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

Falcon Oil & Gas Ltd
·5-min read

FALCON OIL & GAS LTD.
(“Falcon)

Filing of Interim Financial Statements

27 November 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three and nine months ended 30 September 2020 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 nine months ended 30 September 2020, 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.

2020 financial highlights and other financial updates

  • Debt free with cash of US$11.5 million at 30 September 2020 (31 December 2019: US$13.1 million).

  • Continued focus on cost management and the 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

Cenkos Securities plc (NOMAD & Broker)

Neil McDonald / Derrick Lee

+44 131 220 9771



Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)

Three months ended 30
September 2020
$’000

Three months ended 30
September 2019
$’000

Nine months ended 30
September 2020
$’000

Nine months ended 30
September 2019
$’000

Revenue

Oil and natural gas revenue

1

1

3

4

1

1

3

4

Expenses

Exploration and evaluation expenses

(37)

(36)

(110)

(185)

Production and operating expenses

(3)

(3)

(8)

(9)

General and administrative expenses

(415)

(404)

(1,415)

(1,306)

Share based compensation

-

-

-

(12)

Foreign exchange gain / (loss)

29

(89)

18

(116)

(426)

(532)

(1,515)

(1,628)

Results from operating activities

(425)

(531)

(1,512)

(1,624)

Fair value gain – outstanding warrant

-

127

110

230

Finance income

337

25

189

95

Finance expense

(58)

(385)

(174)

(381)

Net finance income / (expense)

279

(360)

15

(286)

Loss and comprehensive loss for the period

(146)

(764)

(1,387)

(1,680)

Loss and comprehensive loss attributable to:

Equity holders of the company

(150)

(758)

(1,388)

(1,675)

Non-controlling interests

4

(6)

1

(5)

Loss and comprehensive loss for the period

(146)

(764)

(1,387)

(1,680)

Loss per share attributable to equity holders of the company:

Basic and diluted

(0.000 cent)

(0.001 cent)

(0.001 cent)

(0.002 cent)



Interim Condensed Consolidated Statement of Financial Position
(Unaudited)

At 30 September
2020
$’000

At 31 December
2019
$’000

Assets

Non-current assets

Exploration and evaluation assets

40,294

40,246

Property, plant and equipment

1

1

Trade and other receivables

21

30

Restricted cash

2,317

2,241

42,633

42,518

Current assets

Cash and cash on equivalents

11,485

13,066

Trade and other receivables

162

141

11,647

13,207

Total assets

54,280

55,725

Equity and liabilities

Equity attributable to owners of the parent

Share capital

392,170

392,170

Contributed surplus

45,075

45,075

Retained deficit

(394,731)

(393,343)

42,514

43,902

Non-controlling interests

701

700

Total equity

43,215

44,602

Liabilities

Non-current liabilities

Decommissioning provision

10,503

10,331

10,503

10,331

Current liabilities

Accounts payable and accrued expenses

562

682

Derivative financial liabilities

-

110

562

792

Total liabilities

11,065

11,123

Total equity and liabilities

54,280

55,725



Interim Condensed Consolidated Statement of Cash Flows

Nine months ended 30 September

(Unaudited)

2020
$’000

2019
$’000

Cash flows from operating activities

Net loss for the period

(1,387)

(1,680)

Adjustments for:

Share based compensation

-

12

Depreciation

-

1

Fair value gain - outstanding warrant

(110)

(230)

Net finance (income) / expenses

(15)

286

Effect of exchange rates on operating activities

(18)

116

Change in non-cash working capital:

Increase in trade and other receivables

(12)

(29)

(Decrease) / increase in accounts payable and accrued expenses

(134)

23

Net cash used in operating activities

(1,676)

(1,501)

Cash flows from investing activities

Interest received

16

95

Exploration and evaluation assets

(48)

(515)

Net cash used in investing activities

(32)

(420)

Cash flows from financing activities

Net proceeds from private placement

-

8,433

Net cash generated from financing activities

-

8,433

Change in cash and cash equivalents

(1,708)

6,512

Effect of exchange rates on cash & cash equivalents

127

(300)

Cash and cash equivalents at beginning of period

13,066

6,967

Cash and cash equivalents at end of period

11,485

13,179

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.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

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.