Filing of Interim Financial Statements
16/11/2023 07:00
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FALCON OIL & GAS LTD.
(“Falcon” or “Company”))
Filing of Interim Financial Statements
16 November 2023 - 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 2023 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 2023, 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
2023 financial highlights and other financial updates
* Debt free with cash of US$14.1 million at 30 September 2023 (31 December
2022: US$16.8 million).
* Continued focus on cost management and the efficient operation of the
portfolio.
Related Party Transaction
The Company has amended the employment contract of Philip O’Quigley,
Falcon’s Chief Executive Officer, to increase the payment due under the
change of control provision from one year to three years base salary (the
“Transaction”). The Remuneration Committee believes this change will more
align Mr. O ’Quigley’s remuneration with the strategic objectives and the
shareholders’ interests.
The Transaction is deemed to be a related party transaction for the purposes
of the AIM Rules for Companies. The independent Directors (being all directors
other than Mr. O’Quigley) consider, having consulted with the Company’s
nominated adviser, Cavendish Capital Markets Limited, that the terms of the
Transaction are fair and reasonable insofar as the Company’s shareholders
are concerned.
Ends
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 / Derrick Lee +44 131 220 9771
Tennyson Securities (Joint Broker)
Peter Krens +44 20 7186 9033
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
Three months ended 30 September 2023 $’000 Three months ended 30 September 2022 $’000 Nine months ended 30 September 2023 $’000 Nine months ended 30 September 2022 $’000
Revenue
Oil and natural gas revenue - - - -
- - - -
Expenses
Exploration and evaluation expenses (39) (29) (129) (106)
General and administrative expenses (739) (542) (1,914) (2,226)
Foreign exchange gain / (loss) 38 (116) 85 (290)
(740) (687) (1,958) (2,622)
Results from operating activities (740) (687) (1,958) (2,622)
Finance income 43 10 155 15
Finance expense (352) (145) (647) (288)
Net finance expense (309) (135) (492) (273)
Loss and comprehensive loss for the period (1,049) (822) (2,450) (2,895)
Loss and comprehensive loss attributable to:
Equity holders of the company (1,046) (822) (2,444) (2,894)
Non-controlling interests (3) - (6) (1)
Loss and comprehensive loss for the period (1,049) (822) (2,450) (2,895)
Loss per share attributable to equity holders of the company:
Basic and diluted (0.001 cent) (0.001 cent) (0.002 cent) (0.003 cent)
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
At 30 September 2023 $’000 At 31 December 2022 $’000
Assets
Non-current assets
Exploration and evaluation assets 46,140 42,977
Property, plant and equipment 4 7
Trade and other receivables 24 20
Restricted cash 2,086 2,090
48,254 45,094
Current assets
Cash and cash equivalents 14,154 16,785
Trade and other receivables 94 79
14,248 16,864
Total assets 62,502 61,958
Equity and liabilities
Equity attributable to owners of the parent
Share capital 402,120 402,120
Contributed surplus 47,339 47,063
Retained deficit (406,304) (403,860)
43,155 45,323
Non-controlling interests 695 701
Total equity 43,850 46,024
Liabilities
Non-current liabilities
Decommissioning provision 15,611 15,602
15,611 15,602
Current liabilities
Accounts payable and accrued expenses 3,041 332
3,041 332
Total liabilities 18,652 15,934
Total equity and liabilities 62,502 61,958
Interim Condensed Consolidated Statement of Cashflows
(Unaudited)
Nine months ended 30 September
2023 $’000 2022 $’000
Cash flows from operating activities
Net loss for the period (2,450) (2,895)
Adjustments for:
Share based compensation 276 630
Depreciation 3 4
Net finance expense 482 273
Effect of exchange rates on operating activities (85) 290
Change in non-cash working capital:
Increase in trade and other receivables (19) (20)
Decrease in accounts payable and accrued expenses (36) (68)
Net cash used in operating activities (1,829) (1,786)
Cash flows from investing activities
Interest received 165 15
Exploration and evaluation assets (647) (70)
Net cash used in investing activities (482) (55)
Cash flows from financing activities
Net proceeds from private placement - 9,950
Net cash generated from financing activities - 9,950
Change in cash and cash equivalents (2,311) 8,109
Effect of exchange rates on cash and cash equivalents (320) (98)
Cash and cash equivalents at beginning of period 16,785 8,894
Cash and cash equivalents at end of period 14,154 16,905
All dollar amounts in this document are in United States dollars “$”,
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