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Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements

Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements


Filing of Interim Financial Statements

29 August 2019 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, Euronext Growth: FAC) announces that it has filed its Interim Financial Statements for the three and six months ended 30 June 2019 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 and six months ended 30 June 2019, 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.

2019 Operational Highlights

  • Strong financial position, debt free with cash of US$14.5 million at 30 June 2019 (31 December 2018: US$7 million).
  • Continued focus on strict cost management and efficient operation of the portfolio.



Falcon Oil & Gas Ltd.   +353 1 676 8702
Philip O'Quigley, CEO+353 87 814 7042
Anne Flynn, CFO+353 1 676 9162
Davy (NOMAD, Joint Broker, Euronext Growth Advisor)  
John Frain / Barry Murphy+353 1 679 6363
Cenkos Securities plc (Joint Broker) 
Neil McDonald / Derrick Lee+44 131 220 9771
RBC (Joint Broker) 
Matthew Coakes / Martin Copeland +44 20 7653 4000

Interim Condensed Consolidated Statement  of Operations and Comprehensive Income / (Loss) 


Three months ended 30
June 2019
Three months ended 30
June 2018
Six months ended 30
June 2019
Six months ended 30
June 2018
Oil and natural gas revenue 1233 
Exploration and evaluation expenses (108)(38)(149)(79) 
Production and operating expenses (3)(5)(6)(9) 
Depreciation -(1)-(1) 
General and administrative expenses (443)(497)(902)(1,001) 
Share based compensation -(22)(12)(81) 
Foreign exchange gain / (loss) 24(134)(27)(72) 
Results from operating activities (529)(695)(1,093)(1,240) 
Fair value gain – outstanding warrant 570283103227 
Finance income 1442518731 
Finance expense (56)(107)(113)(167) 
Net finance income / (expense) 88(82)74(136) 
Income / (loss) and comprehensive income / (loss) for the period 129(494)(916)(1,149) 
Income / (loss) and comprehensive income / (loss) attributable to:      
Equity holders of the company 127(494)(917)(1,148) 
Non-controlling interests 2-1(1) 
Income / (loss) and comprehensive income / (loss) for the period 129(494)(916)(1,149) 
Income / (loss) per share attributable to equity holders of the company:    
Basic and diluted 0.000 cent(0.001 cent)(0.001 cent)(0.001 cent) 

Interim Condensed Consolidated Statement of Financial Position

  At 30 June
At 31 December
Non-current assets   
Exploration and evaluation assets 39,71939,705
Property, plant and equipment 22
Trade and other receivables 3131
Restricted cash 2,2812,294
Current assets   
Cash and cash on deposit 14,4656,967
Trade and other receivables 128100
Total assets 56,62649,099
Equity and liabilities   
Equity attributable to owners of the parent   
Share capital 392,170383,737
Contributed surplus 45,07545,063
Retained deficit (392,521)(391,604)
Non-controlling interests 701700
Total equity 45,42537,896
Non-current liabilities   
Decommissioning provision 10,21810,102
Current liabilities   
Accounts payable and accrued expenses 607622
Derivative financial liabilities 376479
Total liabilities 11,20111,203
Total equity and liabilities 56,62649,099


  Six months ended 30 June
Cash flows from operating activities   
Net loss for the period (916)(1,149)
Adjustments for:   
Share based compensation 1281
Depreciation -1
Fair value gain - outstanding warrant (103)(227)
Net finance (income) / expense (74)136
Effect of exchange rates on operating activities (27)73
Change in non-cash working capital:   
Trade and other receivables (28)(9)
Accounts payable and accrued expenses 193(196)
Net cash used in operating activities (943)(1,290)
Cash flows from investing activities   
Decrease in cash deposits – other receivables -3,528
Interest received 7031
Exploration and evaluation assets (14)(26)
Net cash generated from investing activities 563,533
Cash flows from financing activities   
Net proceeds from private placement 8,433-
Proceeds from the exercise of share options -57
Net cash generated from financing activities 8,43357
Change in cash and cash equivalents 7,5462,300
Effect of exchange rates on cash & cash equivalents (48)(45)
Cash and cash equivalents at beginning of period 6,9672,967
Cash and cash equivalents at end of period 14,4655,222

Cash and cash on deposit

Cash and cash equivalents includes cash on hand, deposits held on call with banks, other short term highly liquid investments with initial maturities of three months or less at inception and bank overdrafts where a legal right of offset exists. Cash on deposit represents cash on deposit with a maturity in excess of three months.

 30 June
31 December
Cash and cash equivalents14,4656,967
Cash on deposit--

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 acquisition, exploration and development of conventional and 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: 12.475

Market: AIM
Market Cap: £122.49 m

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