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Falcon Oil & Gas Ltd. - Full Year Results

FALCON OIL & GAS LTD.
(“Falcon)

Full Year Results

29 April 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2019.

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 2019

2019 Financial Highlights

  • Strong financial position, debt free with cash of US$13.1 million at 31 December 2019 (31 December 2018: US$7 million).
  • Continued focus on strict cost management and efficient operation of the portfolio.
  • General & administrative expenses decreased 7% year on year to US$1.78 million.

             
             
Filing of Financial Statements, MD&A, AIF and Reserves Data

Falcon has filed its audited financial statements for the year ended 31 December 2019, the accompanying MD&A for year ended 31 December 2019 dated 28 April 2020, its Annual Information Form (“AIF”) dated 28 April 2020 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
31 December 2019
$’000
Year Ended
31 December 2018
$’000
 
      
Revenue     
Oil and natural gas revenue  515 
   515 
      
Expenses     
Exploration and evaluation expenses  (233)(159) 
Production and operating expenses  (13)(10) 
General and administrative expenses  (1,780)(1,910) 
Share based compensation  (12)(126) 
Foreign exchange loss  (70)(96) 
   (2,108)(2,301) 
      
Results from operating activities  (2,103)(2,286) 
      
Fair value gain – outstanding warrant  3691,084 
      
Finance income  221118 
Finance expense  (226)(298) 
Net finance expense  (5)(180) 
      
Loss before tax   (1,739)(1,382) 
      
Taxation  -- 
      
Loss and comprehensive loss for the year  (1,739)(1,382) 
      
Loss and comprehensive loss attributable to:     
      
Equity holders of the company  (1,739)(1,381) 
Non-controlling interests  -(1) 
      
Loss and comprehensive loss for the year  (1,739)(1,382) 
      
     
Loss per share attributable to equity holders of the company:    
      
Basic and diluted  (0.002 cent) (0.001 cent) 




Consolidated Statement of Financial Position At 31 December
2019
$’000
At 31 December
2018
$’000
    
Assets   
Non-current assets   
Exploration and evaluation assets 40,24639,705
Property, plant and equipment 12
Trade and other receivables 3031
Restricted cash 2,2412,294
  42,51842,032
    
Current assets   
Cash and cash equivalents 13,0666,967
Trade and other receivables 141100
  13,2077,067
    
Total assets 55,72549,099
    
Equity and liabilities   
    
Equity attributable to owners of the parent   
Share capital 392,170383,737
Contributed surplus 45,07545,063
Retained deficit (393,343)(391,604)
  43,90237,196
Non-controlling interests 700700
Total equity 44,60237,896
    
Liabilities    
Non-current liabilities   
Decommissioning provision 10,33110,102
  10,33110,102
    
Current liabilities   
Accounts payable and accrued expenses 682622
Derivative financial liabilities 110479
  7921,101
Total liabilities 11,12311,203
    
Total equity and liabilities 55,72549,099




 Consolidated Statement of Cash Flows  Year Ended 31 December
  2019
$’000
2018
$’000
    
Cash flows from operating activities   
Net loss for the year (1,739)(1,382)
Adjustments for:   
Share based compensation 12126
Depreciation 11
Fair value gain - outstanding warrant (369)(1,084)
Net finance loss 5180
Foreign exchange loss 7096
Change in non-cash working capital:   
(Increase) / decrease in trade and other receivables (41)88
Increase / (decrease) in accounts payable and accrued expenses 88(206)
Net cash used in operating activities (1,973)(2,181)
    
Cash flows from investing activities   
Interest Received 136118
Exploration and evaluation assets (541)(75)
Decrease in cash deposits – other receivables -6,028
Net cash (used in) / generated by investing activities (405)6,071
    
Cash flows from financing activities   
Raised Equity 8,433-
Proceeds from the exercise of share options -167
Net cash generated by financing activities 8,433167
    
    
Change in cash and cash equivalents 6,0554,057
Effect of exchange rates on cash & cash equivalents 44(57)
Cash and cash equivalents at beginning of year 6,9672,967
    
Cash and cash equivalents at end of year 13,0666,967

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 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.

Quick facts: Falcon Oil & Gas Ltd

Price: 8.325

Market: AIM
Market Cap: £81.74 m
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