Falcon Oil & Gas Ltd - Filing of Interim Financial Statements

Falcon Oil & Gas Ltd - Filing of Interim Financial Statements

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.

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  12056  
   (452)(584)  
       
Results from operating activities  (452)(584)  
       
Finance income  868  
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 52,46251,287
Property, plant and equipment 12
Trade and other receivables 2526
Restricted cash 2,1162,176
  54,60453,491
    
Current assets   
Cash and cash equivalents 4,2897,992
Trade and other receivables 13954
  4,4288,046
    
Total assets 59,03261,537
    
Equity and liabilities   
    
Equity attributable to owners of the parent   
Share capital 402,120402,120
Contributed surplus 47,41547,379
Deficit (408,001)(407,197)
  41,53442,302
Non-controlling interests 695697
Total equity 42,22942,999
    
Liabilities    
Non-current liabilities   
Decommissioning provision 16,24016,204
  16,24016,204
    
Current liabilities   
Accounts payable and accrued expenses 5632,334
  5632,334
    
Total liabilities 16,80318,538
    
Total equity and liabilities 59,03261,537


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 36137
Depreciation 11
Net finance expense 35466
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 751
Net cash used in operating activities (611)(522)
    
Cash flows from investing activities   
Interest received 878
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 7,99216,785
    
Cash and cash equivalents at end of period 4,28916,269

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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