
Accounts payable and accrued expenses 193 (196)
Net cash used in operating activities (943) (1,290)
Cash flows from investing activities
Decrease in cash deposits -- other receivables - 3,528
Interest received 70 31
Exploration and evaluation assets (14) (26)
Net cash generated from investing activities 56 3,533
Cash flows from financing activities
Net proceeds from private placement 8,433 -
Proceeds from the exercise of share options - 57
Net cash generated from financing activities 8,433 57
Change in cash and cash equivalents 7,546 2,300
Effect of exchange rates on cash & cash
equivalents (48) (45)
Cash and cash equivalents at beginning
of period 6,967 2,967
Cash and cash equivalents at end of period 14,465 5,222
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
2019 2018
$'000 $'000
Cash and cash equivalents 14,465 6,967
Cash on deposit - -
14,465 6,967
-------------------------- ------- -----------
All dollar amounts in this document are in United States dollars "$",
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
https://www.globenewswire.com/Tracker?data=UEfopcTv9700ZufCvEMxwbXvrSzc1NGtY0JPSrrjHzMEy6bEMIRS6m42osgAqm4HYjW-sbFvjx1M-rhtmO0aplypXyruPkOMQS_PnJqIjag=
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.
(END) Dow Jones Newswires
August 29, 2019 02:00 ET (06:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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