Filing of Interim Financial Statements
23/05/2024 07:00
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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 $’000
Revenue
Oil and natural gas revenue - -
- -
Expenses
Exploration and evaluation expenses (44) (43)
General and administrative expenses (528) (597)
Foreign exchange gain 120 56
(452) (584)
Results from operating activities (452) (584)
Finance income 8 68
Finance expense (362) (144)
Net finance expense (354) (76)
Loss and comprehensive loss for the period (806) (660)
Loss and comprehensive loss attributable to:
Equity holders of the company (804) (658)
Non-controlling interests (2) (2)
Loss and comprehensive loss for the period (806) (660)
Loss per share attributable to equity holders of the company:
Basic and diluted ($.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 52,462 51,287
Property, plant and equipment 1 2
Trade and other receivables 25 26
Restricted cash 2,116 2,176
54,604 53,491
Current assets
Cash and cash equivalents 4,289 7,992
Trade and other receivables 139 54
4,428 8,046
Total assets 59,032 61,537
Equity and liabilities
Equity attributable to owners of the parent
Share capital 402,120 402,120
Contributed surplus 47,415 47,379
Deficit (408,001) (407,197)
41,534 42,302
Non-controlling interests 695 697
Total equity 42,229 42,999
Liabilities
Non-current liabilities
Decommissioning provision 16,240 16,204
16,240 16,204
Current liabilities
Accounts payable and accrued expenses 563 2,334
563 2,334
Total liabilities 16,803 18,538
Total equity and liabilities 59,032 61,537
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
Three months ended 31 March
2024 $’000 2023 $’000
Cash flows from operating activities
Net loss for the period (806) (660)
Adjustments for:
Share based compensation 36 137
Depreciation 1 1
Net finance expense 354 66
Effect of exchange rates on operating activities (120) (56)
Change in non-cash working capital:
Increase in trade and other receivables (83) (61)
Increase in accounts payable and accrued expenses 7 51
Net cash used in operating activities (611) (522)
Cash flows from investing activities
Interest received 8 78
Exploration and evaluation assets (2,869) (2)
Net cash (used in) / generated by investing activities (2,861) 76
Change in cash and cash equivalents (3,472) (446)
Effect of exchange rates on cash and cash equivalents (231) (70)
Cash and cash equivalents at beginning of period 7,992 16,785
Cash and cash equivalents at end of period 4,289 16,269
All dollar amounts in this document are in United States dollars “$”,
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.
Attachment
* 033124.3 FINAL Press release - Announcing release of 31 March 2024
results
(https://ml-eu.globenewswire.com/Resource/Download/611bb51f-f2a3-42f4-864e-a46fdf586b53)