Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

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
    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 Kutvolgy-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 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 
----------------------------------------------------------------------------
                                                                            
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             At 
                                                 31 December    31 December 
                                                        2013           2012 
                                                     US$'000        US$'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         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.

Contacts:
Falcon Oil & Gas Ltd.
Philip O'Quigley
CEO
+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
www.falconoilandgas.com

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
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. 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 sett...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
industrial company for a multi-year contract initially valued at over $4.0 million. In addition to DataV software, Bsquare will also provide comprehensive systems integration, support and maintenance services. DataV leverages advanced data analytics, predictive reasoning, data-driven diagnostics, and automated orchestration of remediation actions in order to improve asset uptime while reducing service and warranty costs.
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...