Source - GNW

FALCON OIL & GAS LTD.
("Falcon" or the "Company" or the "Group")

Full Year Results

12 April 2018 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) is pleased to announce its financial results for the year ended 31 December 2017.

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 2017.

2017 Highlights:

Financial

  • Strong financial position, debt free with cash of US$9 million at 31 December 2017.
  • Continued focus on strict cost management and efficient operation of the portfolio.
  • General & administrative expenses decreased 3% year on year to US$1.98 million.

Operational

  • Falcon awaits the Northern Territory government's decision on the current moratorium following the publication of the Final Report by the scientific inquiry into hydraulic fracturing on 27 March 2018.

Filing of Financial Statements, MD&A, AIF and Reserves Data

Falcon has filed its audited financial statements for the year ended 31 December 2017, the accompanying MD&A for year ended 31 December 2017 dated 11 April 2018, its Annual Information Form ("AIF") dated 11 April 2018 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 .

Change of Registered Address

The registered address of Falcon has changed to the following:

Falcon Oil & Gas Ltd.
1200 Waterfront Centre,
200 Burrard Street,
Vancouver BC V7X 1T2,
Canada.

Falcon Oil & Gas Ltd.
Consolidated Statement of Operations and Comprehensive Loss

  Year Ended 31 December 2017
$'000
Year Ended 31 December 2016
$'000
       
Revenue    
Oil and natural gas revenue   7 6
  7 6
       
Expenses    
Exploration and evaluation expenses   (245) (336)
Production and operating expenses  (18) (15)
Depreciation  (4) (16)
General and administrative expenses  (1,975) (2,037)
Share based compensation  (686) (1,335)
Foreign exchange gain / (loss)   253 (73)
  (2,675) (3,812)
       
Results from operating activities   (2,668) (3,806)
       
Fair value (loss) / gain - outstanding warrants  (1,336) 208
       
Finance income   201 53
Finance expense   (193) (145)
Net finance income / (expense)   8 (92)
     
Loss before tax (3,996) (3,690)
     
Taxation   - -
     
Loss and comprehensive loss for the year (3,996) (3,690)
     
Loss and comprehensive loss attributable to:      
      
Equity holders of the company   (3,994) (3,687)
Non-controlling interests   (2) (3)
       
Loss and comprehensive loss for the year   (3,996) (3,690)
 
Loss per share attributable to equity holders of the company:
      
Basic and diluted   (0.004) (0.004)

Falcon Oil & Gas Ltd.
Consolidated Statement of Financial Position

 

 
 At 31 December
2017
$'000
At 31 December
2016
$'000
    
Assets   
Non-current assets   
Exploration and evaluation assets   39,630 39,618
Property, plant and equipment   3 7
Trade and other receivables   33 34
Restricted cash   2,412 2,151
   42,078 41,810
       
Current assets    
Cash and cash on deposit   8,995 10,127
Trade and other receivables   186 190
   9,181 10,317
     
Total assets 51,259 52,127
       
Equity and liabilities    
       
Equity attributable to owners of the parent    
Share capital   383,570 382,853
Contributed surplus   44,937 44,251
Retained deficit   (390,223) (386,229)
  38,284 40,875
Non-controlling interests 701 703
Total equity 38,985 41,578
     
Liabilities     
Non-current liabilities      
Decommissioning provision   9,886 9,690
  9,886 9,690
       
Current liabilities    
Accounts payable and accrued expenses   825 632
Derivative financial liabilities   1,563 227
  2,388 859
Total liabilities 12,274 10,549
     
Total equity and liabilities 51,259 52,127

Falcon Oil & Gas Ltd.
Consolidated Statement of Cash flows

  Year Ended 31 December
  2017
$'000
2016
$'000
    
Cash flows from operating activities   
Net loss for the year (3,996) (3,690)
Adjustments for:    
Share based compensation 686 1,335
Depreciation 4 16
Fair value loss / (gain) - outstanding warrants 1,336 (208)
Net finance (income) / expense (8) 92
Foreign exchange (gain) / loss (251) 101
Change in non-cash working capital    
Trade and other receivables 5 66
Accounts payable and accrued expenses 184 (202)
Net cash used in operating activities(2,040) (2,490)
     
Cash flows from investing activities   
Interest received 117 53
Decrease in restricted cash - 22
Exploration and evaluation assets (12) (110)
Increase in cash deposits - other receivables (1,758) (2,270)
Property, plant and equipment - (4)
Net cash used in investing activities(1,653) (2,309)
     
Cash flows from financing activities   
Proceeds from the exercise of share options 717 -
Net cash generated by financing activities717 -
    
Change in cash and cash equivalents (2,976) (4,799)
Effect of exchange rates on cash & cash equivalents 86 (27)
     
Cash and cash equivalents at beginning of year 5,857 10,683
     
Cash and cash equivalents at end of year2,967 5,857

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

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.  Such information may include, but is not limited to comments made with respect to the awarding of an exploration license in South Africa, to the type, number, schedule, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, expected contributions of the partners, the prospectivity of the Middle Velkerri shale play and the prospect of the exploration programme being brought to commerciality. 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.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Falcon Oil & Gas Ltd. via Globenewswire

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