In This Article:
FALCON OIL & GAS LTD.
("Falcon" or the "Company")
Filing of Interim Financial Statements
11 May 2018 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) announces that it has filed its Interim Financial Statements for the three months ended 31 March 2018 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 months ended 31 March 2018, 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.
2018 Financial Highlights
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Strong financial position, debt free with cash of US$8.5 million at 31 March 2018 (31 December 2017: US$9 million).
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Continued focus on 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 & Broker) | |
| John Frain / Barry Murphy | +353 1 679 6363 |
| RBC (Joint Broker) | |
| Matthew Coakes / Martin Copeland | +44 20 7653 4000 |
| Three months ended | Three months ended | ||
| Revenue | |||
| Oil and natural gas revenue | 1 | 3 | |
| 1 | 3 | ||
| Expenses | |||
| Exploration and evaluation expenses | (41) | (67) | |
| Production and operating expenses | (4) | (3) | |
| Depreciation | - | (1) | |
| General and administrative expenses | (504) | (477) | |
| Share based compensation | (59) | (283) | |
| Foreign exchange gain | 62 | 4 | |
| (546) | (827) | ||
| Results from operating activities | (545) | (824) | |
| Fair value loss - outstanding warrant | (56) | (2,120) | |
| Finance income | 6 | 37 | |
| Finance expense | (60) | (48) | |
| Net finance expense | (54) | (11) | |
| Loss and comprehensive loss for the period | (655) | (2,955) | |
| Loss and comprehensive loss attributable to: | |||
| Equity holders of the company | (655) | (2,954) | |
| Non-controlling interests | - | (1) | |
| Loss and comprehensive loss for the period | (655) | (2,955) | |
| Loss per share attributable to equity holders of the company: | |||
| Basic and diluted | ($0.001) | ($0.003) | |
| At 31 March | At 31 December | ||
| Assets | |||
| Non-current assets | |||
| Exploration and evaluation assets | 39,630 | 39,630 | |
| Property, plant and equipment | 3 | 3 | |
| Trade and other receivables | 33 | 33 | |
| Restricted cash | 2,475 | 2,412 | |
| 42,141 | 42,078 | ||
| Current assets | |||
| Cash and cash on deposit | 8,455 | 8,995 | |
| Trade and other receivables | 273 | 186 | |
| 8,728 | 9,181 | ||
| Total assets | 50,869 | 51,259 | |
| Equity and liabilities | |||
| Equity attributable to owners of the parent | |||
| Share capital | 383,570 | 383,570 | |
| Contributed surplus | 44,996 | 44,937 | |
| Retained deficit | (390,878) | (390,223) | |
| 37,688 | 38,284 | ||
| Non-controlling interests | 701 | 701 | |
| Total equity | 38,389 | 38,985 | |
| Liabilities | |||
| Non-current liabilities | |||
| Decommissioning provision | 9,941 | 9,886 | |
| 9,941 | 9,886 | ||
| Current liabilities | |||
| Accounts payable and accrued expenses | 920 | 825 | |
| Derivative financial liabilities | 1,619 | 1,563 | |
| 2,539 | 2,388 | ||
| Total liabilities | 12,480 | 12,274 | |
| Total equity and liabilities | 50,869 | 51,259 |
| Three months ended 31 March | |||
| 2018 | 2017 | ||
| Cash flows from operating activities | |||
| Net loss for the period | (655) | (2,955) | |
| Adjustments for: | |||
| Share based compensation | 59 | 283 | |
| Depreciation | - | 1 | |
| Fair value loss - outstanding warrant | 56 | 2,120 | |
| Net finance expense | 54 | 11 | |
| Effect of exchange rates on operating activities | (62) | (3) | |
| Change in non-cash working capital: | |||
| Trade and other receivables | (87) | (62) | |
| Accounts payable and accrued expenses | 90 | 79 | |
| Net cash used in operating activities | (545) | (526) | |
| Cash flows from investing activities | |||
| Interest received | 6 | 34 | |
| Decrease in cash deposits - other receivables | 3,028 | 770 | |
| Net cash generated by investing activities | 3,034 | 804 | |
| Cash flows from financing activities | |||
| Proceeds from the exercise of share options | - | 458 | |
| Net cash generated by financing activities | - | 458 | |
| Change in cash and cash equivalents | 2,489 | 736 | |
| Effect of exchange rates on cash & cash equivalents | (1) | 7 | |
| Cash and cash equivalents at beginning of period | 2,967 | 5,857 | |
| Cash and cash equivalents at end of period | 5,455 | 6,600 | |
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.