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 
 
   24 May 2019 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, Euronext 
Growth: FAC) announces that it has filed its Interim Financial 
Statements for the three months ended 31 March 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 months ended 31 March 2019, which are available on the 
Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") 
at 
https://www.globenewswire.com/Tracker?data=6z0_7UZfn0C0uMh_v4oQOMfobbTkg4HO3EHP96PV1vQpwpjwGiJI3ze5eYtfvdby_dhrPnhmlxVMwSMXmdnpvA== 
www.sedar.com and on Falcon's website at 
https://www.globenewswire.com/Tracker?data=6z0_7UZfn0C0uMh_v4oQOGfbtv9JVErg_RV--lPAMbglaLCymHCjpj8UTh9Vs6IePy317iC53XMXyPAKwsNvkEOKQlk4AdQ-mXgsTXuEBT4= 
www.falconoilandgas.com. 
 
   Q1 2019 Financial Highlights 
 
 
   -- Strong financial position, debt free with cash of US$6.4 million at 31 
      March 2019 (31 December 2018: US$7 million). 
 
   -- Continued focus on cost management and efficient operation of the 
      portfolio. 
 
 
 
   CONTACT DETAILS: 
 
 
 
 
Falcon Oil & Gas Ltd.                    [phone] 
Philip O'Quigley, CEO                   [phone] 
Anne Flynn, CFO                          [phone] 
 
Davy (NOMAD, Euronext Growth Advisor & Joint Broker) 
John Frain / Barry Murphy                [phone] 
 
RBC (Joint Broker) 
Matthew Coakes / Martin Copeland        [phone] 
 
Cenkos Securities plc (Joint Broker) 
Neil McDonald/Derrick Lee               [phone] 
 
 
 
   Interim Condensed Consolidated Statement of Operations and Comprehensive 
Loss 
 
   (Unaudited) 
 
 
 
 
                                        Three months ended  Three months ended 
                                           31 March 2019       31 March 2018 
                                               $'000               $'000 
--------------------------------------  ------------------  ------------------ 
 
Revenue 
Oil and natural gas revenue                              2                   1 
                                                         2                   1 
 
Expenses 
Exploration and evaluation expenses                   (41)                (41) 
Production and operating expenses                      (3)                 (4) 
General and administrative expenses                  (459)               (504) 
Share based compensation                              (12)                (59) 
Foreign exchange (loss) / gain                        (51)                  62 
                                                     (566)               (546) 
--------------------------------------  ------------------  ------------------ 
 
Results from operating activities                    (564)               (545) 
 
Fair value (loss) - outstanding 
 warrant                                             (467)                (56) 
 
Finance income                                          43                   6 
Finance expense                                       (57)                (60) 
Net finance expense                                   (14)                (54) 
 
Loss and comprehensive loss for the 
 period                                            (1,045)               (655) 
 
Loss and comprehensive loss 
attributable to: 
 
Equity holders of the company                      (1,044)               (655) 
Non-controlling interests                              (1)                   - 
 
Loss and comprehensive loss for the 
 period                                            (1,045)               (655) 
 
Loss per share attributable to equity holders of the 
 company: 
 
Basic and diluted                                 ($0.001)            ($0.001) 
 
 
 
   Interim Condensed Consolidated Statement of Financial Position 
 
   (Unaudited) 
 
 
 
 
                                              At 31 March  At 31 December 
                                                  2019          2018 
                                                 $'000          $'000 
--------------------------------------------  -----------  -------------- 
 
Assets 
Non-current assets 
Exploration and evaluation assets                  39,707          39,705 
Property, plant and equipment                           2               2 
Trade and other receivables                            31              31 
Restricted cash                                     2,248           2,294 
                                                   41,988          42,032 
 
Current assets 
Cash and cash on deposit                            6,438           6,967 
Trade and other receivables                           208             100 
                                                    6,646           7,067 
 
Total assets                                       48,634          49,099 
 
Equity and liabilities 
 
Equity attributable to owners of the parent 
Share capital                                     383,737         383,737 
Contributed surplus                                45,075          45,063 
Retained deficit                                (392,648)       (391,604) 
                                                   36,164          37,196 
Non-controlling interests                             699             700 
Total equity                                       36,863          37,896 
 
Liabilities 
Non-current liabilities 
Decommissioning provision                          10,160          10,102 
                                                   10,160          10,102 
 
Current liabilities 
Accounts payable and accrued expenses                 665             622 
Derivative financial liabilities                      946             479 
                                                    1,611           1,101 
--------------------------------------------  -----------  -------------- 
Total liabilities                                  11,771          11,203 
 
Total equity and liabilities                       48,634          49,099 
 
 
 
   INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 
 
   (Unaudited) 
 
 
 
 
                                                   Three months ended 31 
                                                                   March 
                                                     2019        2018 
                                                     $'000       $'000 
 
Cash flows from operating activities 
Net loss for the period                               (1,045)      (655) 
Adjustments for: 
  Share based compensation                                 12         59 
  Fair value loss - outstanding warrant                   467         56 
  Net finance expense                                      14         54 
  Effect of exchange rates on operating 
   activities                                            (51)       (62) 
Change in non-cash working capital: 
  Trade and other receivables                           (108)       (87) 
  Accounts payable and accrued expenses                   140         90 
Net cash used in operating activities                   (571)      (545) 
 
Cash flows from investing activities 
Interest received                                          35          6 
Decrease in cash deposits -- other receivables              -      3,028 
Exploration and evaluation assets                         (2)          - 
Net cash generated by investing activities                 33      3,034 
 
Change in cash and cash equivalents                     (538)      2,489 
Effect of exchange rates on cash & cash 
 equivalents                                                9        (1) 
 
Cash and cash equivalents at beginning 
 of period                                              6,967      2,967 
 
Cash and cash equivalents at end of 
 period                                                 6,438      5,455 
 
 
 
 
 
 
   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 
                              2019        2018 
                             $'000       $'000 
 
Cash and cash equivalents      6,438        6,967 
Cash on deposit                    -            - 
 
                               6,438        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 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=6z0_7UZfn0C0uMh_v4oQOGfbtv9JVErg_RV--lPAMbj3iuCLVQy-5onbdaISF2noY204X906lv5glM8ppcuE9L-CtDXeGNtv18gmvXVgPXA= 
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. 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 24, 2019 02:00 ET (06:00 GMT)

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