Falcon Oil & Gas Ltd. (AIM:FOG)(ESM:FAC)(TSX VENTURE:FO) announces that it has filed its Interim Financial Statements for the three and nine months ended 30 September 2016.
2016 Operational Highlights
- The Notification of Discovery issued by Origin Energy Resources Limited in October 2016 is an exciting development and we look
- forward to updating the market when the resource evaluation is concluded.
- The introduction of a moratorium on hydraulic fracturing will delay the completion of the nine well drilling programme. Origin intends meeting with the Department of Primary Industry and Resources of the Northern Territory, Australia soon to agree a revised timetable due to the delays the moratorium will have on the drilling and exploration programme. We will update the market once a revised timetable has been agreed.
- Processing of Falcon's exploration license application in South Africa's Karoo Basin continues and the South African Department of Mineral Resources is expected to issue licences in 2017.
2016 Financial Highlights
- Strong financial position, debt free with cash of US$10.6 million at 30 September 2016 (31 December 2015: US$12.7 million).
- Continued focus on strict cost management and efficient operation of the portfolio.
- General and administrative expenses decreased 13% period on period to US$1.6 million (2015: US$1.8 million).
Holdings in Company
Falcon has been informed Renova Asset Holding Ltd., a subsidiary of Renova Holding Ltd. ("Renova Holding")
acquired beneficial ownership of 6,273,500 common shares ("Shares") of Falcon at US$0.0904, representing
approximately 0.68% of Falcon's issued and outstanding Shares.
Following the acquisition, Renova Holding has a beneficial ownership over an aggregate of 157,083,634 Shares,
representing approximately 17.05% of Falcon's issued and outstanding Shares.