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 
 
   25 April 2019 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, Euronext 
Growth: FAC) is pleased to announce its financial results for the year 
ended 31 December 2018. 
 
   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 
2018. 
 
   2018 Financial Highlights: 
 
 
   -- Strong financial position, debt free with cash of US$6.9 million at 31 
      December 2018. 
 
   -- Continued focus on strict cost management and efficient operation of the 
      portfolio. 
 
   -- General & administrative expenses decreased 3% year on year to US$1.91 
      million. 
 
 
   Filing of Financial Statements, MD&A, AIF and Reserves Data 
 
   Falcon has filed its audited financial statements for the year ended 31 
December 2018, the accompanying MD&A for year ended 31 December 2018 
dated 24 April 2019, its Annual Information Form ("AIF") dated 24 April 
2019 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 . 
 
   Consolidated Statement of Operations and Comprehensive Loss 
 
 
 
 
                    Year Ended 31 December 2018  Year Ended 31 December 2017 
                               $'000                        $'000 
 
Revenue 
Oil and natural 
 gas revenue                                 15                            7 
                                             15                            7 
 
Expenses 
Exploration and 
 evaluation 
 expenses                                 (159)                        (245) 
Production and 
 operating 
 expenses                                  (10)                         (18) 
Depreciation                                (1)                          (4) 
General and 
 administrative 
 expenses                               (1,909)                      (1,975) 
Share based 
 compensation                             (126)                        (686) 
Foreign exchange 
 (loss) / gain                             (96)                          253 
                                        (2,301)                      (2,675) 
 
Results from 
 operating 
 activities                             (2,286)                      (2,668) 
 
Fair value gain / 
 loss -- 
 outstanding 
 warrants                                 1,084                      (1,336) 
 
Finance income                              118                          201 
Finance expense                           (298)                        (193) 
Net finance 
 (expense) / 
 income                                   (180)                            8 
 
Loss before tax                         (1,382)                      (3,996) 
 
Taxation                                      -                            - 
 
Loss and 
 comprehensive 
 loss for the 
 year                                   (1,382)                      (3,996) 
 
Loss and 
comprehensive 
loss attributable 
to: 
 
Equity holders of 
 the company                            (1,381)                      (3,994) 
Non-controlling 
 interests                                  (1)                          (2) 
 
Loss and 
 comprehensive 
 loss for the 
 year                                   (1,382)                      (3,996) 
 
Loss per share attributable to equity holders of the 
 company: 
 
Basic and diluted                       (0.001)                      (0.004) 
 
 
 
   Consolidated Statement of Financial Position 
 
 
 
 
 
                                            At 31 December    At 31 December 
                                                 2018              2017 
                                                $'000             $'000 
 
Assets 
Non-current assets 
Exploration and evaluation assets                   39,705            39,630 
Property, plant and equipment                            2                 3 
Trade and other receivables                             31                33 
Restricted cash                                      2,294             2,412 
                                                    42,032            42,078 
 
Current assets 
Cash and cash on deposit                             6,967             8,995 
Trade and other receivables                            100               186 
                                                     7,067             9,181 
 
Total assets                                        49,099            51,259 
 
Equity and liabilities 
 
Equity attributable to owners of the 
parent 
Share capital                                      383,737           383,570 
Contributed surplus                                 45,063            44,937 
Retained deficit                                 (391,604)         (390,223) 
                                                    37,196            38,284 
Non-controlling interests                              700               701 
Total equity                                        37,896            38,985 
 
Liabilities 
Non-current liabilities 
Decommissioning provision                           10,102             9,886 
                                                    10,102             9,886 
 
Current liabilities 
Accounts payable and accrued expenses                  622               825 
Derivative financial liabilities                       479             1,563 
                                                     1,101             2,388 
 ---------------------------------------  ----------------  ---------------- 
Total liabilities                                   11,203            12,274 
 
Total equity and liabilities                        49,099            51,259 
 
 
   CONSOLIDATED STATEMENT OF CASH FLOWS 
 
 
 
 
 
                                                      Year Ended 31 December 
                                                        2018          2017 
                                                        $'000         $'000 
 
Cash flows from operating activities 
Net loss for the year                                    (1,382)       (3,996) 
Adjustments for: 
  Share based compensation                                   126           686 
  Depreciation                                                 1             4 
  Fair value (gain) / loss - outstanding warrants        (1,084)         1,336 
  Net finance loss / (income)                                180           (8) 
  Foreign exchange loss / (gain)                              96         (251) 
Change in non-cash working capital 
  Trade and other receivables                                 88             5 
  Accounts payable and accrued expenses                    (206)           184 
Net cash used in operating activities                    (2,181)       (2,040) 
 
Cash flows from investing activities 
Interest received                                            118           117 
Exploration and evaluation assets                           (75)          (12) 
Decrease / (increase) in cash deposits -- other 
 receivables                                               6,028       (1,758) 
Net cash used in investing activities                      6,071       (1,653) 
 
Cash flows from financing activities 
Proceeds from the exercise of share options                  167           717 
Net cash generated by financing activities                   167           717 
 
Change in cash and cash equivalents                        4,057       (2,976) 
Effect of exchange rates on cash & cash 
 equivalents                                                (57)            86 
 
Cash and cash equivalents at beginning of year             2,967         5,857 
 
Cash and cash equivalents at end of year                   6,967         2,967 
 
 
 
 
 
   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] 
 
 
   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=aHqjwyvxWgy3tCyj1eT6NQ-ysJNIrbvFmXyqdNeKMBDIt-rbQdHHvBM5SAFDtEy5E7oc3e-U7BocQ12ysUUDdh8k8DevjBC6KlUF9Oxo7tw= 
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. 
 
 
 
 
 
 

(END) Dow Jones Newswires

April 25, 2019 02:00 ET (06:00 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.