Falcon Oil & Gas Ltd. Announces its Interim Results & Filing of its Financial Statements and Accompanying MD&A: Six Months Ended 30 June 2013
(firmenpresse) - DUBLIN, IRELAND -- (Marketwired) -- 08/29/13 -- Falcon Oil & Gas Ltd. (TSX VENTURE: FO)(AIM: FOG)(ESM: FAC) ("Falcon") announces its results for the six months ended 30 June 2013; and that it has filed its Interim Financial Statements with the TSXV for the six months period ended 30 June 2013 and the accompanying Management's Discussion and Analysis.
The following should be read in conjunction with the complete Interim Financial Statements and the accompanying Management's Discussion and Analysis for the 6 months period ended 30 June 2013. These filings are available at and on Falcon's website at .
Highlights
Australia
Falcon completed the acquisition of Sweetpea Petroleum Pty Ltd's 24% minority interest in its subsidiary Falcon Oil & Gas Australia Ltd ("Falcon Australia"). Falcon Australia is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin, Northern Territory, Australia. Following the completion of the share purchase, Falcon owns 200 million shares in Falcon Australia representing 96.9% of the issued share capital of Falcon Australia. Falcon is consolidating its interest in this high potential asset. The extensive seismic program carried out and funded by Hess over the past two years added to Falcon's confidence in the resource potential of this basin. In addition Falcon is in the process of purchasing shares from certain of the remaining shareholders in Falcon Australia.
Falcon has retained its interest the Beetaloo permits after Hess' request to defer its drilling decision was rejected by the Falcon Board. Falcon regards the Beetaloo Basin as a potential world class conventional and unconventional play with significant oil and gas potential. Hess requested a one month extension to allow them sufficient time to conclude a farm-out deal with a third party. Falcon's rejection of their request and Hess's subsequent decision not to elect by the agreed deadline was viewed by the Board of Falcon as an opportunity for Falcon shareholders to increase their interest in what promises to be a basin enhanced and de-risked by the new seismic data.
Hungary Drilling
Initial drilling operations on the Kutvolgy-1 well have ceased, the well having reached total depth ("TD") of 3,305 metres. As expected, the top of the Algyo formation was encountered at 2,985 metres; the well then penetrating an alternating sequence of sandstones, siltstones and shales over a gross interval of 320 metres to TD, with gas shows throughout. Two conventional cores have been taken and extensive wireline logs were run. As planned the well has been cased to TD and is now suspended while further technical evaluation is undertaken prior to carrying out an appropriate testing programme later this year.
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 (GBP 16.9 million).
Debt repayment
Falcon repaid the full amount outstanding on its Convertible Loan Note of CDN$10.657 million. This repayment means that the Company is now completely debt free.
Results for operating activities
The Group incurred a loss of US$3.2 million in the six months ended 30 June 2013, decreased from a loss of US$6.4 million in the six months ended 30 June 2012.
The Group's cash and cash equivalent balance at 30 June 2013 was US$14.7 million (31 December 2012: US$2.9 million).
Philip O'Quigley, CEO of Falcon commented:
"We have been extremely busy during the first half of 2013, successfully raising US$25.7 million of new capital, achieving debt-free status and significantly reducing our operating loss.
Our attention has now switched to securing a new farm-out on our acreage in Australia, preparing for the testing of the Kutvolgy-1 well in Hungary and working with Chevron under our Cooperation Agreement in South Africa. Based on progress to-date on all of these fronts we expect the second half of 2013 to be even busier."
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 .
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. 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 .
Contacts:
Falcon Oil and Gas Ltd.
+353 1 417 1900
Philip O'Quigley, CEO
+353 87 814 7042
FTI Consulting
Billy Clegg: +44 207 269 7157
Edward Westropp: +44 207 269 7230
Natalia Erikssen: +44 207 269 9348
Davy (NOMAD & Joint Broker)
John Frain/Anthony Farrell
+353 1 679 6363
GMP Securities Europe LLP (Joint Broker)
Rob Collins/Alexandra Carse
+44 20 7647 2800
Cantor Fitzgerald Europe (Joint Broker)
Stewart Dickson/Richard Redmayne/Julian Erleigh
+44 207 894 7000
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Datum: 29.08.2013 - 06:00 Uhr
Sprache: Deutsch
News-ID 291942
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