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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

25 November 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three and nine months ended 30 September 2022 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 and nine months ended 30 September 2022, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and on Falcon’s website at www.falconoilandgas.com.

2022 financial highlights and other financial updates

  • Strong financial position, debt free with cash of US$16.9 million at 30 September 2022 (31 December 2021: US$8.9 million).

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

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

 

Cenkos Securities plc (NOMAD & Broker)

 

Neil McDonald / Derrick Lee

+44 131 220 9771

 

 

 

 

 

 


Interim Condensed Consolidated Statement of Operations and Comprehensive Loss

(Unaudited)

 

Three months ended 30
September 2022
$’000

Three months ended 30
September 2021
$’000

Nine months ended 30
September 2022
$’000

Nine months ended 30
September 2021
$’000

 

 

 

 

 

Revenue

 

 

 

 

Oil and natural gas revenue

-

-

-

2

 

-

-

-

2

 

 

 

 

 

Expenses

 

 

 

 

Exploration and evaluation expenses

(29)

(46)

(106)

(128)

General and administrative expenses

(542)

(665)

(2,226)

(2,327)

Foreign exchange loss

(116)

(60)

(290)

(178)

 

(687)

(771)

(2,622)

(2,633)

 

 

 

 

 

Results from operating activities

(687)

(771)

(2,622)

(2,631)

 

 

 

 

 

Finance income

10

-

15

3

Finance expense

(145)

(71)

(288)

(197)

Net finance expense

(135)

(71)

(273)

(194)

 

 

 

 

 

Loss and comprehensive loss for the period

(822)

(842)

(2,895)

(2,825)

 

 

 

 

 

Loss and comprehensive loss attributable to:

 

 

 

 

 

 

 

 

 

Equity holders of the company

(822)

(841)

(2,894)

(2,823)

Non-controlling interests

-

(1)

(1)

(2)

 

 

 

 

 

Loss and comprehensive loss for the period

(822)

(842)

(2,895)

(2,825)

 

 

 

 

 

Loss per share attributable to equity holders of the company:

 

 

 

 

Basic and diluted

(0.001 cent)

(0.001 cent)

(0.003 cent)

(0.003 cent)


Interim Condensed Consolidated Statement of Financial Position

(Unaudited)

 

 

At 30 September
2022
$’000

At 31 December
2021
$’000

 

 

 

 

Assets

 

 

 

Non-current assets

 

 

 

Exploration and evaluation assets

 

40,270

40,197

Property, plant and equipment

 

9

13

Trade and other receivables

 

19

22

Restricted cash

 

1,920

2,239

 

 

42,218

42,471

 

 

 

 

Current assets

 

 

 

Cash and cash equivalents

 

16,905

8,894

Trade and other receivables

 

97

74

 

 

17,002

8,968

 

 

 

 

Total assets

 

59,220

51,439

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

Equity attributable to owners of the parent

 

 

 

Share capital

 

402,120

392,170

Contributed surplus

 

46,884

46,254

Retained deficit

 

(402,760)

(399,866)

 

 

46,244

38,558

Non-controlling interests

 

697

698

Total equity

 

46,941

39,256

 

 

 

 

Liabilities 

 

 

 

Non-current liabilities

 

 

 

Decommissioning provision

 

11,949

11,775

 

 

11,949

11,775

 

 

 

 

Current liabilities

 

 

 

Accounts payable and accrued expenses

 

330

408

 

 

330

408

 

 

 

 

Total liabilities

 

12,279

12,183

 

 

 

 

Total equity and liabilities

 

59,220

51,439


Interim Condensed Consolidated Statement of Cash Flows

(Unaudited)

 

 

Nine months ended 30 September

 

 

2022
$’000

2021
$’000

 

 

 

 

Cash flows from operating activities

 

 

 

Net loss for the period

 

(2,895)

(2,825)

Adjustments for:

 

 

 

Share based compensation

 

630

981

Depreciation

 

4

3

Net finance expense

 

273

194

Effect of exchange rates on operating activities

 

290

178

Transfer of Canadian working interests

 

-

(28)

Change in non-cash working capital:

 

 

 

(Increase) / decrease in trade and other receivables

 

(20)

23

Decrease in accounts payable and accrued expenses

 

(68)

(8)

Net cash used in operating activities

 

(1,786)

(1,482)

 

 

 

 

Cash flows from investing activities

 

 

 

Interest received

 

15

3

Property plant and equipment

 

-

(13)

Exploration and evaluation assets

 

(70)

(160)

Net cash used in investing activities

 

(55)

(170)

 

 

 

 

Cash flows from financing activities

 

 

 

Net proceeds from private placement

 

9,950

-

Net cash generated from financing activities

 

9,950

-

Change in cash and cash equivalents

 

8,109

(1,652)

Effect of exchange rates on cash and cash equivalents

 

(98)

(15)

Cash and cash equivalents at beginning of period

 

8,894

11,036

 

 

 

 

Cash and cash equivalents at end of period

 

16,905

9,369

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.sedar.com.