Falcon Oil & Gas Ltd - Interim Results for Three Months Ended 31 March 2014
29 5월 2014 - 3:00PM
Marketwired
Falcon Oil & Gas Ltd - Interim Results for Three Months Ended
31 March 2014
DUBLIN, IRELAND--(Marketwired - May 29, 2014) - Falcon Oil &
Gas Ltd. (TSX-VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon" or the
"Company") announces that it has filed its results for the three
months ended 31 March 2014.
The following should be read in conjunction with the complete
Interim Financial Statements and the accompanying Management's
Discussion and Analysis for the three months period ended 31 March
2014 filed with the TSXV. These filings are available at
www.sedar.com and on Falcon's website at
www.falconoilandgas.com.
Highlights
- Transformational Farm-Out Agreement and Joint Operating
Agreements ("the Agreements") of Beetaloo permits, Northern
Territory, Australia to carry Falcon in a nine well exploration and
appraisal program over five years with Origin Energy Resources
Limited, a subsidiary of Origin Energy Limited ("Origin") and Sasol
Petroleum Australia Limited, a subsidiary of Sasol Limited
("Sasol"), "the Farminees".
- Drilling to commence following completion of the
Agreements.
- Origin and Sasol to pay Falcon A$20 million cash on completion
of the Agreements.
- Origin and Sasol to each earn 35% interest in the Permits.
- Falcon to retain a 30% interest in the Permits.
- Origin to be the Operator.
- Farminees will pay for the full cost of completing the first
five wells estimated at A$64, million, and will fund any cost
overruns. This work is expected to be completed within the first
three years.
- Farminees to pay the full cost of the following two
horizontally fracture stimulated wells, 90 day production tests and
micro seismic with a capped expenditure of A$53 million.
- Farminees to pay the full cost of the final two horizontally
fracture stimulated wells and 90 day production tests capped at
A$48 million.
- Spudding of the second well in Hungary, fully carried by Naftna
Industrija Srbije JSC ("NIS"),
- Continued focus on strict cost management and efficient
operation of the portfolio.
- Strong financial position, debt free with cash and cash
equivalents at US$6.9 million (31 December 2013: US$8.4
million).
Philip O'Quigley, CEO of Falcon commented:
"2014 has been a busy year for Falcon with the execution of the
Agreements with Origin and Sasol of our Beetaloo permits in the
Northern Territory Australia. Together with the A$20 million, the
deal is worth up to approximately A$200 million to Falcon. I can
confidently state that this carry and work programme is a great
deal for our shareholders. In addition, we have spudded the second
well in Hungary with our partner NIS. I look forward to updating
the market and making further announcements on the Group's progress
in due course."
Australia
Farm-out of Beetaloo permits, Northern Territory,
Australia
As announced on 2 May 2014, Falcon Australia has executed
definitive agreements including a 9 well Farm-Out Agreement and
Joint Operating Agreements (collectively "the Agreements") with
Origin and Sasol, to each farm into 35% of Falcon's Exploration
Permits in the Beetaloo Basin, Australia. The Agreements are
subject to conditions inter alia Government, statutory authority
consents and relevant Stock Exchange approvals.
Hungary Drilling
Spudding of second well in Hungary
As announced on 16 May 2014, the second of three exploration
wells "Besa-D-1", with our partner NIS to evaluate the gas
potential of the Algyő Formation at a depth of approximately 3,000
meters in the Makó Trough, Hungary has been spudded. The well
testing operations on the first well, Kútvölgy-1 are now completed.
The testing indicated that well production did not meet commercial
rates. Falcon, with our partner NIS, has discontinued testing
Kútvölgy-1, the well is to be plugged and abandoned. Falcon and NIS
are now focused on Besa-D-1.
Results for operating activities
Falcon incurred a loss of US$0.3 million in the three months
ended 31 March 2014, decreasing from a loss of US$4.7 million in
the three months ended 31 March 2013.
Falcon's cash and cash equivalent balance at 31 March 2014 was
US$6.9 million (31 December 2013: US$8.4 million).
Appointment of Communication Adviser
Falcon has retained Camarco as its communication adviser to
provide ongoing strategic and business advice with shareholders and
investors. The initial fee is £5,000 per month which will increase
to £6,000 after 3 months. Termination clauses are included in the
contract, which are at both parties' discretion. Engagement with
FTI Consulting, Falcon's previous communication adviser has now
ended.
The appointment of Camarco is subject to TSXV approval.
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
About Camarco
Camarco is a financial and corporate communications adviser with
specialist sector knowledge, particularly in energy and resources,
financial services, and the consumer industries.
For further information on Camarco please visit
www.camarco.co.uk
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 the type and number of wells and expected costs of the work
program under the Farm-out and the project being brought towards
commerciality. 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. |
|
Interim Condensed Consolidated Statement of Operations
and Comprehensive Loss |
|
(Unaudited) |
|
|
|
|
Three months ended 31 March 2014 $'000 |
|
Three months ended 31 March 2013 $'000 |
|
|
|
|
|
|
Revenue |
|
|
|
|
Oil and natural gas revenue |
10 |
|
3 |
|
|
10 |
|
3 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Exploration and evaluation expenses |
(198 |
) |
(198 |
) |
Production and operating expenses |
(7 |
) |
(5 |
) |
Depreciation |
(43 |
) |
(145 |
) |
General and administrative expenses |
(1,019 |
) |
(1,185 |
) |
Share
based compensation |
(195 |
) |
(95 |
) |
Foreign exchange loss |
(33 |
) |
- |
|
Other income |
137 |
|
237 |
|
|
(1,358 |
) |
(1,391 |
) |
|
|
|
|
|
Results from operating activities |
(1,348 |
) |
(1,388 |
) |
|
|
|
|
|
Fair
value gain / (loss) - outstanding warrants |
991 |
|
(1,881 |
) |
|
|
|
|
|
Finance income |
59 |
|
8 |
|
Finance expense |
(35 |
) |
(1,485 |
) |
Net
finance income (expense) |
24 |
|
(1,477 |
) |
|
|
|
|
|
Loss and comprehensive loss for the period |
(333 |
) |
(4,746 |
) |
|
|
|
|
|
Loss
and comprehensive loss attributable to: |
|
|
|
|
|
|
|
|
|
Equity holders of the company |
(329 |
) |
(4,701 |
) |
Non-controlling interests |
(4 |
) |
(45 |
) |
|
|
|
|
|
Loss and comprehensive loss for the period |
(333 |
) |
(4,746 |
) |
|
|
Loss per share attributable to equity holders of the
company: |
|
|
|
|
|
|
Basic and diluted |
($0.000 |
) |
($0.007 |
) |
|
|
|
|
|
|
|
|
|
|
Falcon Oil & Gas Ltd. |
|
Interim Condensed Consolidated Statement of Financial
Position |
|
(Unaudited) |
|
|
|
|
At 31 March 2014 $'000 |
|
At 31 December 2013 $'000 |
|
|
|
|
|
|
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Exploration and evaluation assets |
74,720 |
|
74,517 |
|
Property, plant and equipment |
5,366 |
|
5,403 |
|
Trade
and other receivables |
78 |
|
77 |
|
Restricted cash |
604 |
|
615 |
|
|
80,768 |
|
80,612 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash
and cash equivalents |
6,879 |
|
8,431 |
|
Trade and other receivables |
742 |
|
473 |
|
|
7,621 |
|
8,904 |
|
|
|
|
|
|
Total assets |
88,389 |
|
89,516 |
|
|
|
|
|
|
Equity and liabilities |
|
|
|
|
|
|
|
|
|
Equity attributable to owners of the parent |
|
|
|
|
Share
capital |
382,853 |
|
382,853 |
|
Contributed surplus |
42,658 |
|
42,463 |
|
Retained deficit |
(350,934 |
) |
(350,605 |
) |
|
74,577 |
|
74,711 |
|
Non-controlling interests |
733 |
|
737 |
|
Total equity |
75,310 |
|
75,448 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Non-current liabilities |
|
|
|
|
Derivative financial liabilities |
- |
|
448 |
|
Decommissioning provision |
11,155 |
|
11,138 |
|
|
11,155 |
|
11,586 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable and accrued expenses |
1,518 |
|
1,533 |
|
Derivative financial liabilities |
406 |
|
949 |
|
|
1,924 |
|
2,482 |
|
Total
liabilities |
13,079 |
|
14,068 |
|
|
|
|
|
|
Total equity and liabilities |
88,389 |
|
89,516 |
|
|
|
|
|
|
|
|
|
|
|
Falcon Oil & Gas Ltd. |
|
Interim Condensed Consolidated Statement of Cash
Flows |
|
(Unaudited) |
|
|
|
|
Three months ended 31 March |
|
|
2014 $'000 |
|
2013 $'000 |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
Net loss for the period |
(333 |
) |
(4,746 |
) |
Adjustments for: |
|
|
|
|
|
Share
based compensation |
195 |
|
95 |
|
|
Depreciation |
43 |
|
145 |
|
|
Fair
value (gain) / loss - outstanding warrants |
(991 |
) |
1,881 |
|
|
Net
finance (income) / expense |
(24 |
) |
1,477 |
|
|
Other |
33 |
|
(126 |
) |
Contribution to past costs - Chevron |
- |
|
1,000 |
|
Change in non-cash working capital |
(161 |
) |
(168 |
) |
Interest received |
17 |
|
6 |
|
Net cash used in operating activities |
(1,221 |
) |
(436 |
) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Exploration and evaluation assets |
(373 |
) |
- |
|
Proceeds from farm-out transaction - NIS |
- |
|
1,500 |
|
Property, plant and equipment |
(8 |
) |
- |
|
Net cash (used in) / generated by investing
activities |
(381 |
) |
1,500 |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from private placement |
- |
|
25,072 |
|
Transaction costs relating to private placement |
- |
|
(1,762 |
) |
Net cash from financing activities |
- |
|
23,310 |
|
|
|
|
|
|
Change in cash and cash equivalents |
(1,602 |
) |
24,374 |
|
Effect of exchange rates on cash & cash
equivalents |
50 |
|
(151 |
) |
|
|
|
|
|
Cash and cash equivalents at beginning of period |
8,431 |
|
2,884 |
|
|
|
|
|
|
Cash and cash equivalents at end of period |
6,879 |
|
27,107 |
|
Falcon Oil & Gas Ltd. +353 1 417 1900Philip O'Quigley, CEO
+353 87 814 7042John Craven Non-Executive Chairman +353 1 417
1900CamarcoBilly Clegg +44 20 3757 4983Georgia Mann +44 20 3757
4980Davy (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)
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