Falcon Oil earns $199,000 (U.S.) in Q2

2020-08-28 06:39 ET - News Release

Mr. Philip O'Quigley report

FALCON OIL & GAS LTD. - FILING OF INTERIM FINANCIAL STATEMENTS

Falcon Oil & Gas Ltd. has filed its interim financial statements for the three and six months ended June 30, 2020, and the accompanying management's discussion and analysis (MD&A). All currency figures are in U.S. dollars.

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 June 30, 2020, which are available on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and on Falcon's website.

2020 financial highlights and other financial updates:

• Strong financial position, debt free with cash of $11.8-million (U.S.) at June 30, 2020 (Dec. 31, 2019: $13.1-million (U.S.));
• Continued focus on cost management and the efficient operation of the portfolio;
• On July 7, 2020, Falcon Australia agreed to a further extension of the call option up to and including April 30, 2022, to acquire its 22.5-per-cent portion of the 2-per-cent ORRI from the TOG Group. Following confirmation of registration of the additional extension from the Northern Territory government Falcon Australia will pay $150,000 (U.S.) to the TOG Group for granting the additional extension, with the cost of exercising the call option increasing from $5,625,000 (U.S.) to $6-million (U.S.).

                  INTERIM CONDENSED CONSOLIDATED STATEMENT OF 
                  OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
                               (in thousands)

                                         Three months ended    Six months ended
                                         June 30,  June 30,  June 30,  June 30,  
                                             2020      2019      2020      2019
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 (loss)                 -         -         -       (12)
Foreign exchange gain/(loss)                   17        24       (11)      (27)
                                             (618)     (530)   (1,089)   (1,096)
Results (loss) 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)
Income/(loss) and
comprehensive income/(loss)
attributable to
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 (cents) (loss)            0.001     0.001    (0.001)   (0.001)

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas is an international oil and 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.

We seek Safe Harbor.

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