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FOG Falcon Oil & Gas Ltd.

7.15
-0.10 (-1.38%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  -0.10 -1.38% 7.15 7.10 7.20 7.25 7.10 7.25 178,386 10:23:07
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 0 -3.99M -0.0038 -34.21 135.77M

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

29/05/2020 7:00am

UK Regulatory


 
TIDMFOG 
 
   FALCON OIL & GAS LTD. 
 
   ("Falcon") 
 
   Filing of Interim Financial Statements 
 
   29 May 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that 
it has filed its Interim Financial Statements for the three months ended 
31 March 2020 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 2020, which are available on the 
Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") 
at www.sedar.com and on Falcon's website at 
https://www.globenewswire.com/Tracker?data=wKkiGfRqiATHVADXiWg5bu3doVJp4SEtJY8asgtG-wi2rPV3aejEwqcE0jmnhNRy437uPGCChUtsRq8vvb0qnL656oWw28TbXCAPJRyLczE= 
www.falconoilandgas.com. 
 
   Q1 2020 Financial Highlights 
 
 
   -- Strong financial position, debt free with cash of US$11.5 million at 31 
      March 2020 (31 December 2019: US$13.1 million). 
 
   -- Continued focus on strict cost management and efficient operation of the 
      portfolio. 
 
   -- General & administrative expenses decreased 12% quarter on quarter to 
      US$0.4 million. 
 
 
 
 
   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 
 
Cenkos Securities plc (NOMAD & 
 Broker) 
Neil McDonald / Derrick Lee      +44 131 220 9771 
 
 
   All dollar amounts in this document are in United States dollars "$", 
except as otherwise indicated. 
 
 
 
   Interim Condensed Consolidated Statement of Operations and Comprehensive 
Loss 
 
   (Unaudited) 
 
 
 
 
                                                         Three months ended  Three months ended 
                                                            31 March 2020       31 March 2019 
                                                                $'000               $'000 
 
Revenue 
Oil and natural gas revenue                                               1                   2 
                                                                          1                   2 
 
Expenses 
Exploration and evaluation expenses                                    (38)                (41) 
Production and operating expenses                                       (2)                 (3) 
General and administrative expenses                                   (403)               (459) 
Share based compensation                                                  -                (12) 
Foreign exchange loss                                                  (28)                (51) 
                                                                      (471)               (566) 
  -----------------------------------------------------  ------------------  ------------------ 
 
Results from operating activities                                     (470)               (564) 
 
Fair value gain / (loss) -- warrant                                     110               (467) 
 
Finance income                                                           14                  43 
Finance expense                                                     (1,094)                (57) 
Net finance expense                                                 (1,080)                (14) 
 
Loss and comprehensive loss for the year                            (1,440)             (1,045) 
 
Loss and comprehensive loss attributable to: 
 
Equity holders of the company                                       (1,421)             (1,044) 
Non-controlling interests                                              (19)                 (1) 
 
Loss and comprehensive loss for the year                            (1,440)             (1,045) 
 
 
Loss per share attributable to equity holders of the 
 company: 
 
Basic and diluted                                             ($0.001 cent)       ($0.001 cent) 
 
 
 
   Interim Condensed Consolidated Statement of Financial Position 
 
   (Unaudited) 
 
 
 
 
                                               At 31 March  At 31 December 
                                                   2020          2019 
                                                  $'000          $'000 
 
Assets 
Non-current assets 
Exploration and evaluation assets                   40,282          40,246 
Property, plant and equipment                            1               1 
Trade and other receivables                             28              30 
Restricted cash                                      2,176           2,241 
                                                    42,487          42,518 
 
Current assets 
Cash and cash equivalents                           11,540          13,066 
Trade and other receivables                            130             141 
                                                    11,670          13,207 
 
Total assets                                        54,157          55,725 
 
Equity and liabilities 
 
Equity attributable to owners of the parent 
Share capital                                      392,170         392,170 
Contributed surplus                                 45,075          45,075 
Retained deficit                                 (394,764)       (393,343) 
                                                    42,481          43,902 
Non-controlling interests                              681             700 
Total equity                                        43,162          44,602 
 
Liabilities 
Non-current liabilities 
Decommissioning provision                           10,385          10,331 
                                                    10,385          10,331 
 
Current liabilities 
Accounts payable and accrued expenses                  610             682 
Derivative financial liabilities                         -             110 
                                                       610             792 
 --------------------------------------------  -----------  -------------- 
Total liabilities                                   10,995          11,123 
 
Total equity and liabilities                        54,157          55,725 
 
 
 
   INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 
 
   (Unaudited) 
 
 
 
 
                                                        Three months ended 
                                                                  31 March 
                                                        2020       2019 
                                                        $'000      $'000 
 
Cash flows from operating activities 
Net loss for the year                                   (1,440)    (1,045) 
Adjustments for: 
  Share based compensation                                    -         12 
  Fair value (gain) / loss - warrant                      (110)        467 
  Net finance expense                                     1,080         14 
  Effect of exchange rates on operating activities           28       (51) 
Change in non-cash working capital: 
  Decrease / (increase) in trade and other 
   receivables                                               13      (108) 
  (Decrease) / increase in accounts payable 
   and accrued expenses                                    (42)        140 
Net cash used in operating activities                     (471)      (571) 
 
Cash flows from investing activities 
Interest Received                                            14         35 
Exploration and evaluation assets                          (36)        (2) 
Net cash (used in) / generated by investing 
 activities                                                (22)         33 
 
Change in cash and cash equivalents                       (493)      (538) 
Effect of exchange rates on cash & cash 
 equivalents                                            (1,033)          9 
Cash and cash equivalents at beginning 
 of year                                                 13,066      6,967 
 
Cash and cash equivalents at end of period               11,540      6,438 
 
 
 
 
   About Falcon Oil & Gas Ltd. 
 
   Falcon Oil & Gas Ltd is an international oil & gas company engaged in 
the exploration and development of 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=wKkiGfRqiATHVADXiWg5bu3doVJp4SEtJY8asgtG-wgUbKSU81d9oAM4_3RdTHGpdAcn1S90Mk8xYxkcVaSMLxo8O6F4JyKrOA0yCyOfNt0= 
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

May 29, 2020 02:00 ET (06:00 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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