Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Full Year Results
29 Abril 2020 - 1:00AM
UK Regulatory
TIDMFOG
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
Year Ended Year Ended
Consolidated Statement of Operations and Comprehensive 31 December 2019 31 December 2018
Loss $'000 $'000
Revenue
Oil and natural gas revenue 5 15
5 15
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 369 1,084
Finance income 221 118
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)
At 31 December At 31 December
Consolidated Statement of Financial 2019 2018
Position $'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 40,246 39,705
Property, plant and equipment 1 2
Trade and other receivables 30 31
Restricted cash 2,241 2,294
42,518 42,032
Current assets
Cash and cash equivalents 13,066 6,967
Trade and other receivables 141 100
13,207 7,067
Total assets 55,725 49,099
Equity and liabilities
Equity attributable to owners of the parent
Share capital 392,170 383,737
Contributed surplus 45,075 45,063
Retained deficit (393,343) (391,604)
43,902 37,196
Non-controlling interests 700 700
Total equity 44,602 37,896
Liabilities
Non-current liabilities
Decommissioning provision 10,331 10,102
10,331 10,102
Current liabilities
Accounts payable and accrued expenses 682 622
Derivative financial liabilities 110 479
792 1,101
------------------------------------------- -------------- --------------
Total liabilities 11,123 11,203
Total equity and liabilities 55,725 49,099
Consolidated Statement of Cash Flows Year Ended 31 December
2019 2018
$'000 $'000
Cash flows from operating activities
Net loss for the year (1,739) (1,382)
Adjustments for:
Share based compensation 12 126
Depreciation 1 1
Fair value gain - outstanding warrant (369) (1,084)
Net finance loss 5 180
Foreign exchange loss 70 96
Change in non-cash working capital:
(Increase) / decrease in trade and other
receivables (41) 88
Increase / (decrease) in accounts payable
and accrued expenses 88 (206)
Net cash used in operating activities (1,973) (2,181)
Cash flows from investing activities
Interest Received 136 118
Exploration and evaluation assets (541) (75)
Decrease in cash deposits -- other receivables - 6,028
Net cash (used in) / generated by investing
activities (405) 6,071
Cash flows from financing activities
Raised Equity 8,433 -
Proceeds from the exercise of share options - 167
Net cash generated by financing activities 8,433 167
Change in cash and cash equivalents 6,055 4,057
Effect of exchange rates on cash & cash
equivalents 44 (57)
Cash and cash equivalents at beginning
of year 6,967 2,967
Cash and cash equivalents at end of year 13,066 6,967
All dollar amounts in this document are in United States dollars "$",
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
https://www.globenewswire.com/Tracker?data=DwFrsqkWMTiak1sni4tvvZrdpqRMf8HCKgDqEX7D-FZhKREEwS7TxjPsUK2MEheNZdUyjNoURq0NgzM4v6yN_7HXyvWlWVDPp0f2QQGPsI0=
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.
(END) Dow Jones Newswires
April 29, 2020 02:00 ET (06:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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