Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
August 28 2020 - 2:00AM
FALCON OIL & GAS
LTD.(“Falcon”)
Filing of Interim Financial
Statements
28 August 2020 - Falcon Oil & Gas Ltd.
(TSXV: FO, AIM: FOG) announces that it has filed its Interim
Financial Statements for the three and six months ended 30 June
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 six months ended 30
June 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
- Strong financial position, debt free with cash of US$11.8
million at 30 June 2020 (31 December 2019: US$13.1 million).
- Continued focus on cost management and the efficient operation
of the portfolio.
- On 7 July 2020 Falcon Australia agreed to a further extension
of the call option up to and including 30 April 2022
(“Additional Extension”), to
acquire it’s 22.5% portion of the 2% ORRI from the TOG Group.
Following confirmation of registration of the Additional Extension
from the Northern Territory government Falcon Australia will pay
US$150,000 to the TOG Group for granting the Additional Extension,
with the cost of exercising the call option increasing from
US$5.625 million to US$6 million.
CONTACT DETAILS:
|
Falcon Oil & Gas Ltd.
|
+353 1 676 8702 |
|
Philip O'Quigley, CEO |
+353 87 814 7042 |
|
Anne Flynn, CFO |
+353 1 676 9162 |
|
|
|
|
Cenkos Securities plc (NOMAD & Broker) |
|
|
Neil McDonald / Derrick Lee |
+44 131 220 9771 |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND
COMPREHENSIVE INCOME / (LOSS)
(Unaudited)
|
|
|
Three months ended 30 June
2020$’000 |
Three months ended 30 June 2019$’000 |
Six months ended 30 June
2020$’000 |
Six months ended 30 June 2019$’000 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Oil and natural gas revenue |
|
1 |
1 |
2 |
3 |
|
|
|
|
1 |
1 |
2 |
3 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
| Exploration and
evaluation expenses |
|
(35) |
(108) |
(73) |
(149) |
|
| Production and
operating expenses |
|
(3) |
(3) |
(5) |
(6) |
|
| General and
administrative expenses |
|
(597) |
(443) |
(1,000) |
(902) |
|
| Share based
compensation |
|
- |
- |
- |
(12) |
|
| Foreign exchange
gain / (loss) |
|
17 |
24 |
(11) |
(27) |
|
|
|
|
(618) |
(530) |
(1,089) |
(1,096) |
|
|
|
|
|
|
|
|
|
| Results
from operating activities |
|
(617) |
(529) |
(1,087) |
(1,093) |
|
|
|
|
|
|
|
|
|
| Fair value gain –
outstanding warrant |
|
- |
570 |
110 |
103 |
|
| |
|
|
|
|
|
|
| Finance income |
|
874 |
144 |
15 |
187 |
|
|
Finance expense |
|
(58) |
(56) |
(279) |
(113) |
|
|
Net finance income / (expense) |
|
816 |
88 |
(264) |
74 |
|
|
|
|
|
|
|
|
|
|
Income / (loss) and comprehensive income / (loss) for the
period |
|
199 |
129 |
(1,241) |
(916) |
|
|
|
|
|
|
|
|
|
| Income / (loss) and
comprehensive income / (loss) attributable to: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Equity holders of
the company |
|
183 |
127 |
(1,238) |
(917) |
|
| Non-controlling
interests |
|
16 |
2 |
(3) |
1 |
|
|
|
|
|
|
|
|
|
|
Income / (loss) and comprehensive income / (loss) for the
period |
|
199 |
129 |
(1,241) |
(916) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income /
(loss) per share attributable to equity holders of the
company: |
|
|
|
|
|
| |
|
|
|
|
|
|
|
Basic and diluted |
|
0.001 cent |
0.001 cent |
(0.001 cent) |
(0.001 cent) |
|
Interim Condensed Consolidated Statement of Financial
Position
(Unaudited)
|
|
|
At 30
June2020$’000 |
At 31 December 2019$’000 |
|
|
|
|
|
|
Assets |
|
|
|
| Non-current
assets |
|
|
|
| Exploration and
evaluation assets |
|
40,294 |
40,246 |
| Property, plant and
equipment |
|
1 |
1 |
| Trade and other
receivables |
|
21 |
30 |
|
Restricted cash |
|
2,225 |
2,241 |
|
|
|
42,541 |
42,518 |
| |
|
|
|
| Current
assets |
|
|
|
| Cash and cash on
equivalents |
|
11,815 |
13,066 |
|
Trade and other receivables |
|
104 |
141 |
|
|
|
11,919 |
13,207 |
|
|
|
|
|
|
Total assets |
|
54,460 |
55,725 |
| |
|
|
|
| Equity and
liabilities |
|
|
|
| |
|
|
|
|
Equity attributable to owners of the
parent |
|
|
|
| Share capital |
|
392,170 |
392,170 |
| Contributed
surplus |
|
45,075 |
45,075 |
|
Retained deficit |
|
(394,581) |
(393,343) |
|
|
|
42,664 |
43,902 |
|
Non-controlling interests |
|
697 |
700 |
|
Total equity |
|
43,361 |
44,602 |
|
|
|
|
|
|
Liabilities |
|
|
|
| Non-current
liabilities |
|
|
|
|
Decommissioning provision |
|
10,444 |
10,331 |
|
|
|
10,444 |
10,331 |
| |
|
|
|
| Current
liabilities |
|
|
|
| Accounts payable
and accrued expenses |
|
655 |
682 |
| Derivative
financial liabilities |
|
- |
110 |
|
|
|
655 |
792 |
|
Total liabilities |
|
11,099 |
11,123 |
|
|
|
|
|
|
Total equity and liabilities |
|
54,460 |
55,725 |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
(Unaudited)
| |
|
Six months ended 30 June |
|
|
|
2020$’000 |
2019 $’000 |
|
|
|
|
|
| Cash
flows from operating activities |
|
|
|
| Net loss for the
period |
|
(1,241) |
(916) |
| Adjustments
for: |
|
|
|
|
Share based compensation |
|
- |
12 |
|
Fair value gain - outstanding warrant |
|
(110) |
(103) |
|
Net finance expense / (income) |
|
264 |
(74) |
|
Effect of exchange rates on operating activities |
|
11 |
27 |
| Change in
non-cash working capital: |
|
|
|
|
Decrease / (increase) in trade and other receivables |
|
46 |
(28) |
|
Increase in accounts payable and accrued expenses |
|
37 |
139 |
|
Net cash used in operating activities |
|
(993) |
(943) |
| |
|
|
|
| Cash
flows from investing activities |
|
|
|
| Interest
Received |
|
15 |
70 |
| Exploration and
evaluation assets |
|
(48) |
(14) |
|
Net cash (used in) / generated from investing
activities |
|
(33) |
56 |
| |
|
|
|
| Cash
flows from financing activities |
|
|
|
|
Net proceeds from private placement |
|
- |
8,433 |
| Net cash
generated from financing activities |
|
- |
8,433 |
|
|
|
|
|
|
|
|
|
|
| Change in cash
and cash equivalents |
|
(1,026) |
7,546 |
| Effect of
exchange rates on cash & cash equivalents |
|
(225) |
(48) |
| Cash and cash
equivalents at beginning of period |
|
13,066 |
6,967 |
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
11,815 |
14,465 |
All dollar amounts in this document are in
United States dollars “$”, 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
Glossary of
termsORRI
Overriding royalty interestTOG
Group
Malcolm John Gerrard, Territory Oil & Gas LLC & Tom Dugan
Family Partnership LLC
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.
FogChain (CSE:FOG)
Historical Stock Chart
From Nov 2024 to Dec 2024
FogChain (CSE:FOG)
Historical Stock Chart
From Dec 2023 to Dec 2024
