Falcon Oil & Gas Ltd. - Full Year Results
29 Abril 2020 - 3:00AM
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$1.78 million.
Filing
of Financial Statements, MD&A, AIF and Reserves
Data
Falcon has filed its audited financial
statements for the year ended 31 December 2019, the accompanying
MD&A for year ended 31 December 2019 dated 28 April 2020, its
Annual Information Form (“AIF”) dated 28 April
2020 and the Statement of Reserves Data and Other Oil and Gas
Information (National Instrument 51-101, Forms 51-101F1, 51-101F2
and 51-101F3) with the relevant provincial securities regulators.
These filings are available for review on the Canadian System for
Electronic Document Analysis and Retrieval
(“SEDAR”) at www.sedar.com. The audited financial
statements, MD&A and AIF are also available on Falcon’s website
www.falconoilandgas.com.
CONTACT DETAILS:
|
Falcon Oil & Gas Ltd. |
+353 1 676 8702 |
|
Philip O'Quigley, CEO |
+353 87 814 7042 |
|
Anne Flynn, CFO |
+353 1 676 9162 |
|
|
|
|
Cenkos Securities plc (NOMAD & Broker) |
|
|
Neil McDonald / Derrick Lee |
+44 131 220 9771 |
|
Consolidated Statement of Operations and
Comprehensive Loss |
|
|
Year Ended 31 December
2019$’000 |
Year Ended 31 December 2018$’000 |
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Oil and natural gas revenue |
|
|
5 |
15 |
|
|
|
|
|
5 |
15 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
| Exploration and
evaluation expenses |
|
|
(233) |
(159) |
|
| Production and
operating expenses |
|
|
(13) |
(10) |
|
| General and
administrative expenses |
|
|
(1,780) |
(1,910) |
|
| Share based
compensation |
|
|
(12) |
(126) |
|
| Foreign exchange
loss |
|
|
(70) |
(96) |
|
|
|
|
|
(2,108) |
(2,301) |
|
|
|
|
|
|
|
|
| Results
from operating activities |
|
|
(2,103) |
(2,286) |
|
|
|
|
|
|
|
|
| Fair value gain –
outstanding warrant |
|
|
369 |
1,084 |
|
| |
|
|
|
|
|
| Finance income |
|
|
221 |
118 |
|
|
Finance expense |
|
|
(226) |
(298) |
|
| Net finance
expense |
|
|
(5) |
(180) |
|
|
|
|
|
|
|
|
|
Loss before tax |
|
|
(1,739) |
(1,382) |
|
|
|
|
|
|
|
|
| Taxation |
|
|
- |
- |
|
|
|
|
|
|
|
|
|
Loss and comprehensive loss for the year |
|
|
(1,739) |
(1,382) |
|
|
|
|
|
|
|
|
| Loss and
comprehensive loss attributable to: |
|
|
|
|
|
| |
|
|
|
|
|
| Equity holders of
the company |
|
|
(1,739) |
(1,381) |
|
| Non-controlling
interests |
|
|
- |
(1) |
|
|
|
|
|
|
|
|
|
Loss and comprehensive loss for the year |
|
|
(1,739) |
(1,382) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss
per share attributable to equity holders of the company: |
|
|
|
|
| |
|
|
|
|
|
|
Basic and diluted |
|
|
(0.002 cent) |
(0.001 cent) |
|
|
Consolidated Statement of Financial Position |
|
At 31
December2019$’000 |
At 31 December 2018$’000 |
|
|
|
|
|
|
Assets |
|
|
|
| Non-current
assets |
|
|
|
| Exploration and
evaluation assets |
|
40,246 |
39,705 |
| Property, plant and
equipment |
|
1 |
2 |
| Trade and other
receivables |
|
30 |
31 |
|
Restricted cash |
|
2,241 |
2,294 |
|
|
|
42,518 |
42,032 |
| |
|
|
|
| Current
assets |
|
|
|
| Cash and cash
equivalents |
|
13,066 |
6,967 |
|
Trade and other receivables |
|
141 |
100 |
|
|
|
13,207 |
7,067 |
|
|
|
|
|
|
Total assets |
|
55,725 |
49,099 |
| |
|
|
|
| Equity and
liabilities |
|
|
|
| |
|
|
|
|
Equity attributable to owners of the
parent |
|
|
|
| Share capital |
|
392,170 |
383,737 |
| Contributed
surplus |
|
45,075 |
45,063 |
|
Retained deficit |
|
(393,343) |
(391,604) |
|
|
|
43,902 |
37,196 |
|
Non-controlling interests |
|
700 |
700 |
|
Total equity |
|
44,602 |
37,896 |
|
|
|
|
|
|
Liabilities |
|
|
|
| Non-current
liabilities |
|
|
|
|
Decommissioning provision |
|
10,331 |
10,102 |
|
|
|
10,331 |
10,102 |
| |
|
|
|
| Current
liabilities |
|
|
|
| Accounts payable
and accrued expenses |
|
682 |
622 |
| Derivative
financial liabilities |
|
110 |
479 |
|
|
|
792 |
1,101 |
|
Total liabilities |
|
11,123 |
11,203 |
|
|
|
|
|
|
Total equity and liabilities |
|
55,725 |
49,099 |
|
Consolidated Statement of Cash Flows |
|
Year Ended 31 December |
|
|
|
2019$’000 |
2018 $’000 |
|
|
|
|
|
| Cash
flows from operating activities |
|
|
|
| Net loss for the
year |
|
(1,739) |
(1,382) |
| Adjustments
for: |
|
|
|
|
Share based compensation |
|
12 |
126 |
|
Depreciation |
|
1 |
1 |
|
Fair value gain - outstanding warrant |
|
(369) |
(1,084) |
|
Net finance loss |
|
5 |
180 |
|
Foreign exchange loss |
|
70 |
96 |
| Change in
non-cash working capital: |
|
|
|
|
(Increase) / decrease in trade and other receivables |
|
(41) |
88 |
|
Increase / (decrease) in accounts payable and accrued expenses |
|
88 |
(206) |
|
Net cash used in operating activities |
|
(1,973) |
(2,181) |
| |
|
|
|
| Cash
flows from investing activities |
|
|
|
| Interest
Received |
|
136 |
118 |
| Exploration and
evaluation assets |
|
(541) |
(75) |
| Decrease in cash
deposits – other receivables |
|
- |
6,028 |
|
Net cash (used in) / generated by investing
activities |
|
(405) |
6,071 |
| |
|
|
|
| Cash
flows from financing activities |
|
|
|
| Raised
Equity |
|
8,433 |
- |
|
Proceeds from the exercise of share options |
|
- |
167 |
| Net cash
generated by financing activities |
|
8,433 |
167 |
|
|
|
|
|
|
|
|
|
|
| Change in cash
and cash equivalents |
|
6,055 |
4,057 |
| Effect of
exchange rates on cash & cash equivalents |
|
44 |
(57) |
| Cash and cash
equivalents at beginning of year |
|
6,967 |
2,967 |
|
|
|
|
|
|
Cash and cash equivalents at end of year |
|
13,066 |
6,967 |
All dollar amounts in this document are in
United States dollars “$”, 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 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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