Full Year Results
26/04/2024 07:00
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FALCON OIL & GAS LTD.
(“Falcon”)
Full Year Results
26 April 2024 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to
announce its financial results for the year ended 31 December 2023.
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 2023.
2023 Financial Highlights
* Debt free with cash of $8.0 million at 31 December 2023 (31 December 2022:
$16.8 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 2023, the accompanying MD&A for year ended 31 December 2023 dated 25
April 2024, its Annual Information Form (“AIF”) dated 25 April 2024 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.
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
Consolidated Statement of Operations and Comprehensive Loss
Year Ended 31 December 2023 $’000 Year Ended 31 December 2022 $’000
Revenue
Oil and natural gas revenue - -
- -
Expenses
Exploration and evaluation expenses (197) (151)
General and administrative expenses (2,470) (2,865)
Decommissioning provision (480) (825)
Foreign exchange loss (63) (138)
(3,210) (3,979)
Results from operating activities (3,210) (3,979)
Finance income 322 298
Finance expense (453) (310)
Net finance expense (131) (12)
Loss before tax (3,341) (3,991)
Taxation - -
Loss and comprehensive loss for the year (3,341) (3,991)
Loss and comprehensive loss attributable to:
Equity holders of the company (3,337) (3,994)
Non-controlling interests (4) 3
Loss and comprehensive loss for the year (3,341) (3,991)
Loss per share attributable to equity holders of the company:
Basic and diluted ($0.003) ($0.004)
Consolidated Statement of Financial Position
At 31 December 2023 $’000 At 31 December 2022 $’000
Assets
Non-current assets
Exploration and evaluation assets 51,287 42,977
Property, plant and equipment 2 7
Trade and other receivables 26 20
Restricted cash 2,176 2,090
53,491 45,094
Current assets
Cash and cash equivalents 7,992 16,785
Trade and other receivables 54 79
8,046 16,864
Total assets 61,537 61,958
Equity and liabilities
Equity attributable to owners of the parent
Share capital 402,120 402,120
Contributed surplus 47,379 47,063
Deficit (407,197) (403,860)
42,302 45,323
Non-controlling interests 697 701
Total equity 42,999 46,024
Liabilities
Non-current liabilities
Decommissioning provision 16,204 15,602
16,204 15,602
Current liabilities
Accounts payable and accrued expenses 2,334 332
2,334 332
Total liabilities 18,538 15,934
Total equity and liabilities 61,537 61,958
Consolidated Statement of Cashflows
Year Ended 31 December
2023 $’000 2022 $’000
Cash flows from operating activities
Net loss for the year (3,341) (3,991)
Adjustments for:
Share based compensation 316 809
Depreciation 5 5
Net finance loss 120 22
Foreign exchange loss 63 138
Decommissioning provision 480 825
Change in non-cash working capital
Decrease / (increase) in trade and other receivables 19 (5)
Decrease in accounts payable and accrued expenses (63) (64)
Net cash used in operating activities (2,401) (2,261)
Cash flows from investing activities
Interest received 180 33
Exploration and evaluation assets additions (6,723) (88)
Granting of ORRI to Sheffield Holdings LP - 6,000
Exercising of TOG Group call option - (6,000 )
Net cash used in investing activities (6,543) (55)
Cash flows from financing activities
Proceeds from private placement - 10,000
Costs related to private placement - (50)
Net cash generated from financing activities - 9,950
Change in cash and cash equivalents (8,944) 7,634
Effect of exchange rates on cash and cash equivalents 151 257
Cash and cash equivalents at beginning of year 16,785 8,894
Cash and cash equivalents at end of year 7,992 16,785
All dollar amounts in this document are in United States dollars “$”,
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
* 123123.3 FINAL Press release - Announcing release of 31 December 2023
results.
(https://ml-eu.globenewswire.com/Resource/Download/453d3d42-a8c6-4392-a8f4-5106bc10d475)