Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements

Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements



Filing of Interim Financial Statements

25 August 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three and six months ended 30 June 2023 and 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 six months ended 30 June 2023, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at https://www.sedarplus.ca and on Falcon’s website at www.falconoilandgas.com.

2023 financial highlights and other financial updates

  • Strong financial position, debt free with cash of US$15.7 million at 30 June 2023 (31 December 2022: US$16.8 million).
  • Continued focus on cost management and the efficient operation of the portfolio.


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
June 2023
Three months ended 30
June 2022
Six months ended 30
June 2023
Six months ended 30
June 2022
Oil and natural gas revenue----
Exploration and evaluation expenses(47)(37)(90)(77)
General and administrative expenses(578)(1,076)(1,175)(1,684)
Foreign exchange (loss) / gain(9)(129)47(174)
Results from operating activities(634)(1,242)(1,218)(1,935)
Finance income4421125
Finance expense(151)(83)(295)(143)
Net finance expense(107)(81)(183)(138)
Loss and comprehensive loss for the period(741)(1,323)(1,401)(2,073)
Loss and comprehensive loss attributable to:    
Equity holders of the company(740)(1,322)(1,398)(2,072)
Non-controlling interests(1)(1)(3)(1)
Loss and comprehensive loss for the period(741)(1,323)(1,401)(2,073)
Loss per share attributable to equity holders of the company:    
Basic and diluted(0.001 cent)(0.001 cent)(0.001 cent)(0.002 cent)

Interim Condensed Consolidated Statement of Financial Position (Unaudited)

  At 30 June
At 31 December
Non-current assets   
Exploration and evaluation assets 43,01442,977
Property, plant and equipment 57
Trade and other receivables 2020
Restricted cash 2,1412,090
Current assets   
Cash and cash equivalents 15,65816,785
Trade and other receivables 11079
Total assets 60,94861,958
Equity and liabilities   
Equity attributable to owners of the parent   
Share capital 402,120402,120
Contributed surplus 47,29447,063
Retained deficit (405,258)(403,860)
Non-controlling interests 698701
Total equity 44,85446,024
Non-current liabilities   
Decommissioning provision 15,75315,602
Current liabilities   
Accounts payable and accrued expenses 341332
Total liabilities 16,09415,934
Total equity and liabilities 60,94861,958

Interim Condensed Consolidated Statement of Cash Flows (Unaudited)

  Six months ended 30 June
Cash flows from operating activities   
Net loss for the period (1,401)(2,073)
Adjustments for:   
Share based compensation 231483
Depreciation 23
Net finance expense 173138
Effect of exchange rates on operating activities (47)174
Change in non-cash working capital:   
Increase in trade and other receivables (31)(35)
Increase / (decrease) in accounts payable and accrued expenses 6(63)
Net cash used in operating activities (1,067)(1,373)
Cash flows from investing activities   
Interest received 1225
Exploration and evaluation assets (37)(44)
Net cash generated from/ (used in) investing activities 85(39)

Cash flows from financing activities
Net proceeds from private placement 09,950
Net cash generated from financing activities

Change in cash and cash equivalents (982)8,538
Effect of exchange rates on cash & cash equivalents (145)(37)
Cash and cash equivalents at beginning of period 16,7858,894
Cash and cash equivalents at end of period 15,65817,395

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.