(MENAFN- GlobeNewsWire - Nasdaq) 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 March
2020
$'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 C ONDE NSED 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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