Filing of Interim Financial Statements
28/11/2024 07:00
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FALCON OIL & GAS LTD.
(“Falcon” or “Company”)
Filing of Interim Financial Statements
28 November 2024 - 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 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 and nine months ended 30 September 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
2024 financial highlights and other financial updates
* Debt free with cash of $10 million at 30 September 2024 (31 December 2023:
$8 million).
* Continued focus on cost management and the efficient operation of the
portfolio.
Ends.
CONTACT DETAILS:
Falcon Oil & Gas Ltd.
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
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
Three months ended 30 September 2024 $’000 Three months ended 30 September 2023 $’000 Nine months ended 30 September 2024 $’000 Nine months ended 30 September 2023 $’000
Revenue
Oil and natural gas revenue - - - -
- - - -
Expenses
Exploration and evaluation expenses (44) (39) (130) (129)
General and administrative expenses (523) (739) (1,601) (1,914)
Foreign exchange gain 91 38 133 85
(476) (740) (1,598) (1,958)
Results from operating activities (476) (740) (1,598) (1,958)
Finance income 365 43 193 155
Finance expense (132) (352) (393) (647)
Net finance income / (expense) 233 (309) (200) (492)
Loss and comprehensive loss for the period (243) (1,049) (1,798) (2,450)
Loss and comprehensive loss attributable to:
Equity holders of the company (247) (1,046) (1,798) (2,444)
Non-controlling interests 4 (3) - (6)
Loss and comprehensive loss for the period (243) (1,049) (1,798) (2,450)
Loss per share attributable to equity holders of the company:
Basic and diluted (0.000 cent) (0.001 cent) (0.002 cent) (0.002 cent)
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
At 30 September 2024 $’000 At 31 December 2023 $’000
Assets
Non-current assets
Exploration and evaluation assets 50,721 51,287
Property, plant and equipment - 2
Trade and other receivables 26 26
Restricted cash 2,199 2,176
52,946 53,491
Current assets
Cash and cash equivalents 9,965 7,992
Trade and other receivables 946 54
10,911 8,046
Total assets 63,857 61,537
Equity and liabilities
Equity attributable to owners of the parent
Share capital 406,690 402,120
Contributed surplus 47,444 47,379
Retained deficit (408,995) (407,197)
45,139 42,302
Non-controlling interests 697 697
Total equity 45,836 42,999
Liabilities
Non-current liabilities
Decommissioning provision 16,679 16,204
16,679 16,204
Current liabilities
Accounts payable and accrued expenses 1,342 2,334
1,342 2,334
Total liabilities 18,021 18,538
Total equity and liabilities 63,857 61,537
Interim Condensed Consolidated Statement of Cash Flow
(Unaudited)
Nine months ended 30 September
2024 $’000 2023 $’000
Cash flows from operating activities
Net loss for the period (1,798) (2,450)
Adjustments for:
Share based compensation 65 276
Depreciation 2 3
Net finance expense 200 482
Effect of exchange rates on operating activities (133) (85)
Change in non-cash working capital:
Increase in trade and other receivables (893) (19)
Increase / (decrease) in accounts payable and accrued expenses 920 (36)
Net cash used in operating activities (1,637) (1,829)
Cash flows from investing activities
Interest received 31 165
Proceeds from sale of ORRIs 4,000 -
Exploration and evaluation assets (5,153) (647)
Net cash used in investing activities (1,122) (482)
Cash flows from financing activities
Net proceeds from equity raised 4,570 -
Net cash generated from financing activities 4,570 -
Change in cash and cash equivalents 1,811 (2,311)
Effect of exchange rates on cash and cash equivalents 162 (320)
Cash and cash equivalents at beginning of period 7,992 16,785
Cash and cash equivalents at end of period 9,965 14,154
All dollar amounts in this document are in United States dollars “$”,
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