Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
29 Mai 2020 - 8:00AM
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 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 31 March
2020$’000 |
Three months ended 31 March 2019$’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) |
($0.001 cent) |
|
Interim Condensed Consolidated
Statement of Financial Position
(Unaudited)
|
|
|
At 31
March2020$’000 |
At 31 December 2019$’000 |
|
|
|
|
|
|
Assets |
|
|
|
| Non-current
assets |
|
|
|
| Exploration and
evaluation assets |
|
40,282 |
40,246 |
| Property, plant and
equipment |
|
1 |
1 |
| Trade and other
receivables |
|
28 |
30 |
|
Restricted cash |
|
2,176 |
2,241 |
|
|
|
42,487 |
42,518 |
| |
|
|
|
| Current
assets |
|
|
|
| Cash and cash
equivalents |
|
11,540 |
13,066 |
|
Trade and other receivables |
|
130 |
141 |
|
|
|
11,670 |
13,207 |
|
|
|
|
|
|
Total assets |
|
54,157 |
55,725 |
| |
|
|
|
| Equity and
liabilities |
|
|
|
| |
|
|
|
|
Equity attributable to owners of the
parent |
|
|
|
| Share capital |
|
392,170 |
392,170 |
| Contributed
surplus |
|
45,075 |
45,075 |
|
Retained deficit |
|
(394,764) |
(393,343) |
|
|
|
42,481 |
43,902 |
|
Non-controlling interests |
|
681 |
700 |
|
Total equity |
|
43,162 |
44,602 |
|
|
|
|
|
|
Liabilities |
|
|
|
| Non-current
liabilities |
|
|
|
|
Decommissioning provision |
|
10,385 |
10,331 |
|
|
|
10,385 |
10,331 |
| |
|
|
|
| Current
liabilities |
|
|
|
| Accounts payable
and accrued expenses |
|
610 |
682 |
| Derivative
financial liabilities |
|
- |
110 |
|
|
|
610 |
792 |
|
Total liabilities |
|
10,995 |
11,123 |
|
|
|
|
|
|
Total equity and liabilities |
|
54,157 |
55,725 |
INTERIM CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS(Unaudited)
|
|
|
Three months ended 31 March |
|
|
|
2020$’000 |
2019$’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 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.
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