Falcon Oil & Gas Ltd. : Filing of Interim Finan...

FALCON OIL & GAS LTD.
("Falcon" or the "Company")

Filing of Interim Financial Statements

11 May 2018 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) announces that it has filed its Interim Financial Statements for the three months ended 31 March 2018 and the accompanying Management's Discussion and Analysis ("MD&A").

The following should be read in conjunction with the complete unaudited unreviewed Interim Financial Statements and the accompanying MD&A for the three months ended 31 March 2018, which are available on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on Falcon's website at www.falconoilandgas.com.

2018 Financial Highlights

• Strong financial position, debt free with cash of US$8.5 million at 31 March 2018 (31 December 2017: US$9 million).
• Continued focus on cost management and efficient operation of the portfolio.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	[phone]
Philip O'Quigley, CEO	[phone]
Anne Flynn, CFO	[phone]
Davy (NOMAD & Broker)
John Frain / Barry Murphy	[phone]
RBC (Joint Broker)
Matthew Coakes / Martin Copeland	[phone]

		Three months ended  31 March 2018 $'000	Three months ended  31 March 2017 $'000
Revenue
Oil and natural gas revenue		1	3
		1	3
Expenses
Exploration and evaluation expenses		(41)	(67)
Production and operating expenses		(4)	(3)
Depreciation		-	(1)
General and administrative expenses		(504)	(477)
Share based compensation		(59)	(283)
Foreign exchange gain		62	4
		(546)	(827)
Results from operating activities		(545)	(824)
Fair value loss - outstanding warrant		(56)	(2,120)
Finance income		6	37
Finance expense		(60)	(48)
Net finance expense		(54)	(11)
Loss and comprehensive loss for the period		(655)	(2,955)
Loss and comprehensive loss attributable to:
Equity holders of the company		(655)	(2,954)
Non-controlling interests		-	(1)
Loss and comprehensive loss for the period		(655)	(2,955)
Loss per share attributable to equity holders of the company:
Basic and diluted		($0.001)	($0.003)

		At 31 March 2018 $'000	At 31 December 2017 $'000
Assets
Non-current assets
Exploration and evaluation assets		39,630	39,630
Property, plant and equipment		3	3
Trade and other receivables		33	33
Restricted cash		2,475	2,412
		42,141	42,078
Current assets
Cash and cash on deposit		8,455	8,995
Trade and other receivables		273	186
		8,728	9,181
Total assets		50,869	51,259
Equity and liabilities
Equity attributable to owners of the parent
Share capital		383,570	383,570
Contributed surplus		44,996	44,937
Retained deficit		(390,878)	(390,223)
		37,688	38,284
Non-controlling interests		701	701
Total equity		38,389	38,985
Liabilities
Non-current liabilities
Decommissioning provision		9,941	9,886
		9,941	9,886
Current liabilities
Accounts payable and accrued expenses		920	825
Derivative financial liabilities		1,619	1,563
		2,539	2,388
Total liabilities		12,480	12,274
Total equity and liabilities		50,869	51,259

		Three months ended 31 March
		2018 $'000	2017 $'000
Cash flows from operating activities
Net loss for the period		(655)	(2,955)
Adjustments for:
Share based compensation		59	283
Depreciation		-	1
Fair value loss - outstanding warrant		56	2,120
Net finance expense		54	11
Effect of exchange rates on operating activities		(62)	(3)
Change in non-cash working capital:
Trade and other receivables		(87)	(62)
Accounts payable and accrued expenses		90	79
Net cash used in operating activities		(545)	(526)
Cash flows from investing activities
Interest received		6	34
Decrease in cash deposits - other receivables		3,028	770
Net cash generated by investing activities		3,034	804
Cash flows from financing activities
Proceeds from the exercise of share options		-	458
Net cash generated by financing activities		-	458
Change in cash and cash equivalents		2,489	736
Effect of exchange rates on cash & cash equivalents		(1)	7
Cash and cash equivalents at beginning of period		2,967	5,857
Cash and cash equivalents at end of period		5,455	6,600

Cash and cash on deposit

Cash and cash equivalents includes cash on hand, deposits held on call with banks, other short term highly liquid investments with initial maturities of three months or less at inception and bank overdrafts where a legal right of offset exists. Cash on deposit represents cash on deposit with a maturity in excess of three months.

	31 March  2018	31 December 2017
	$'000	$'000
Cash and cash equivalents	5,455	2,967
Cash on deposit	3,000	6,028
	8,455	8,995

All dollar amounts in this document are in United States dollars "$", except as otherwise indicated.

About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd 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 focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd 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. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict.  Such information may include, but is not limited to comments made with respect to the type, number, schedule, stimulating, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, expected contributions of the partners, the prospectivity of the Middle Velkerri & Kyalla shale plays, the prospect of the exploration programme being brought to commerciality and the awarding of an exploration license in South Africa. 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.

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Source: Falcon Oil & Gas Ltd. via Globenewswire