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Falcon Oil & Gas Ltd - Filing of Interim Financial Statements

Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd.

FALCON OIL & GAS LTD.

(“Falcon)

Filing of Interim Financial Statements

23 May 2024 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three months ended 31 March 2024 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 2024, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and on Falcon’s website at www.falconoilandgas.com.

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Q1 2024 Financial Highlights

  • Debt free with cash of $4.3 million at 31 March 2024 (31 December 2023: $8.0 million).

    • As announced on 22 April 2024, Falcon raised $8.9 million which included gross proceeds of c. $4.9 million through the subscription and placing of new common shares and a further $4 million on the granting of overriding royalty interests.

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

Ends.

For further information, please contact:

CONTACT DETAILS:

Falcon Oil & Gas Ltd.

+353 1 676 8702

Philip O’Quigley, CEO

+353 87 814 7042

Anne Flynn, CFO

+353 1 676 9162

 

Cavendish Capital Markets Limited (NOMAD & Joint Broker)

Neil McDonald / Adam Rae

+44 131 220 9771

 

 

Tennyson Securities (Joint Broker)

 

Peter Krens

+44 20 7186 9033


Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)

 

 

 

Three months ended
31 March 2024
$’000

Three months ended
31 March 2023
$’000

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Oil and natural gas revenue

 

 

-

-

 

 

 

 

 

-

-

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

Exploration and evaluation expenses

 

 

(44)

(43)

 

 

General and administrative expenses

 

 

(528)

(597)

 

 

Foreign exchange gain

 

 

120

56

 

 

 

 

 

(452)

(584)

 

 

 

 

 

 

 

 

 

Results from operating activities

 

 

(452)

(584)

 

 

 

 

 

 

 

 

 

Finance income

 

 

8

68

 

 

Finance expense

 

 

(362)

(144)

 

 

Net finance expense

 

 

(354)

(76)

 

 

 

 

 

 

 

 

 

Loss and comprehensive loss for the period

 

 

(806)

(660)

 

 

 

 

 

 

 

 

 

Loss and comprehensive loss attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity holders of the company

 

 

(804)

(658)

 

 

Non-controlling interests

 

 

(2)

(2)

 

 

 

 

 

 

 

 

 

Loss and comprehensive loss for the period

 

 

(806)

(660)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share attributable to equity holders of the company:

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

($.001)

($0.001)

 

 


Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)

 

 

At 31 March
2024
$’000

At 31 December
2023
$’000

 

 

 

 

Assets

 

 

 

Non-current assets

 

 

 

Exploration and evaluation assets

 

52,462

51,287

Property, plant and equipment

 

1

2

Trade and other receivables

 

25

26

Restricted cash

 

2,116

2,176

 

 

54,604

53,491

 

 

 

 

Current assets

 

 

 

Cash and cash equivalents

 

4,289

7,992

Trade and other receivables

 

139

54

 

 

4,428

8,046

 

 

 

 

Total assets

 

59,032

61,537

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

Equity attributable to owners of the parent

 

 

 

Share capital

 

402,120

402,120

Contributed surplus

 

47,415

47,379

Deficit

 

(408,001)

(407,197)

 

 

41,534

42,302

Non-controlling interests

 

695

697

Total equity

 

42,229

42,999

 

 

 

 

Liabilities 

 

 

 

Non-current liabilities

 

 

 

Decommissioning provision

 

16,240

16,204

 

 

16,240

16,204

 

 

 

 

Current liabilities

 

 

 

Accounts payable and accrued expenses

 

563

2,334

 

 

563

2,334

 

 

 

 

Total liabilities

 

16,803

18,538

 

 

 

 

Total equity and liabilities

 

59,032

61,537


Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)

 

 

Three months ended 31 March

 

 

2024
$’000

2023
$’000

 

 

 

 

Cash flows from operating activities

 

 

 

Net loss for the period

 

(806)

(660)

Adjustments for:

 

 

 

Share based compensation

 

36

137

Depreciation

 

1

1

Net finance expense

 

354

66

Effect of exchange rates on operating activities

 

(120)

(56)

Change in non-cash working capital:

 

 

 

Increase in trade and other receivables

 

(83)

(61)

Increase in accounts payable and accrued expenses

 

7

51

Net cash used in operating activities

 

(611)

(522)

 

 

 

 

Cash flows from investing activities

 

 

 

Interest received

 

8

78

Exploration and evaluation assets

 

(2,869)

(2)

Net cash (used in) / generated by investing activities

 

(2,861)

76

 

 

 

 

Change in cash and cash equivalents

 

(3,472)

(446)

Effect of exchange rates on cash and cash equivalents

 

(231)

(70)

 

 

 

 

Cash and cash equivalents at beginning of period

 

7,992

16,785

 

 

 

 

Cash and cash equivalents at end of period

 

4,289

16,269

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 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.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. 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.sedarplus.ca.

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