Click here to close now.




















Welcome!

Microsoft Cloud Authors: Elizabeth White, Adine Deford, the Editor, Michael Krems, Xenia von Wedel

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
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as soon as they are needed to take action.
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts, GM of Platform at FinancialForce.com, will discuss the value of business applications on wearable ...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so they don't have to be replaced and are instantly converted to become smart, connected devices.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.