Authorization

Falcon Oil & Gas Ltd.: Filing of Interim Financial Statements

FALCON OIL & GAS LTD.
(a??Falcona?? or the a??Companya??)Filing of Interim Financial Statements24 May 2019 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, Euronext Growth: FAC) announces that it has filed its Interim Financial Statements for the three months ended 31 March 2019 and the accompanying Managementa??s Discussion and Analysis (a??MD&Aa??).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 2019, which are available on the Canadian System for Electronic Document Analysis and Retrieval (a??SEDARa??) at www.sedar.com and on Falcona??s website at www.falconoilandgas.com.Q1 2019 Financial Highlights

Strong financial position, debt free with cash of US$6.4 million at 31 March 2019 (31 December 2018: US$7 million).



Continued focus on cost management and efficient operation of the portfolio.


CONTACT DETAILS:

Falcon Oil & Gas Ltd. A



+353 1 676 8702



Philip O'Quigley, CEO



+353 87 814 7042



Anne Flynn, CFO



+353 1 676 9162



A



A



Davy (NOMAD, Euronext Growth Advisor & Joint Broker)



John Frain / Barry Murphy



+353 1 679 6363



A



A



RBC (Joint Broker)



A



Matthew Coakes / Martin Copeland



A+44 20 7653 4000



A



A



Cenkos Securities plc (Joint Broker)



A



Neil McDonald/Derrick Lee



+44 131 220 9771


Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)

A



Three months endedA
31 March 2019
$a??000



Three months endedA
31 March 2018
$a??000



A



A



A



Revenue



A



A



Oil and natural gas revenue



2



1



A



2



1



A



A



A



Expenses



A



A



Exploration and evaluation expenses



(41)



(41)



Production and operating expenses



(3)



(4)



General and administrative expenses



(459)



(504)



Share based compensation



(12)



(59)



Foreign exchange (loss) / gain



(51)



62



A



(566)



(546)



A



A



A



Results from operating activities



(564)



(545)



A



A



A



Fair value (loss) - outstanding warrant



(467)



(56)



A



A



A



Finance income



43



6



Finance expense



(57)



(60)



Net finance expense



(14)



(54)



A



A



A



Loss and comprehensive loss for the period



(1,045)



(655)



A



A



A



Loss and comprehensive loss attributable to:



A



A



A



A



A



Equity holders of the company



(1,044)



(655)



Non-controlling interests



A (1)



-



A



A



A



Loss and comprehensive loss for the period



(1,045)



(655)



A



Loss per share attributable to equity holders of the company:



A



A



A



Basic and diluted



($0.001)



($0.001)


Interim CondensedAConsolidated Statement of Financial Position
(Unaudited)

A



At 31 March
2019
$a??000



At 31 December
2018
$a??000



A



A



A



Assets



A



A



Non-current assets



A



A



Exploration and evaluation assets



39,707



39,705



Property, plant and equipment



2



2



Trade and other receivables



31



31



Restricted cash



2,248



2,294



A



41,988



42,032



A



A



A



Current assets



A



A



Cash and cash on deposit



6,438



6,967



Trade and other receivables



208



100



A



6,646



7,067



A



A



A



Total assets



48,634



49,099



A



A



A



Equity and liabilities



A



A



A



A



A



EquityAattributable to owners of the parent



A



A



Share capital



383,737



383,737



Contributed surplus



45,075



45,063



Retained deficit



(392,648)



(391,604)



A



36,164



37,196



Non-controlling interests



699



700



Total equity



36,863



37,896



A



A



A



LiabilitiesA



A



A



Non-current liabilities



A



A



Decommissioning provision



10,160



10,102



A



10,160



10,102



A



A



A



Current liabilities



A



A



Accounts payable and accrued expenses



665



622



Derivative financial liabilities



946



479



A



1,611



1,101



Total liabilities



11,771



11,203



A



A



A



Total equity and liabilities



48,634



49,099


INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)

A



Three months ended 31 March



A



2019
$a??000



2018
$a??000



A



A



A



Cash flows from operating activities



A



A



Net loss for the period



(1,045)



(655)



Adjustments for:



A



A



Share based compensation



12



59



Fair value loss - outstanding warrant



467



56



Net finance expense



14



54



Effect of exchange rates on operating activities



(51)



(62)



Change in non-cash working capital:



A



A



Trade and other receivables



(108)



(87)



Accounts payable and accrued expenses



140



90



Net cash used in operating activities



(571)



(545)



A



A



A



Cash flows from investing activities



A



A



Interest received



35



6



Decrease in cash deposits a?? other receivables



-



3,028



Exploration and evaluation assets



(2)



-



Net cash generated by investing activities



33



3,034



A



A



A



Change in cash and cash equivalents



(538)



2,489



Effect of exchange rates on cash & cash equivalents



9



(1)



A



A



A



Cash and cash equivalents at beginning of period



6,967



2,967



A



A



A



Cash and cash equivalents at end of period



6,438



5,455

AACash and cash on depositCash 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.A

A



31 MarchA
2019



31 December
2018



A



$a??000



$a??000



A



A



A



Cash and cash equivalents



6,438



6,967



Cash on deposit



-



-



A



A



A



A



6,438



6,967


All dollar amounts in this document are in United States dollars a??$a??, except as otherwise indicated.About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of 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.comNeither 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.A 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 Falcona??s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
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