Filing of Interim Financial Statements
29/08/2024 07:00
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FALCON OIL & GAS LTD.
(“Falcon”)
Filing of Interim Financial Statements
29 August 2024 - 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 2024 and 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 six months ended 30 June 2024, 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.
2024 financial highlights and other financial updates
* Debt free with cash of $11.5 million at 30 June 2024 (31 December 2023: $8
million).
* Continued focus on cost management and the efficient operation of the
portfolio.
Ends.
For further information, please contact:
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 30 June 2024 $’000 Three months ended 30 June 2023 $’000 Six months ended 30 June 2024 $’000 Six months ended 30 June 2023 $’000
Revenue
Oil and natural gas revenue - - - -
- - - -
Expenses
Exploration and evaluation expenses (42) (47) (86) (90)
General and administrative expenses (550) (578) (1,078) (1,175)
Foreign exchange (loss) / gain (78) (9) 42 47
(670) (634) (1,122) (1,218)
Results from operating activities (670) (634) (1,122) (1,218)
Finance income 10 44 18 112
Finance expense (89) (151) (451) (295)
Net finance expense (79) (107) (433) (183)
Loss and comprehensive loss for the period (749) (741) (1,555) (1,401)
Loss and comprehensive loss attributable to:
Equity holders of the company (747) (740) (1,551) (1,398)
Non-controlling interests (2) (1) (4) (3)
Loss and comprehensive loss for the period (749) (741) (1,555) (1,401)
Loss per share attributable to equity holders of the company:
Basic and diluted (0.001 cent) (0.001 cent) (0.001 cent) (0.001 cent)
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
At 30 June 2024 $’000 At 31 December 2023 $’000
Assets
Non-current assets
Exploration and evaluation assets 50,402 51,287
Property, plant and equipment 0 2
Trade and other receivables 25 26
Restricted cash 2,101 2,176
52,528 53,491
Current assets
Cash and cash equivalents 11,500 7,992
Trade and other receivables 103 54
11,603 8,046
Total assets 64,131 61,537
Equity and liabilities
Equity attributable to owners of the parent
Share capital 406,690 402,120
Contributed surplus 47,441 47,379
Retained deficit (408,748) (407,197)
45,383 42,302
Non-controlling interests 693 697
Total equity 46,076 42,999
Liabilities
Non-current liabilities
Decommissioning provision 16,414 16,204
16,414 16,204
Current liabilities
Accounts payable and accrued expenses 1,641 2,334
1,641 2,334
Total liabilities 18,055 18,538
Total equity and liabilities 64,131 61,537
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
Six months ended 30 June
2024 $’000 2023 $’000
Cash flows from operating activities
Net loss for the period (1,555) (1,401)
Adjustments for:
Share based compensation 62 231
Depreciation 2 2
Net finance expense 433 173
Effect of exchange rates on operating activities (42) (47)
Change in non-cash working capital:
Increase in trade and other receivables (48) (31)
Increase in accounts payable and accrued expenses 12 6
Net cash used in operating activities (1,136) (1,067)
Cash flows from investing activities
Interest received 18 122
Proceeds from sale of ORRI’s 4,000 0
Exploration and evaluation assets (3,755) (37)
Net cash generated from investing activities 263 85
Cash flows from financing activities
Net proceeds from private placement 4,570 0
Net cash generated from financing activities 4,570 0
Change in cash and cash equivalents 3,697 (982)
Effect of exchange rates on cash & cash equivalents (189) (145)
Cash and cash equivalents at beginning of period 7,992 16,785
Cash and cash equivalents at end of period 11,500 15,658
All dollar amounts in this document are in United States dollars “$”,
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
* 063024.3 FINAL Press release - Announcing release of 30 June 2024
results.
(https://ml-eu.globenewswire.com/Resource/Download/7b84ccb4-37d3-48a6-b9eb-45cc8e0a6493)