Falcon Oil & Gas Ltd.: Full Year Results
posted on
Apr 28, 2017 10:07PM
Developing large acreage positions of unconventional and conventional oil and gas resources
FALCON OIL & GAS LTD.
("Falcon" or the "Company" or the "Group")
Full Year Results
28 April 2017 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) is pleased to announce its financial results for the year ended 31 December 2016.
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 2016.
Highlights:
Operational
Financial
Philip O'Quigley, CEO of Falcon Oil & Gas commented:
"2016 was a landmark year for our Company with the first extended production test in the Beetaloo basin and the announcement of a material gas resource. Our 2017 drilling program is delayed pending the outcome of the independent scientific inquiry on hydraulic fracturing, however we are hopeful of a favourable outcome and the resumption of drilling in the not too distant future. "
Filing of Financial statements, MD&A, AIF and Reserves data
Falcon has filed its audited financial statements for the year ended 31 December 2016, the accompanying MD&A for year ended 31 December 2016 dated 27 April 2017, its Annual Information Form ("AIF") dated 27 April 2017 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.
Falcon Oil & Gas Ltd.
Consolidated Statement of Operations and Comprehensive Loss
Year Ended 31 December 2016 $'000 |
Year Ended 31 December 2015 $'000 |
||
Revenue | |||
Oil and natural gas revenue | 6 | 7 | |
6 | 7 | ||
Expenses | |||
Exploration and evaluation expenses | (336) | (679) | |
Production and operating expenses | (15) | (20) | |
Depreciation | (16) | (39) | |
General and administrative expenses | (2,037) | (2,491) | |
Share based compensation | (1,335) | (256) | |
Foreign exchange loss | (73) | (143) | |
(3,812) | (3,628) | ||
Other income | - | 3,594 | |
(3,806) | 3,594 | ||
Results from operating activities | (3,806) | (27) | |
Fair value gain - outstanding warrants | 208 | 79 | |
Finance income | 53 | 78 | |
Finance expense | (145) | (220) | |
Net finance expense | (92) | (142) | |
Loss before tax | (3,690) | (90) | |
Taxation | - | (110) | |
Loss and comprehensive loss for the year | (3,690) | (200) | |
Loss and comprehensive loss attributable to: | |||
Equity holders of the company | (3,687) | (193) | |
Non-controlling interests | (3) | (7) | |
Loss and comprehensive loss for the year | (3,690) | (200) | |
Loss per share attributable to equity holders of the company: | |||
Basic and diluted | ($0.004) | ($0.000) |
Falcon Oil & Gas Ltd.
Consolidated Statement of Financial Position
|
At 31 December 2016 $'000 |
At 31 December 2015 $'000 |
|
Assets | |||
Non-current assets | |||
Exploration and evaluation assets | 39,618 | 39,618 | |
Property, plant and equipment | 7 | 64 | |
Trade and other receivables | 34 | 22 | |
Restricted cash | 2,151 | 2,239 | |
41,810 | 41,943 | ||
Current assets | |||
Cash and cash on deposit | 10,127 | 12,683 | |
Trade and other receivables | 190 | 268 | |
10,317 | 12,951 | ||
Total assets | 52,127 | 54,894 | |
Equity and liabilities | |||
Equity attributable to owners of the parent | |||
Share capital | 382,853 | 382,853 | |
Contributed surplus | 44,251 | 42,916 | |
Retained deficit | (386,229) | (382,542) | |
40,875 | 43,227 | ||
Non-controlling interests | 703 | 706 | |
Total equity | 41,578 | 43,933 | |
Liabilities | |||
Non-current liabilities | |||
Decommissioning provision | 9,690 | 9,565 | |
9,690 | 9,565 | ||
Current liabilities | |||
Accounts payable and accrued expenses | 632 | 961 | |
Derivative financial liabilities | 227 | 435 | |
859 | 1,396 | ||
Total liabilities | 10,549 | 10,961 | |
Total equity and liabilities | 52,127 | 54,894 |
Falcon Oil & Gas Ltd.
Consolidated Statement of Cash flows
Year Ended 31 December |
||
2016 $'000 |
2015 $'000 |
|
Cash flows from operating activities | ||
Net loss for the year | (3,690) | (200) |
Adjustments for: | ||
Share based compensation | 1,335 | 256 |
Depreciation | 16 | 39 |
Fair value gain - outstanding warrants | 208 | (79) |
Net finance expense | 92 | 142 |
Termination of farm-out transaction - NIS | - | (3,700) |
Other | 101 | 143 |
Change in non-cash working capital | ||
Trade and other receivables | 66 | 257 |
Accounts payable and accrued expenses | (202) | 124 |
Restructuring spend | - | (444) |
Interest received | 53 | 78 |
Net cash used in operating activities | (2,437) | (3,384) |
Cash flows from investing activities | ||
Decrease / (increase) in restricted cash | 22 | (1,991) |
Exploration and evaluation assets | (110) | (110) |
(Increase) / decrease in cash deposits - other receivables | (2,270) | 4,000 |
Termination of farm-out transaction - NIS | - | 3,700 |
Property, plant and equipment | (4) | - |
Net cash (used in) / generated by investing activities | (2,362) | 5,599 |
Change in cash and cash equivalents | (4,799) | 2,215 |
Effect of exchange rates on cash & cash equivalents | (27) | (285) |
Cash and cash equivalents at beginning of year | 10,683 | 8,753 |
Cash and cash equivalents at end of year | 5,857 | 10,683 |
CONTACT DETAILS: |
||
Falcon Oil & Gas Ltd. Philip O'Quigley, CEO Anne Flynn, CFO |
+353 1 676 8702 +353 87 814 7042 +353 1 676 9162 |
|
Davy (NOMAD & Broker) John Frain / Anthony Farrell |
+353 1 679 6363 |
This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd's Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Aniversiteit Amsterdam, the Netherlands. He is a member of AAPG and EAGE.
All dollar amounts in this document are in United States dollars "$", 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
About Origin Energy
Origin Energy (ASX: ORG) is the leading Australian integrated energy company with market leading positions in energy retailing (approximately 4.3 million customers), power generation (approximately 6,000 MW of capacity owned and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe). To match its leadership in the supply of green energy, Origin also aspires to be the number one renewables company in Australia.
Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing Australia's biggest CSG to LNG project based on the country's largest 2P CSG reserves base.