REG-Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
20/05/2025 07:00
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FALCON OIL & GAS LTD.
(“Falcon”)
Filing of Interim Financial Statements
20 May 2025 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has
filed its interim financial statements for the three months ended 31 March
2025 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 2025, 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 2025 Financial Highlights
* Debt free with cash of $6.9 million at 31 March 2025 (31 December 2024: $6.8
million).
* 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 & Broker)
Neil McDonald / Adam Rae +44 131 220 9771
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
Three months ended 31 March 2025 $’000 Three months ended 31 March 2024 $’000
Revenue
Oil and natural gas revenue - -
- -
Expenses
Exploration and evaluation expenses (40) (44)
General and administrative expenses (491) (528)
Foreign exchange gain 77 120
(454) (452)
Results from operating activities (454) (452)
Finance income 98 8
Finance expense (141) (362)
Net finance expense (43) (354)
Loss and comprehensive loss for the period (497) (806)
Loss and comprehensive loss attributable to:
Equity holders of the company (497) (804)
Non-controlling interests - (2)
Loss and comprehensive loss for the period (497) (806)
Loss per share attributable to equity holders of the company:
Basic and diluted ($0.000) ($0.001)
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
At 31 March 2025 $’000 At 31 December 2024 $’000
Assets
Non-current assets
Exploration and evaluation assets 53,347 50,291
Accounts receivable 56 56
Restricted cash 2,123 2,040
55,526 52,387
Current assets
Cash and cash equivalents 6,896 6,823
Accounts receivable 139 3,031
7,035 9,854
Total assets 62,561 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 (410,652) (410,155)
43,478 43,975
Non-controlling interests 690 690
Total equity 44,168 44,665
Liabilities
Non-current liabilities
Decommissioning provision 16,751 16,587
16,751 16,587
Current liabilities
Accounts payable and accrued expenses 1,642 989
1,642 989
Total liabilities 18,393 17,576
Total equity and liabilities 62,561 62,241
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
Three months ended 31 March
2025 $’000 2024 $’000
Cash flows from operating activities
Net loss for the period (497) (806)
Adjustments for:
Share based compensation - 36
Depreciation - 1
Net finance expense 43 354
Effect of exchange rates on operating activities (77) (120)
Change in non-cash working capital:
Increase in accounts receivable (110) (83)
Increase in accounts payable and accrued expenses 19 7
Net cash used in operating activities (622) (611)
Cash flows from investing activities
Interest received 8 8
Exploration and evaluation assets (2,384) (2,869)
Legacy exploration permit bonds refund 19 -
R&D Tax incentive refund 2,962 -
Net cash generated by / (used in) investing activities 605 (2,861)
Change in cash and cash equivalents (17) (3,472)
Effect of exchange rates on cash and cash equivalents 90 (231)
Cash and cash equivalents at beginning of period 6,823 7,992
Cash and cash equivalents at end of period 6,896 4,289
All dollar amounts in this document are in United States dollars “$”,
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.
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
* 033125.3 FINAL Press release - Announcing release of 31 March 2025
results
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