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Falcon Oil & Gas Ltd.: Full Year Results

ID: 1431460
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(businesspress24) - DUBLIN, IRELAND -- (Marketwired) -- 04/29/16 -- Falcon Oil & Gas Ltd. (TSX VENTURE: FO)(AIM: FOG)(ESM: FAC) is pleased to announce its financial results for the year ended 31 December 2015.

The following should be read in conjunction with the complete audited Financial Statements and the accompanying Management''s Discussion and Analysis ("MD&A") for the three and twelve months ended 31 December 2015.

2015 Highlights:

Operational

Financial

Philip O''Quigley, CEO of Falcon Oil & Gas commented:

"Operationally it has been a busy twelve months for Falcon, with the drilling of the joint venture''s first three wells in the Beetaloo Basin. Results have been encouraging with excellent gas shows encountered signalling the likelihood of high level of gas saturation which is a strong indication of the potential prospectively.

As announced yesterday, planning and preparation is underway for our 2016 Beetaloo basin programme. We look forward to updating the market as this progresses.

We continue to make solid progress in South Africa and were encouraged with the recent confirmation by the Petroleum Agency of South Africa that it expects to finalise a recommendation to the Minister of Mineral Resources on Falcon''s application for a shale gas exploration licence in South Africa''s Karoo Basin, by May 2016. We remain optimistic on securing a shale gas exploration licence in South Africa''s Karoo Basin in 2016.

Falcon is uniquely placed in this challenging oil price environment with its strong cash position, fully funded drilling programme and high quality assets.

With our fully funded 2016 Australian drilling campaign on track to commence next month and a decision expected from the South African DMR later this year, Falcon''s shareholders can look forward to another exciting year of exploration activity which has the potential to transform the value of your company."

Filing of Financial statements, MD&A, AIF and Reserves data

Falcon has filed its audited financial statements for the year ended 31 December 2015, the accompanying MD&A for year ended 31 December 2015 dated 28 April 2016, its Annual Information Form ("AIF") dated 28 April 2016 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 on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") at . The audited financial statements, MD&A and AIF are also available on Falcon''s website .

Communications update

The Group''s engagement with its public relations firm, Camarco has now ended.

Annual General & Special Meeting

As previously announced, Falcon''s Annual General and Special Shareholder Meeting will be held at Calgary Petroleum Club, 319 5th Avenue S.W., Calgary, AB T2P 0L6, Canada on 21 June 2016 at 11:00 a.m. (Calgary time).

A complete notice and related documents will be sent to the shareholders of record as at 10 May 2016 and will also be filed at and Falcon''s website at .

Falcon Oil & Gas Ltd.

Consolidated Statement of Operations and Comprehensive Loss

Falcon Oil & Gas Ltd.

Consolidated Statement of Financial Position

Falcon Oil & Gas Ltd.

Consolidated Statement of Cash flows

This announcement has been reviewed by Dr. Gabor Bada, Falcon Oil & Gas Ltd''s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eotvos L. University in Budapest, Hungary and his PhD at the Vrije Aniversiteit Amsterdam, the Netherlands. He is a member of AAPG and EAGE.

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

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 awarding of an exploration license in South Africa, to the type, number, schedule, 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 shale play and the prospect of the exploration programme being brought to commerciality. 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 & Gas Ltd.
+353 1 417 1900

Falcon Oil & Gas Ltd.
Philip O''Quigley, CEO
+353 87 814 7042

Falcon Oil & Gas Ltd.
Michael Gallagher, CFO
+353 1 417 0814

Davy (NOMAD & Broker)
John Frain / Anthony Farrell
+353 1 679 6363



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Date: 04/29/2016 - 06:00
Language: English
News-ID 1431460
Character count: 2859
Kontakt-Informationen:
Firma: Falcon Oil & Gas Ltd.
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Stadt: DUBLIN, IRELAND
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