[ADVERT]
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
  1.00 14.08% 8.10 8.05 8.15 9.45 7.65 8.35 9,578,691 16:26:34
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -3.0 -0.3 - 80

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

27/04/2021 7:00am

UK Regulatory (RNS & others)


 
TIDMFOG 
 
 
   FALCON OIL & GAS LTD. 
 
   ("Falcon") 
 
   Full Year Results 
 
   27 April 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to 
announce its financial results for the year ended 31 December 2020. 
 
   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 year ended 31 December 2020. 
 
   2020 Financial Highlights 
 
 
   -- Strong financial position, debt free with cash of US$11 million at 31 
      December 2020 (31 December 2019: US$13.1 million). 
 
   -- Continued focus on strict cost management and efficient operation of the 
      portfolio. 
 
 
   Filing of Financial Statements, MD&A, AIF and Reserves Data 
 
   Falcon has filed its audited financial statements for the year ended 31 
December 2020, the accompanying MD&A for year ended 31 December 2020 
dated 26 April 2021, its Annual Information Form ("AIF") dated 26 April 
2021 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. 
 
   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 
 
 
 
   Consolidated Statement of Operations and Comprehensive Loss 
 
 
 
 
                                                            Year Ended         Year Ended 
                                                          31 December 2020   31 December 2019 
                                                               $'000              $'000 
 
Revenue 
Oil and natural gas revenue                                              5                  5 
                                                                         5                  5 
 
Expenses 
Exploration and evaluation expenses                                  (159)              (233) 
Production and operating expenses                                     (12)               (13) 
General and administrative expenses                                (1,871)            (1,780) 
Share based compensation                                                 -               (12) 
Foreign exchange gain / (loss)                                         105               (70) 
                                                                   (1,937)            (2,108) 
  -----------------------------------------------------  -----------------  ----------------- 
 
Results from operating activities                                  (1,932)            (2,103) 
 
Fair value gain -- outstanding warrant                                 110                369 
 
Finance income                                                         224                221 
Finance expense                                                      (231)              (226) 
Net finance expense                                                    (7)                (5) 
 
Loss before tax                                                    (1,829)            (1,739) 
-------------------------------------------------------  -----------------  ----------------- 
 
Taxation                                                                 -                  - 
 
Loss and comprehensive loss for the year                           (1,829)            (1,739) 
 
Loss and comprehensive loss attributable to: 
 
Equity holders of the company                                      (1,830)            (1,739) 
Non-controlling interests                                                1                  - 
 
Loss and comprehensive loss for the year                           (1,829)            (1,739) 
-------------------------------------------------------  -----------------  ----------------- 
 
 
Loss per share attributable to equity holders of the 
 company: 
 
Basic and diluted                                             (0.002 cent)       (0.002 cent) 
 
 
 
   Consolidated Statement of Financial Position 
 
 
 
 
                                              At 31 December  At 31 December 
                                                   2020            2019 
                                                   $'000           $'000 
 
Assets 
Non-current assets 
Exploration and evaluation assets                     40,444          40,246 
Property, plant and equipment                              4               1 
Trade and other receivables                               23              30 
Restricted cash                                        2,429           2,241 
                                                      42,900          42,518 
 -------------------------------------------  --------------  -------------- 
 
Current assets 
Cash and cash equivalents                             11,036          13,066 
Trade and other receivables                              117             141 
                                                      11,153          13,207 
 -------------------------------------------  --------------  -------------- 
 
Total assets                                          54,053          55,725 
--------------------------------------------  --------------  -------------- 
 
Equity and liabilities 
 
Equity attributable to owners of the parent 
Share capital                                        392,170         392,170 
Contributed surplus                                   45,075          45,075 
Deficit                                            (395,173)       (393,343) 
                                                      42,072          43,902 
Non-controlling interests                                701             700 
Total equity                                          42,773          44,602 
--------------------------------------------  --------------  -------------- 
 
Liabilities 
Non-current liabilities 
Decommissioning provision                             10,563          10,331 
                                                      10,563          10,331 
 -------------------------------------------  --------------  -------------- 
 
Current liabilities 
Accounts payable and accrued expenses                    717             682 
Derivative financial liabilities                           -             110 
                                                         717             792 
 -------------------------------------------  --------------  -------------- 
Total liabilities                                     11,280          11,123 
--------------------------------------------  --------------  -------------- 
 
Total equity and liabilities                          54,053          55,725 
--------------------------------------------  --------------  -------------- 
 
 
 
   Consolidated Statement of Cash Flows 
 
 
 
 
                                               Year Ended 31 December 
                                                  2020         2019 
                                                  $'000        $'000 
 
Cash flows from operating activities 
Net loss for the year                              (1,829)      (1,739) 
Adjustments for: 
  Share based compensation                               -           12 
  Depreciation                                           -            1 
  Fair value gain - outstanding warrant              (110)        (369) 
  Net finance loss                                       7            5 
  Foreign exchange (gain) / loss                     (105)           70 
Change in non-cash working capital: 
  Decrease / (increase) in trade and other 
   receivables                                          31         (41) 
  (Decrease) / increase in accounts payable 
   and accrued expenses                              (145)           88 
Net cash used in operating activities              (2,151)      (1,973) 
 
Cash flows from investing activities 
Interest Received                                       16          136 
Exploration and evaluation assets                     (48)        (541) 
Property plant and equipment                           (3)            - 
Net cash used in investing activities                 (35)        (405) 
 
Cash flows from financing activities 
Raised Equity                                            -        8,433 
Net cash generated by financing activities               -        8,433 
 
 
Change in cash and cash equivalents                (2,186)        6,055 
Effect of exchange rates on cash & cash 
 equivalents                                           156           44 
Cash and cash equivalents at beginning 
 of year                                            13,066        6,967 
 
Cash and cash equivalents at end of year            11,036       13,066 
---------------------------------------------  -----------  ----------- 
 
 
   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 
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

April 27, 2021 02:00 ET (06:00 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

1 Year Falcon Oil & Gas Chart

1 Year Falcon Oil & Gas Chart

1 Month Falcon Oil & Gas Chart

1 Month Falcon Oil & Gas Chart
ADVFN Advertorial
Your Recent History
LSE
FOG
Falcon Oil..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20211017 21:55:11