Falcon Oil & Gas Ltd. Announces the Filing of Its 2013 Financial Statements, MD&A, AIF and Reserves Data
01 5월 2014 - 3:00PM
Marketwired
Falcon Oil & Gas Ltd. Announces the Filing of Its 2013
Financial Statements, MD&A, AIF and Reserves Data
DUBLIN, IRELAND--(Marketwired - May 1, 2014) - Falcon Oil &
Gas Ltd. (TSX-VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon") announces
that it has filed its audited financial statements for the year
ended 31 December 2013, the accompanying management's discussion
and analysis ("MD&A") for year ended 31 December 2013 dated 29
April 2014, its Annual Information Form ("AIF") dated 29 April 2014
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 at www.sedar.com. The
audited financial statements and MD&A are also available on
Falcon's website www.falconoilandgas.com.
The following should be read in conjunction with the complete
audited financial statements for the year ended 31 December 2013
and the accompanying MD&A for the year ended 31 December
2013.
2013-2014 Highlights
- Farm-out discussions advancing in Australia.
- Consolidation of interest in Australian subsidiary
completed.
- The Overriding Royalty, Beetaloo Basin, Australia reduced.
- Drilling and testing of first well in Hungary, fully carried by
Naftna Industrija Srbije JSC ("NIS").
- Admission to trading on AIM and ESM - successfully raising
US$25.7 million of new capital.
- Focus on strict cost management and efficient operation of the
portfolio.
- Healthy financial position, debt free with cash and cash
equivalents at US$8.4 million.
Philip O'Quigley, CEO of Falcon commented:
"We have had an extremely busy 2013 and Quarter 1 2014. Our
immediate attention is now focused on securing a new farm-out
partner for our acreage in Australia and the completion of testing
of Kútvölgy-1. Progress to date on all of these fronts is in line
with our expectations, we will make further announcements in due
course."
Australia
Farm-out discussions in Australia advancing
Further to previous press releases, Falcon was approached by
several oil and gas companies interested in farming into the
Beetaloo Basin. Falcon is well advanced in its discussions with a
number of those companies.
Consolidation of interest in Australian subsidiary
In July 2013 Falcon completed the acquisition of a 25.4%
minority interest in Falcon Australia consolidating the Group's
interest at 98% of the company.
Reducing the Overriding Royalty, Beetaloo Basin,
Australia
On 1 November 2013, Falcon announced that Falcon Australia, had
entered into an agreement ("the CRIAG Agreement") with CR
Innovations AG ("CRIAG") to acquire its 4% Overriding Royalty
Interest ("ORRI") relating to its exploration permits in the
Beetaloo Basin. On 17 December 2013, Falcon announced that Falcon
Australia, had entered into an agreement with Malcolm John Gerrard,
Territory Oil & Gas LLC and Tom Dugan Family Partnership LLC
(collectively "TOG Group") to acquire up to 7% (seven eighths) of
the remaining 8% private ORRI over Falcon Australia's exploration
permits in the Beetaloo Basin. The completing of the two agreements
to acquire 8% of the privately held ORRI at a total cost of US$7
million, of which US$6 million is payable only upon completion of a
Farm-Out in Australia. In addition, the Group has secured agreement
to acquire a further 3% based on two five year call options granted
to Falcon at a future combined cost of US$20 million leaving only a
1% royalty in private hands.
Hungary Drilling
The well testing operations on the Kútvölgy-1 well in Hungary
have started. Kútvölgy-1 is the first of a three well drilling and
testing programme fully funded by NIS, to evaluate the gas
potential of the Algyo Formation in Falcon's Mako trough permit.
The testing objectives are to determine reservoir quality and gas
productivity from the target Algyo formation encountered in
Kútvölgy-1.
Admission to trading on AIM and ESM
In March 2013, Falcon was admitted to trading on the AIM market
of the London Stock Exchange and the ESM market of the Irish Stock
Exchange of the Company's existing share capital and the additional
120,381,973 new common shares in the capital of the Company issued
pursuant to the concurrent conditional brokered private placing, at
a price of £0.14 (CDN$0.215) per share, raising gross proceeds of
$25.7 million.
Debt repayment
In June 2013, Falcon repaid the full amount outstanding on its
Convertible Loan Note of CDN$10.7 million. This repayment means
that the Group is now completely debt free.
Results for operating activities
Falcon incurred a loss of US$3.6 million in the year ended 31
December 2013, decreasing from a loss of US$17.7 million in the
year ended 31 December 2012.
Falcon's cash and cash equivalent balance at 31 December 2013
was US$8.4 million (31 December 2012: US$2.9 million).
Falcon Oil & Gas Ltd. |
Consolidated Statement of Operations and
Comprehensive Loss |
|
|
|
Year ended 31 December 2013 US$'000 |
|
Year ended 31 December 2012 US$'000 |
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Oil and natural gas revenue |
|
17 |
|
|
21 |
|
|
|
17 |
|
|
21 |
|
Expenses |
|
|
|
|
|
|
Exploration and evaluation expenses |
|
(899 |
) |
|
(1,654 |
) |
Production and operating expenses |
|
(27 |
) |
|
(37 |
) |
Depreciation |
|
(307 |
) |
|
(342 |
) |
General and administrative expenses |
|
(4,656 |
) |
|
(6,206 |
) |
Share
based compensation |
|
(693 |
) |
|
(2,380 |
) |
Restructuring expense |
|
- |
|
|
(792 |
) |
Write-down of inventory |
|
- |
|
|
(552 |
) |
Foreign exchange gain |
|
326 |
|
|
- |
|
Other income |
|
683 |
|
|
276 |
|
|
|
(5,573 |
) |
|
(11,687 |
) |
|
|
|
|
|
|
|
Results from operating activities |
|
(5,556 |
) |
|
(11,666 |
) |
|
|
|
|
|
|
|
Fair
value gain / (loss) - outstanding warrants |
|
3,895 |
|
|
(2,019 |
) |
|
|
|
|
|
|
|
Finance Income |
|
601 |
|
|
81 |
|
Finance expense |
|
(2,510 |
) |
|
(4,111 |
) |
Net
finance expense |
|
(1,909 |
) |
|
(4,030 |
) |
|
|
|
|
|
|
|
Loss and comprehensive loss for the year |
|
(3,570 |
) |
|
(17,715 |
) |
|
|
|
|
|
|
|
Loss
and comprehensive loss attributable to: |
|
|
|
|
|
|
Equity holders of the company |
|
(3,411 |
) |
|
(17,441 |
) |
Non-controlling interest |
|
(159 |
) |
|
(274 |
) |
|
|
|
|
|
|
|
Loss and comprehensive loss for the year |
|
(3,570 |
) |
|
(17,715 |
) |
|
|
|
|
|
|
|
Loss
per share attributable to equity holders of the company: |
|
|
|
|
|
|
Basic and diluted |
$ |
(0.004 |
) |
$ |
(0.03 |
) |
|
Falcon Oil & Gas Ltd. |
Consolidated Statement of Financial
Position |
|
|
|
At 31 December 2013 US$'000 |
|
At 31 December 2012 US$'000 |
|
|
|
|
|
|
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Exploration and evaluation assets |
74,517 |
|
74,019 |
|
Property, plant and equipment |
5,403 |
|
5,703 |
|
Trade
and other receivables |
77 |
|
778 |
|
Restricted cash |
615 |
|
873 |
|
|
80,612 |
|
81,373 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash
and cash equivalents |
8,431 |
|
2,884 |
|
Trade and other receivables |
473 |
|
1,756 |
|
|
8,904 |
|
4,640 |
|
|
|
|
|
|
Total assets |
89,516 |
|
86,013 |
|
|
|
|
|
|
Equity and liabilities |
|
|
|
|
|
|
|
|
|
Equity attributable to owners of the parent |
|
|
|
|
Share
capital |
382,853 |
|
339,334 |
|
Contributed surplus |
42,463 |
|
41,858 |
|
Retained deficit |
(350,605 |
) |
(334,279 |
) |
|
74,711 |
|
46,913 |
|
Non-controlling interests |
737 |
|
10,882 |
|
Total equity |
75,448 |
|
57,795 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Non-current liabilities |
|
|
|
|
Derivative financial liabilities |
448 |
|
5,292 |
|
Decommissioning provision |
11,138 |
|
10,955 |
|
|
11,586 |
|
16,247 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable and accrued expenses |
1,533 |
|
3,122 |
|
Convertible debentures |
- |
|
8,773 |
|
Derivative financial liabilities |
949 |
|
26 |
|
Decommissioning provision |
- |
|
50 |
|
|
2,482 |
|
11,971 |
|
Total
liabilities |
14,068 |
|
28,218 |
|
|
|
|
|
|
Total equity and liabilities |
89,516 |
|
86,013 |
|
|
Falcon Oil & Gas Ltd. |
Consolidated Statement of Cash Flows |
|
|
|
|
|
Year Ended 31 December |
|
|
2013 US$'000 |
|
2012 US$'000 |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
Net loss for the year |
(3,570 |
) |
(17,715 |
) |
Adjustments for: |
|
|
|
|
|
Share
based compensation |
693 |
|
2,380 |
|
|
Depreciation |
307 |
|
342 |
|
|
Fair
value (gain) / loss - outstanding warrants |
(3,895 |
) |
2,019 |
|
|
Net
finance expense |
1,909 |
|
4,030 |
|
|
Other |
(383 |
) |
- |
|
Contribution to past costs - Chevron |
1,000 |
|
- |
|
Change in non-cash working capital |
(854 |
) |
668 |
|
Interest paid |
(573 |
) |
(1,061 |
) |
Interest received |
102 |
|
66 |
|
Net cash used in operating activities |
(5,264 |
) |
(9,271 |
) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Decrease / (increase) in restricted cash |
258 |
|
(335 |
) |
Exploration and evaluation assets |
(1,964 |
) |
(2,834 |
) |
Proceeds from farm-out transaction - NIS |
1,500 |
|
- |
|
Property, plant and equipment |
(32 |
) |
(325 |
) |
Net cash used in investing activities |
(238 |
) |
(3,494 |
) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from exercise of share options |
112 |
|
152 |
|
Proceeds from private placement - March 2013 |
25,672 |
|
- |
|
Transaction costs relating to private placement - March
2013 |
(2,157 |
) |
- |
|
Repayment of 11% debenture |
(10,197 |
) |
- |
|
Share acquisition in Falcon Oil & Gas Australia Ltd
("Falcon Australia") |
(3,000 |
) |
- |
|
Transaction costs associated with share acquisition in
Falcon Australia |
(97 |
) |
- |
|
Net cash from financing activities |
10,333 |
|
152 |
|
|
|
|
|
|
Change in cash and cash equivalents |
4,831 |
|
(12,613 |
) |
Effect of exchange rates on cash & cash
equivalents |
716 |
|
139 |
|
|
|
|
|
|
Cash and cash equivalents at beginning of year |
2,884 |
|
15,358 |
|
|
|
|
|
|
Cash and cash equivalents at end of year |
8,431 |
|
2,884 |
|
Glossary of terms
US$ |
United States dollar |
CDN$ |
Canadian dollar |
About Falcon Oil & Gas Ltd.
Falcon 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
spread between Australia, South Africa and Hungary. Falcon 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, including comments made with respect
to when payments due under the CRIAG and TOG agreements will be
made and with respect to the progress of securing a Farm-out
agreement. 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.
Falcon Oil & Gas Ltd.Philip O'QuigleyCEO+353 87 814 7042 or
+353 1 417 1900Falcon Oil & Gas Ltd.John CravenNon-Executive
Chairman+353 1 417 1900 or +353 1 417
1900www.falconoilandgas.comFTI ConsultingEdward Westropp+44 207 269
7230Davy (NOMAD & Joint Broker)John Frain / Anthony Farrell+353
1 679 6363GMP Securities Europe LLP (Joint Broker)Rob Collins / Liz
Williamson+44 20 7647 2800Cantor Fitzgerald Europe (Joint
Broker)David Porter / Richard Redmayne+44 207 894 7000
Falcon Oil and Gas (TSXV:FO)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Falcon Oil and Gas (TSXV:FO)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024