Filing of Interim Financial Statements

Falcon Oil & Gas

20/05/2025 07:00

FALCON OIL & GAS LTD.

(“Falcon”)

Filing of Interim Financial Statements

20 May 2025 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three months ended 31 March 2025 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 2025, 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 2025 Financial Highlights

Debt free with cash of $6.9 million at 31 March 2025 (31 December 2024: $6.8 million).

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 & Broker)
Neil McDonald / Adam Rae
+44 131 220 9771


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

Three months ended 
31 March 2025
$’000
Three months ended 
31 March 2024
$’000
Revenue
Oil and natural gas revenue
-
-
-
-
Expenses
Exploration and evaluation expenses
(40)
(44)
General and administrative expenses
(491)
(528)
Foreign exchange gain
77
120
(454)
(452)
Results from operating activities
(454)
(452)
Finance income
98
8
Finance expense
(141)
(362)
Net finance expense
(43)
(354)
Loss and comprehensive loss for the period
(497)
(806)
Loss and comprehensive loss attributable to:
Equity holders of the company
(497)
(804)
Non-controlling interests
-
(2)
Loss and comprehensive loss for the period
(497)
(806)
Loss per share attributable to equity holders of the company:
Basic and diluted
($0.000) 
($0.001)


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

At 31 March
2025
$’000
At 31 December 
2024
$’000
Assets
Non-current assets
Exploration and evaluation assets
53,347
50,291
Accounts receivable
56
56
Restricted cash
2,123
2,040
55,526
52,387
Current assets
Cash and cash equivalents
6,896
6,823
Accounts receivable
139
3,031
7,035
9,854
Total assets
62,561
62,241
Equity and liabilities
Equity attributable to owners of the parent
Share capital
406,684
406,684
Contributed surplus
47,446
47,446
Deficit
(410,652)
(410,155)
43,478
43,975
Non-controlling interests
690
690
Total equity
44,168
44,665
Liabilities 
Non-current liabilities
Decommissioning provision
16,751
16,587
16,751
16,587
Current liabilities
Accounts payable and accrued expenses
1,642
989
1,642
989
Total liabilities
18,393
17,576
Total equity and liabilities
62,561
62,241

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

Three months ended 31 March
2025
$’000
2024
$’000
Cash flows from operating activities
Net loss for the period
(497)
(806)
Adjustments for:
Share based compensation
-
36
Depreciation
-
1
Net finance expense
43
354
Effect of exchange rates on operating activities
(77)
(120)
Change in non-cash working capital:
Increase in accounts receivable
(110)
(83)
Increase in accounts payable and accrued expenses
19
7
Net cash used in operating activities
(622)
(611)
Cash flows from investing activities
Interest received
8
8
Exploration and evaluation assets
(2,384)
(2,869)
Legacy exploration permit bonds refund
19
-
R&D Tax incentive refund
2,962
-
Net cash generated by / (used in) investing activities
605
(2,861)
Change in cash and cash equivalents
(17)
(3,472)
Effect of exchange rates on cash and cash equivalents
90
(231)
Cash and cash equivalents at beginning of period
6,823
7,992
Cash and cash equivalents at end of period
6,896
4,289

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.

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.

Attachment

033125.3 FINAL Press release - Announcing release of 31 March 2025 results