Filing of Interim Financial Statements
25/08/2023 07:00
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FALCON OIL & GAS LTD.
(“Falcon”)
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.
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 June 202 3 $’000 Three months ended 30 June 2022 $’000 Six months ended 30 June 202 3 $’000 Six months ended 30 June 2022 $’000
Revenue
Oil and natural gas revenue - - - -
- - - -
Expenses
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)
( 634 ) (1,242) ( 1,218 ) (1,935)
Results from operating activities ( 634 ) (1,242) ( 1,218 ) (1,935)
Finance income 44 2 112 5
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) (0.00 1 cent) (0.002 cent)
Interim Condensed Consolidated Statement of Financial Position (Unaudited)
At 30 June 20 2 3 $’000 At 31 December 2022 $’000
Assets
Non-current assets
Exploration and evaluation assets 43,014 42,977
Property, plant and equipment 5 7
Trade and other receivables 20 20
Restricted cash 2,141 2,090
45,180 45,094
Current assets
Cash and cash equivalents 15,658 16,785
Trade and other receivables 110 79
15,768 16,864
Total assets 60,948 61,958
Equity and liabilities
Equity attributable to owners of the parent
Share capital 402,120 402,120
Contributed surplus 47,294 47,063
Retained deficit ( 405,258 ) (403,860)
44,156 45,323
Non-controlling interests 698 701
Total equity 44,854 46,024
Liabilities
Non-current liabilities
Decommissioning provision 15,753 15,602
15,753 15,602
Current liabilities
Accounts payable and accrued expenses 341 332
341 332
Total liabilities 16,094 15,934
Total equity and liabilities 60,948 61,958
Interim Condensed Consolidated Statement of Cash Flows (Unaudited)
Six months ended 30 June
20 2 3 $’000 2022 $’000
Cash flows from operating activities
Net loss for the period ( 1,401 ) (2,073)
Adjustments for:
Share based compensation 231 483
Depreciation 2 3
Net finance expense 173 138
Effect of exchange rates on operating activities (4 7 ) 174
Change in non-cash working capital:
Increase in trade and other receivables (3 1 ) (35)
Increase / (decrease) in accounts payable and accrued expenses 6 (63)
Net cash used in operating activities ( 1,067 ) (1,373)
Cash flows from investing activities
Interest received 122 5
Exploration and evaluation assets ( 37 ) (44)
Net cash generated from / (used in) investing activities 85 (39)
Cash flows from financing activities
Net proceeds from private placement 0 9,950
Net cash generated from financing activities 0 9,950
Change in cash and cash equivalents (982) 8,538
Effect of exchange rates on cash & cash equivalents ( 145 ) (37)
Cash and cash equivalents at beginning of period 16,785 8,894
Cash and cash equivalents at end of period 15,658 17,395
All dollar amounts in this document are in United States dollars “$”,
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