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Falcon Oil & Gas Ltd: Full Year Results


FALCON OIL & GAS LTD.
(“Falconor the “Company” or the “Group”)

Full Year Results

25 April 2019 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, Euronext Growth: FAC) is pleased to announce its financial results for the year ended 31 December 2018.

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 2018.

2018 Financial Highlights:

  • Strong financial position, debt free with cash of US$6.9 million at 31 December 2018.
  • Continued focus on strict cost management and efficient operation of the portfolio.
  • General & administrative expenses decreased 3% year on year to US$1.91 million.

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

Falcon has filed its audited financial statements for the year ended 31 December 2018, the accompanying MD&A for year ended 31 December 2018 dated 24 April 2019, its Annual Information Form (“AIF”) dated 24 April 2019 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 .

/EIN News/ --
Consolidated Statement of Operations and Comprehensive Loss

    Year Ended 31 December 2018
$’000
Year Ended 31 December 2017
$’000
       
Revenue      
Oil and natural gas revenue   15 7
    15 7
       
Expenses      
Exploration and evaluation expenses   (159) (245)
Production and operating expenses   (10) (18)
Depreciation   (1) (4)
General and administrative expenses   (1,909) (1,975)
Share based compensation   (126) (686)
Foreign exchange (loss) / gain   (96) 253
    (2,301) (2,675)
       
Results from operating activities   (2,286) (2,668)
       
Fair value gain / loss – outstanding warrants   1,084 (1,336)
       
Finance income   118 201
Finance expense   (298) (193)
Net finance (expense) / income   (180) 8
       
Loss before tax   (1,382) (3,996)
       
Taxation   - -
       
Loss and comprehensive loss for the year   (1,382) (3,996)
       
Loss and comprehensive loss attributable to:      
       
Equity holders of the company   (1,381) (3,994)
Non-controlling interests   (1) (2)
       
Loss and comprehensive loss for the year   (1,382) (3,996)
 
Loss per share attributable to equity holders of the company:
       
Basic and diluted   (0.001) (0.004)


Consolidated Statement of Financial Position 

 

 
   

At 31 December
2018
$’000
 

At 31 December
2017
$’000
       
Assets      
Non-current assets      
Exploration and evaluation assets   39,705 39,630
Property, plant and equipment   2 3
Trade and other receivables   31 33
Restricted cash   2,294 2,412
    42,032 42,078
       
Current assets      
Cash and cash on deposit   6,967 8,995
Trade and other receivables   100 186
    7,067 9,181
       
Total assets   49,099 51,259
       
Equity and liabilities      
       
Equity attributable to owners of the parent      
Share capital   383,737 383,570
Contributed surplus   45,063 44,937
Retained deficit   (391,604) (390,223)
    37,196 38,284
Non-controlling interests   700 701
Total equity   37,896 38,985
       
Liabilities       
Non-current liabilities      
Decommissioning provision   10,102 9,886
    10,102 9,886
       
Current liabilities      
Accounts payable and accrued expenses   622 825
Derivative financial liabilities   479 1,563
    1,101 2,388
Total liabilities   11,203 12,274
       
Total equity and liabilities   49,099 51,259


CONSOLIDATED STATEMENT OF CASH FLOWS

   

Year Ended 31 December
  2018
$’000
2017
$’000
     
Cash flows from operating activities    
Net loss for the year (1,382) (3,996)
Adjustments for:    
Share based compensation 126 686
Depreciation 1 4
Fair value (gain) / loss - outstanding warrants (1,084) 1,336
Net finance loss / (income) 180 (8)
Foreign exchange loss / (gain) 96 (251)
Change in non-cash working capital    
Trade and other receivables 88 5
Accounts payable and accrued expenses (206) 184
Net cash used in operating activities (2,181) (2,040)
     
Cash flows from investing activities    
Interest received 118 117
Exploration and evaluation assets (75) (12)
Decrease / (increase) in cash deposits – other receivables 6,028 (1,758)
Net cash used in investing activities 6,071 (1,653)
     
Cash flows from financing activities    
Proceeds from the exercise of share options   167   717
Net cash generated by financing activities   167   717
     
Change in cash and cash equivalents 4,057 (2,976)
Effect of exchange rates on cash & cash equivalents (57) 86
     
Cash and cash equivalents at beginning of year 2,967 5,857
     
Cash and cash equivalents at end of year 6,967 2,967
     

            


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
   
Davy (NOMAD, Euronext Growth Advisor & Joint Broker)
John Frain / Barry Murphy +353 1 679 6363
   
RBC (Joint Broker)  
Matthew Coakes / Martin Copeland  +44 20 7653 4000
   
Cenkos Securities plc (Joint Broker)  
Neil McDonald/Derrick Lee +44 131 220 9771

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.  Such information may include, but is not limited to comments made with respect to the awarding of an exploration license in South Africa, to the type, number, schedule, 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 shale play and the prospect of the exploration programme being brought to commerciality. 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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