Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
("Falcon")
Filing of Interim Financial Statements
27 August 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three and six months ended 30 June 2021 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 six months ended 30 June 2021, which are available on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on Falcon's website at www.falconoilandgas.com.
2021 financial highlights and other financial updates
- Strong financial position, debt free with cash of US$10 million at 30 June 2021 (31 December 2020: US$11 million).
- Continued focus on cost management and the efficient operation of the portfolio.
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 |
| Cenkos Securities plc (NOMAD & Broker) | |
| Neil McDonald / Derrick Lee | +44 131 220 9771 |
Interim Condensed Consolidated Statement of Operations and Comprehensive (Loss) / Income
(Unaudited)
| Three months ended 30 June 2021 $'000 | Three months ended 30 June 2020 $'000 | Six months ended 30 June 2021 $'000 | Six months ended 30 June 2020 $'000 | |
| Revenue | ||||
| Oil and natural gas revenue | - | 1 | 2 | 2 |
| - | 1 | 2 | 2 | |
| Expenses | ||||
| Exploration and evaluation expenses | (42) | (35) | (82) | (73) |
| Production and operating expenses | - | (3) | - | (5) |
| General and administrative expenses | (449) | (597) | (915) | (1,000) |
| Share based compensation | (182) | - | (747) | - |
| Foreign exchange gain / (loss) | 37 | 17 | (118) | (11) |
| (636) | (618) | (1,862) | (1,089) | |
| Results from operating activities | (636) | (617) | (1,860) | (1,087) |
| Fair value gain - outstanding warrant | - | - | - | 110 |
| Finance income | 2 | 874 | 3 | 15 |
| Finance expense | (59) | (58) | (126) | (279) |
| Net finance (expense) / income | (57) | 816 | (123) | (264) |
| (Loss) / income and comprehensive (loss) / income for the period | (693) | 199 | (1,983) | (1,241) |
| (Loss) / income and comprehensive (loss) / income attributable to: | ||||
| Equity holders of the company | (693) | 183 | (1,982) | (1,238) |
| Non-controlling interests | - | 16 | (1) | (3) |
| (Loss) / income and comprehensive (loss) / income for the period | (693) | 199 | (1,983) | (1,241) |
| (Loss) / income per share attributable to equity holders of the company: | ||||
| Basic and diluted | (0.001 cent) | 0.000 cent | (0.002 cent) | (0.001 cent) |
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
| At 30 June 2021 $'000 | At 31 December 2020 $'000 | ||
| Assets | |||
| Non-current assets | |||
| Exploration and evaluation assets | 40,188 | 40,444 | |
| Property, plant and equipment | 3 | 4 | |
| Trade and other receivables | 23 | 23 | |
| Restricted cash | 2,360 | 2,429 | |
| 42,574 | 42,900 | ||
| Current assets | |||
| Cash and cash equivalents | 9,974 | 11,036 | |
| Trade and other receivables | 112 | 117 | |
| 10,086 | 11,153 | ||
| Total assets | 52,660 | 54,053 | |
| Equity and liabilities | |||
| Equity attributable to owners of the parent | |||
| Share capital | 392,170 | 392,170 | |
| Contributed surplus | 45,822 | 45,075 | |
| Retained deficit | (397,155) | (395,173) | |
| 40,837 | 42,072 | ||
| Non-controlling interests | 700 | 701 | |
| Total equity | 41,537 | 42,773 | |
| Liabilities | |||
| Non-current liabilities | |||
| Decommissioning provision | 10,653 | 10,563 | |
| 10,653 | 10,563 | ||
| Current liabilities | |||
| Accounts payable and accrued expenses | 470 | 717 | |
| 470 | 717 | ||
| Total liabilities | 11,123 | 11,280 | |
| Total equity and liabilities | 52,660 | 54,053 |
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
| Six months ended 30 June | |||
| 2021 $'000 | 2020 $'000 | ||
| Cash flows from operating activities | |||
| Net loss for the period | (1,983) | (1,241) | |
| Adjustments for: | |||
| Share based compensation | 747 | - | |
| Depreciation | 1 | - | |
| Fair value gain - outstanding warrant | - | (110) | |
| Net finance expense | 123 | 264 | |
| Effect of exchange rates on operating activities | 118 | 11 | |
| Transfer of Canadian working interests | (28) | - | |
| Change in non-cash working capital: | |||
| Decrease in trade and other receivables | 5 | 46 | |
| (Decrease) / increase in accounts payable and accrued expenses | (43) | 37 | |
| Net cash used in operating activities | (1,060) | (993) | |
| Cash flows from investing activities | |||
| Interest received | 3 | 15 | |
| Exploration and evaluation assets | (2) | (48) | |
| Net cash generated from / (used in) investing activities | 1 | (33) | |
| Change in cash and cash equivalents | (1,059) | (1,026) | |
| Effect of exchange rates on cash & cash equivalents | (3) | (225) | |
| Cash and cash equivalents at beginning of period | 11,036 | 13,066 | |
| Cash and cash equivalents at end of period | 9,974 | 11,815 | |
All dollar amounts in this document are in United States dollars "$", 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.sedar.com.
