Full Year Results

Falcon Oil & Gas

29/04/2026 07:00

FALCON OIL & GAS LTD.

(“Falcon”)

Full Year Results

29 April 2026 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2025.

The following should be read in conjunction with the complete audited financial statements and the accompanying Management’s Discussion and Analysis (‘’MD&A’’) for the year ended 31 December 2025.

2025 Financial Highlights and other financial updates

The definitive agreement entered into between Falcon and Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) is progressing and is expected to close in the second quarter of 2026.

Cash of $1.3 million at 31 December 2025 (31 December 2024: $6.8 million).

Continued focus on strict cost management and efficient operation of the portfolio.

Filing of Financial Statements, MD&A, AIF and Reserves Data

Falcon has filed its audited financial statements for the year ended 31 December 2025, the accompanying MD&A for year ended 31 December 2025 dated 28 April 2026, its Annual Information Form (“AIF”) dated 28 April 2026 and the Statement of Reserves Data and Other Oil and Gas Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and 51-101F3) with the relevant provincial securities regulators. These filings are available for review on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca. The audited financial statements, MD&A and AIF are also available on Falcon’s website www.falconoilandgas.com.

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 & Broker)
Neil McDonald
+44 131 220 9771

Falcon Oil & Gas Ltd.
Consolidated Statement of Operations and Comprehensive Loss

Year Ended 
31 December 2025
$’000
Year Ended 
31 December 2024
$’000
Revenue
Oil and natural gas revenue
-
-
-
-
Other income
Other income
63
-
Expenses
Exploration and evaluation expenses
(187)
(196)
General and administrative expenses
(2,351)
(2,031)
Decommissioning provision
26
-
Foreign exchange gain
151
256
(2,361)
(1,971)
Results from operating activities
(2,298)
(1,971)
Finance income
302
42
Finance expense
(573)
(1,036)
Net finance expense
(271)
(994)
Loss before tax
(2,569)
(2,965)
Taxation
(27)
-
Loss and comprehensive loss for the year
(2,596)
(2,965)
Loss and comprehensive loss attributable to:
Equity holders of the company
(2,587)
(2,958)
Non-controlling interests
(9)
(7)
Loss and comprehensive loss for the year
(2,596)
(2,965)
Loss per share attributable to equity holders of the company:
Basic and diluted
($0.002)
($0.003)

Falcon Oil & Gas Ltd.
Consolidated Statement of Financial Position

At 31 December
2025
$’000
At 31 December
2024
$’000
Assets
Non-current assets
Exploration and evaluation assets
56,797
50,291
Right of use assets
4
-
Decommissioning deposits
2,798
56
Restricted cash
35
2,040
59,634
52,387
Current assets
Cash and cash equivalents
1,282
6,823
Accounts receivable
173
3,031
1,455
9,854
Total assets
61,089
62,241
Equity and liabilities
Equity attributable to owners of the parent
Share capital
406,684
406,684
Contributed surplus
47,446
47,446
Deficit
(412,742)
(410,155)
41,388
43,975
Non-controlling interests
681
690
Total equity
42,069
44,665
Liabilities 
Non-current liabilities
Decommissioning provision
17,261
16,587
17,261
16,587
Current liabilities
Accounts payable and accrued expenses
1,753
989
Lease liability
6
-
1,759
989
Total liabilities
19,020
17,576
Total equity and liabilities
61,089
62,241

Falcon Oil & Gas Ltd.
Consolidated Statement of Cash Flows

Year Ended 31 December
2025 
$’000
2024 
$’000
Cash flows from operating activities
Net loss for the year
(2,596)
(2,965)
Adjustments for:
Share based compensation
-
67
Depreciation
-
2
Amortisation of right of use assets
35
-
Proceeds from sale of fixed assets
(63)
-
Net finance loss
273
994
Foreign exchange gain
(151)
(256)
Decommissioning provision
(26)
-
Change in non-cash working capital
Increase in accounts receivable
(50)
(16)
Increase in accounts payable
175
66
Net cash used in operating activities
(2,403)
(2,108)
Cash flows from investing activities
Interest received
24
42
Decommissioning provision deposits
(2,651)
-
Repayment of restricted cash - decommissioning provision
2,265
-
Legacy exploration permit bonds refunded
19
R&D tax incentive refunded
2,962
-
Proceeds from sale of fixed assets
63
-
Exploration and evaluation assets additions
(6,075)
(7,110)
Granting of ORRIs
-
4,000
Net cash used in investing activities
(3,393)
(3,068)
Cash flows from financing activities
Principal paid on lease liabilities
(20)
-
Interest paid on lease liabilities
(3)
-
Proceeds from equity raise
-
4,564
Net cash generated from financing activities 
(23)
4,564
Change in cash and cash equivalents
(5,819)
(612)
Effect of exchange rates on cash & cash equivalents
278
(557)
Cash and cash equivalents at beginning of year
6,823
7,992
Cash and cash equivalents at end of year
1,282
6,823

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. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

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

123125.3 Final Press release - Announcing release of 31 December 2025