/EINPresswire.com/ -- DUBLIN, IRELAND -- (Marketwired) -- 08/26/16 -- Falcon Oil & Gas Ltd. ("Falcon" or the "Company" or the "Group") (TSX VENTURE: FO)(AIM: FOG)(ESM: FAC) announces that it has filed its Interim Financial Statements for the three and six months ended 30 June 2016 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 2016, 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.

2016 Operational Highlights

Australia

--  The 2016 Australian Beetaloo Basin exploration programme is progressing    as planned.

South Africa

--  Processing of Falcon's exploration license application in South Africa's    Karoo Basin continues and the South African Department of Mineral    Resources is expected to issue licences in 2016.

2016 Financial Highlights

--  Strong financial position, debt free with cash of US$11.1 million at 30    June 2016 (31 December 2015: US$12.7 million).--  Continued focus on strict cost management and efficient operation of the    portfolio.--  General & administrative expenses decreased 10% period on period to    US$1.1 million (2015: US$1.3 million).Falcon Oil & Gas Ltd.Interim Condensed Consolidated Statement of Operations and Comprehensive Loss(Unaudited)----------------------------------------------------------------------------                                  Three       Three                                 months      months  Six months  Six months                               ended 30    ended 30    ended 30    ended 30                              June 2016   June 2015   June 2016   June 2015                                  $'000       $'000       $'000       $'000--------------------------------------------------------------------------------------------------------------------------------------------------------RevenueOil and natural gas revenue           1           1           1           4----------------------------------------------------------------------------                                      1           1           1           4ExpensesExploration and evaluation expenses                           (98)        (76)       (188)       (452)Production and operating expenses                            (4)         (5)         (7)        (11)Depreciation                         (4)         (9)        (11)        (17)General and administrative expenses                          (603)       (649)     (1,144)     (1,265)Share based compensation           (211)        (39)     (1,031)       (201)Foreign exchange (loss) / gain                               (38)       (196)         18         725----------------------------------------------------------------------------                                   (958)       (974)     (2,363)     (1,221)----------------------------------------------------------------------------Results from operating activities                        (957)       (973)     (2,362)     (1,217)Fair value (loss) / gain - outstanding warrant                (74)       (397)         62        (269)Finance income                       12          24          27           7Finance expense                     (34)        (30)        (62)       (134)----------------------------------------------------------------------------Net finance expense                 (22)         (6)        (35)       (127)----------------------------------------------------------------------------Loss and comprehensive loss for the period                  (1,053)     (1,376)     (2,335)     (1,613)----------------------------------------------------------------------------Loss and comprehensive loss attributable to:Equity holders of the company                         (1,052)     (1,375)     (2,332)     (1,610)Non-controlling interests            (1)         (1)         (3)         (3)----------------------------------------------------------------------------Loss and comprehensive loss for the period                  (1,053)     (1,376)     (2,335)     (1,613)--------------------------------------------------------------------------------------------------------------------------------------------------------Loss per share attributable to equity holders of the company:Basic and diluted           (0.001 cent)(0.001 cent)(0.003 cent)(0.002 cent)--------------------------------------------------------------------------------------------------------------------------------------------------------Falcon Oil & Gas Ltd.Consolidated Statement of Financial Position(Unaudited)----------------------------------------------------------------------------                                                 At 30 June  At 31 December                                                       2016            2015                                                      $'000           $'000--------------------------------------------------------------------------------------------------------------------------------------------------------AssetsNon-current assetsExploration and evaluation assets                    39,618          39,618Property, plant and equipment                            11              64Trade and other receivables                              26              22Restricted cash                                       2,277           2,239----------------------------------------------------------------------------                                                     41,932          41,943----------------------------------------------------------------------------Current assetsCash and cash on deposit                             11,101          12,683Trade and other receivables                             241             268----------------------------------------------------------------------------                                                     11,342          12,951--------------------------------------------------------------------------------------------------------------------------------------------------------Total assets                                         53,274          54,894--------------------------------------------------------------------------------------------------------------------------------------------------------Equity and liabilitiesEquity attributable to owners of the parentShare capital                                       382,853         382,853Contributed surplus                                  43,947          42,916Retained deficit                                   (384,874)       (382,542)----------------------------------------------------------------------------                                                     41,926          43,227Non-controlling interests                               703             706----------------------------------------------------------------------------Total equity                                         42,629          43,933----------------------------------------------------------------------------LiabilitiesNon-current liabilitiesDecommissioning provision                             9,629           9,565----------------------------------------------------------------------------                                                      9,629           9,565----------------------------------------------------------------------------Current liabilitiesAccounts payable and accrued expenses                   643             961Derivative financial liabilities                        373             435----------------------------------------------------------------------------                                                      1,016           1,396----------------------------------------------------------------------------Total liabilities                                    10,645          10,961--------------------------------------------------------------------------------------------------------------------------------------------------------Total equity and liabilities                         53,274          54,894--------------------------------------------------------------------------------------------------------------------------------------------------------Falcon Oil & Gas Ltd.Interim Condensed Consolidated Statement of Cash flows(Unaudited)----------------------------------------------------------------------------                                                       Six months ended 30                                                              June                                                           2016        2015                                                          $'000       $'000----------------------------------------------------------------------------Cash flows from operating activitiesNet loss for the period                                  (2,335)     (1,613)Adjustments for:  Share based compensation                                1,031         201  Depreciation                                               11          17  Fair value (gain) / loss - outstanding warrant            (62)        269  Net finance expense                                        35         127  Effect of exchange rates on operating activities          (16)       (725)Change in non-cash working capital:  Trade and other receivables                                23          26  Accounts payable and accrued expenses                    (186)         90  Restructuring spend                                         -        (368)Interest received                                            25           7----------------------------------------------------------------------------Net cash used in operating activities                    (1,474)     (1,969)Cash flows from investing activitiesIncrease in cash deposits - other receivables            (4,701)          -Increase in restricted cash                                   -      (1,991)Property plant and equipment                                 (4)          -Exploration and evaluation assets                          (110)          -----------------------------------------------------------------------------Net cash used in investing activities                    (4,815)     (1,991)Change in cash and cash equivalents                      (6,289)     (3,960)Effect of exchange rates on cash & cash equivalents           6        (267)Cash and cash equivalents at beginning of period         10,683       8,753----------------------------------------------------------------------------Cash and cash equivalents at end of period                4,400       4,526----------------------------------------------------------------------------

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                                                         2016           2015                                                        $'000          $'000----------------------------------------------------------------------------Cash and cash equivalents                               4,400         10,683Cash on deposit                                         6,701          2,000----------------------------------------------------------------------------                                                       11,101         12,683--------------------------------------------------------------------------------------------------------------------------------------------------------

This announcement has been reviewed by Dr. Gabor Bada, Falcon Oil & Gas Ltd's Head of Technical Operations. Dr. Bada obtained his geology degree at the Eotvos L. University in Budapest, Hungary and his PhD at the Vrije Aniversiteit Amsterdam, the Netherlands. He is a member of AAPG and EAGE.

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. Such information may include, but is not limited to comments made with respect to the type, number, schedule, stimulating, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, expected contributions of the partners, the prospectivity of the Middle Velkerri & Kyalla shale plays, the prospect of the exploration programme being brought to commerciality and the awarding of an exploration license in South Africa. 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.

Contacts:
Falcon Oil & Gas Ltd.
+353 1 676 8702

Falcon Oil & Gas Ltd.
Philip O'Quigley
CEO
+353 87 814 7042

Falcon Oil & Gas Ltd.
Michael Gallagher
CFO
+353 1 676 9161

Davy (NOMAD & Broker)
John Frain / Anthony Farrell
+353 1 679 6363