REG-Falcon Oil & Gas Ltd. - Full Year Results
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FALCON OIL & GAS LTD.
(“Falcon”)
Full Year Results
29 April 2025 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to
announce its financial results for the year ended 31 December 2024.
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 2024.
2024 Financial Highlights
* Debt free with cash of $6.8 million at 31 December 2024 (31 December 2023:
$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 2024, the accompanying MD&A for year ended 31 December 2024 dated 28
April 2025, its Annual Information Form (“AIF”) dated 28 April 2025 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 / Adam Rae +44 131 220 9771
Falcon Oil & Gas Ltd.
Consolidated Statement of Operations and Comprehensive Loss
Year Ended 31 December 2024 $’000 Year Ended 31 December 2023 $’000
Revenue
Oil and natural gas revenue - -
- -
Expenses
Exploration and evaluation expenses (196) (197)
General and administrative expenses (2,031) (2,470)
Decommissioning provision - (480)
Foreign exchange gain / (loss) 256 (63)
(1,971) (3,210)
Results from operating activities (1,971) (3,210)
Finance income 42 322
Finance expense (1,036) (453)
Net finance expense (994) (131)
Loss before tax (2,965) (3,341)
Taxation - -
Loss and comprehensive loss for the year (2,965) (3,341)
Loss and comprehensive loss attributable to:
Equity holders of the company (2,958) (3,337)
Non-controlling interests (7) (4)
Loss and comprehensive loss for the year (2,965) (3,341)
Loss per share attributable to equity holders of the company:
Basic and diluted ($0.003) ($0.003)
Falcon Oil & Gas Ltd.
Consolidated Statement of Financial Position
At 31 December 2024 $’000 At 31 December 2023 $’000
Assets
Non-current assets
Exploration and evaluation assets 50,291 51,287
Property, plant and equipment - 2
Accounts receivable 56 26
Restricted cash 2,040 2,176
52,387 53,491
Current assets
Cash and cash equivalents 6,823 7,992
Accounts receivable 3,031 54
9,854 8,046
Total assets 62,241 61,537
Equity and liabilities
Equity attributable to owners of the parent
Share capital 406,684 402,120
Contributed surplus 47,446 47,379
Deficit (410,155) (407,197)
43,975 42,302
Non-controlling interests 690 697
Total equity 44,665 42,999
Liabilities
Non-current liabilities
Decommissioning provision 16,587 16,204
16,587 16,204
Current liabilities
Accounts payable and accrued expenses 989 2,334
989 2,334
Total liabilities 17,576 18,538
Total equity and liabilities 62,241 61,537
Falcon Oil & Gas Ltd.
Consolidated Statement of Cash Flows
Year Ended 31 December
2024 $’000 2023 $’000
Cash flows from operating activities
Net loss for the year (2,965) (3,341)
Adjustments for:
Share based compensation 67 316
Depreciation 2 5
Net finance loss 994 120
Foreign exchange (gain) / loss (256) 63
Decommissioning provision - 480
Change in non-cash working capital
(Increase) / decrease in accounts receivable (16) 19
Increase / (decrease) in accounts payable 66 (63)
Net cash used in operating activities (2,108) (2,401)
Cash flows from investing activities
Interest received 42 180
Exploration and evaluation assets additions (7,110) (6,723)
Granting of ORRIs 4,000 -
Net cash used in investing activities (3,068) (6,543)
Cash flows from financing activities
Proceeds from equity raise 4,865 -
Costs related to equity raise (301) -
Net cash generated from financing activities 4,564 -
Change in cash and cash equivalents (612) (8,944)
Effect of exchange rates on cash and cash equivalents (557) 151
Cash and cash equivalents at beginning of year 7,992 16,785
Cash and cash equivalents at end of year 6,823 7,992
All dollar amounts in this document are in United States dollars “$”,
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
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