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Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements

25.11.2022 | 8:00 Uhr | GlobeNewswire

Falcon Oil & Gas Ltd.

("Falcon")

Filing of Interim Financial Statements

25 November 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three and nine months ended 30 September 2022 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 nine months ended 30 September 2022, 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.

2022 financial highlights and other financial updates

  • Strong financial position, debt free with cash of US$16.9 million at 30 September 2022 (31 December 2021: US$8.9 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

(Unaudited)

Three months ended 30
September 2022
$'000
Three months ended 30
September 2021
$'000
Nine months ended 30
September 2022
$'000
Nine months ended 30
September 2021
$'000
Revenue
Oil and natural gas revenue - - - 2
- - - 2
Expenses
Exploration and evaluation expenses (29) (46) (106) (128)
General and administrative expenses (542) (665) (2,226) (2,327)
Foreign exchange loss (116) (60) (290) (178)
(687) (771) (2,622) (2,633)
Results from operating activities (687) (771) (2,622) (2,631)
Finance income 10 - 15 3
Finance expense (145) (71) (288) (197)
Net finance expense (135) (71) (273) (194)
Loss and comprehensive loss for the period (822) (842) (2,895) (2,825)
Loss and comprehensive loss attributable to:
Equity holders of the company (822) (841) (2,894) (2,823)
Non-controlling interests - (1) (1) (2)
Loss and comprehensive loss for the period (822) (842) (2,895) (2,825)
Loss per share attributable to equity holders of the company:

Basic and diluted (0.001 cent) (0.001 cent) (0.003 cent) (0.003 cent)


Interim Condensed Consolidated Statement of Financial Position

(Unaudited)

At 30 September
2022
$'000
At 31 December
2021
$'000
Assets
Non-current assets
Exploration and evaluation assets 40,270 40,197
Property, plant and equipment 9 13
Trade and other receivables 19 22
Restricted cash 1,920 2,239
42,218 42,471
Current assets
Cash and cash equivalents 16,905 8,894
Trade and other receivables 97 74
17,002 8,968
Total assets 59,220 51,439
Equity and liabilities
Equity attributable to owners of the parent
Share capital 402,120 392,170
Contributed surplus 46,884 46,254
Retained deficit (402,760) (399,866)
46,244 38,558
Non-controlling interests 697 698
Total equity 46,941 39,256
Liabilities
Non-current liabilities
Decommissioning provision 11,949 11,775
11,949 11,775
Current liabilities
Accounts payable and accrued expenses 330 408
330 408
Total liabilities 12,279 12,183
Total equity and liabilities 59,220 51,439


Interim Condensed Consolidated Statement of Cash Flows

(Unaudited)

Nine months ended 30 September
2022
$'000
2021
$'000
Cash flows from operating activities
Net loss for the period (2,895) (2,825)
Adjustments for:
Share based compensation 630 981
Depreciation 4 3
Net finance expense 273 194
Effect of exchange rates on operating activities 290 178
Transfer of Canadian working interests - (28)
Change in non-cash working capital:
(Increase) / decrease in trade and other receivables (20) 23
Decrease in accounts payable and accrued expenses (68) (8)
Net cash used in operating activities (1,786) (1,482)
Cash flows from investing activities
Interest received 15 3
Property plant and equipment - (13)
Exploration and evaluation assets (70) (160)
Net cash used in investing activities (55) (170)
Cash flows from financing activities
Net proceeds from private placement 9,950 -
Net cash generated from financing activities

9,950 -
Change in cash and cash equivalents 8,109 (1,652)
Effect of exchange rates on cash and cash equivalents (98) (15)
Cash and cash equivalents at beginning of period 8,894 11,036
Cash and cash equivalents at end of period 16,905 9,369

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.


 
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