Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
2019年8月29日 - 3:00PM
FALCON OIL & GAS
LTD.(“Falcon”)
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$7 million).
- Continued focus on strict cost management and efficient
operation of the portfolio.
CONTACT DETAILS:
|
Falcon Oil & Gas Ltd. |
+353 1 676 8702 |
|
Philip O'Quigley, CEO |
+353 87 814 7042 |
|
Anne Flynn, CFO |
+353 1 676 9162 |
|
|
|
|
Davy (NOMAD, Joint Broker, Euronext Growth
Advisor) |
|
|
John Frain / Barry Murphy |
+353 1 679 6363 |
|
|
|
|
Cenkos Securities plc (Joint Broker) |
|
|
Neil McDonald / Derrick Lee |
+44 131 220 9771 |
|
|
|
|
RBC (Joint Broker) |
|
|
Matthew Coakes / Martin Copeland |
+44 20 7653 4000 |
|
|
|
Interim Condensed Consolidated
Statement of Operations and Comprehensive Income /
(Loss) (Unaudited)
|
|
|
Three months ended 30
June 2019$’000 |
Three months ended 30 June 2018$’000 |
Six months ended 30 June
2019$’000 |
Six months ended 30 June 2018$’000 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Oil and natural gas revenue |
|
1 |
2 |
3 |
3 |
|
|
|
|
1 |
2 |
3 |
3 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
| Exploration and
evaluation expenses |
|
(108) |
(38) |
(149) |
(79) |
|
| Production and
operating expenses |
|
(3) |
(5) |
(6) |
(9) |
|
| Depreciation |
|
- |
(1) |
- |
(1) |
|
| General and
administrative expenses |
|
(443) |
(497) |
(902) |
(1,001) |
|
| Share based
compensation |
|
- |
(22) |
(12) |
(81) |
|
| Foreign exchange
gain / (loss) |
|
24 |
(134) |
(27) |
(72) |
|
|
|
|
(530) |
(697) |
(1,096) |
(1,243) |
|
|
|
|
|
|
|
|
|
| Results
from operating activities |
|
(529) |
(695) |
(1,093) |
(1,240) |
|
|
|
|
|
|
|
|
|
| Fair value gain –
outstanding warrant |
|
570 |
283 |
103 |
227 |
|
| |
|
|
|
|
|
|
| Finance income |
|
144 |
25 |
187 |
31 |
|
|
Finance expense |
|
(56) |
(107) |
(113) |
(167) |
|
|
Net finance income / (expense) |
|
88 |
(82) |
74 |
(136) |
|
|
|
|
|
|
|
|
|
|
Income / (loss) and comprehensive income / (loss) for the
period |
|
129 |
(494) |
(916) |
(1,149) |
|
|
|
|
|
|
|
|
|
| Income / (loss) and
comprehensive income / (loss) attributable to: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Equity holders of
the company |
|
127 |
(494) |
(917) |
(1,148) |
|
| Non-controlling
interests |
|
2 |
- |
1 |
(1) |
|
|
|
|
|
|
|
|
|
|
Income / (loss) and comprehensive income / (loss) for the
period |
|
129 |
(494) |
(916) |
(1,149) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
/ (loss) per share attributable to equity holders of the
company: |
|
|
|
|
| |
|
|
|
|
|
|
|
Basic and diluted |
|
0.000 cent |
(0.001 cent) |
(0.001 cent) |
(0.001 cent) |
|
Interim Condensed Consolidated
Statement of Financial
Position(Unaudited)
|
|
|
At 30 June
2019$’000 |
At 31 December 2018$’000 |
|
|
|
|
|
|
Assets |
|
|
|
| Non-current
assets |
|
|
|
| Exploration and
evaluation assets |
|
39,719 |
39,705 |
| Property, plant and
equipment |
|
2 |
2 |
| Trade and other
receivables |
|
31 |
31 |
|
Restricted cash |
|
2,281 |
2,294 |
|
|
|
42,033 |
42,032 |
| |
|
|
|
| Current
assets |
|
|
|
| Cash and cash on
deposit |
|
14,465 |
6,967 |
|
Trade and other receivables |
|
128 |
100 |
|
|
|
14,593 |
7,067 |
|
|
|
|
|
|
Total assets |
|
56,626 |
49,099 |
| |
|
|
|
| Equity and
liabilities |
|
|
|
| |
|
|
|
|
Equity attributable to owners of the
parent |
|
|
|
| Share capital |
|
392,170 |
383,737 |
| Contributed
surplus |
|
45,075 |
45,063 |
|
Retained deficit |
|
(392,521) |
(391,604) |
|
|
|
44,724 |
37,196 |
|
Non-controlling interests |
|
701 |
700 |
|
Total equity |
|
45,425 |
37,896 |
|
|
|
|
|
|
Liabilities |
|
|
|
| Non-current
liabilities |
|
|
|
|
Decommissioning provision |
|
10,218 |
10,102 |
|
|
|
10,218 |
10,102 |
| |
|
|
|
| Current
liabilities |
|
|
|
| Accounts payable
and accrued expenses |
|
607 |
622 |
| Derivative
financial liabilities |
|
376 |
479 |
|
|
|
983 |
1,101 |
|
Total liabilities |
|
11,201 |
11,203 |
|
|
|
|
|
|
Total equity and liabilities |
|
56,626 |
49,099 |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS(Unaudited)
| |
|
Six months ended 30 June |
|
|
|
2019$’000 |
2018 $’000 |
|
|
|
|
|
| Cash
flows from operating activities |
|
|
|
| Net loss for the
period |
|
(916) |
(1,149) |
| Adjustments
for: |
|
|
|
|
Share based compensation |
|
12 |
81 |
|
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 |
|
70 |
31 |
| Exploration and
evaluation assets |
|
(14) |
(26) |
|
Net cash generated from investing activities |
|
56 |
3,533 |
| |
|
|
|
| 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 |
|
8,433 |
57 |
|
|
|
|
|
|
|
|
|
|
| Change in cash
and cash equivalents |
|
7,546 |
2,300 |
| Effect of
exchange rates on cash & cash equivalents |
|
(48) |
(45) |
| Cash and cash
equivalents at beginning of period |
|
6,967 |
2,967 |
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
14,465 |
5,222 |
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 June2019 |
31 December 2018 |
| |
$’000 |
$’000 |
|
|
|
|
| Cash and cash
equivalents |
14,465 |
6,967 |
| Cash on
deposit |
- |
- |
|
|
14,465 |
6,967 |
All dollar amounts in this document are in
United States dollars “$”, except as otherwise indicated.
About Falcon Oil & Gas
Ltd.Falcon Oil & Gas Ltd is an international oil &
gas company engaged in the 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.
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