Microsoft Cloud Authors: Elizabeth White, Yeshim Deniz, Serafima Al, Janakiram MSV, John Katrick

News Feed Item

Falcon Oil & Gas Ltd. Announces the Filing of Its 2013 Financial Statements, MD&A, AIF and Reserves Data

DUBLIN, IRELAND -- (Marketwired) -- 05/01/14 -- 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
--  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 Kutvolgy-1. Progress to date on all of these fronts is in line with our expectations, we will make further announcements in due course."


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 Kutvolgy-1 well in Hungary have started. Kutvolgy-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 Kutvolgy-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 GBP 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      Year ended 
                                                31 December     31 December 
                                                       2013            2012 
                                                    US$'000         US$'000 
Oil and natural gas revenue                              17              21 
                                                         17              21 
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             At 
                                                 31 December    31 December 
                                                        2013           2012 
                                                     US$'000        US$'000 
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 
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         2012 
                                                       US$'000      US$'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'Quigley
+353 87 814 7042 or +353 1 417 1900

Falcon Oil & Gas Ltd.
John Craven
Non-Executive Chairman
+353 1 417 1900 or +353 1 417 1900

FTI Consulting
Edward Westropp
+44 207 269 7230

Davy (NOMAD & Joint Broker)
John Frain / Anthony Farrell
+353 1 679 6363

GMP Securities Europe LLP (Joint Broker)
Rob Collins / Liz Williamson
+44 20 7647 2800

Cantor Fitzgerald Europe (Joint Broker)
David Porter / Richard Redmayne
+44 207 894 7000

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
DXWorldEXPO LLC announced today that "Miami Blockchain Event by FinTechEXPO" has announced that its Call for Papers is now open. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expe...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER give you detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPO also offers s...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...