Falcon Oil & Gas Ltd - Filing of Interim Financial Statements
May 23 2024 - 1:00AM
Falcon Oil & Gas Ltd - Filing of Interim Financial Statements
FALCON OIL & GAS LTD.
(“Falcon”)
Filing of Interim Financial
Statements
23 May 2024 - Falcon Oil & Gas Ltd. (TSXV:
FO, AIM: FOG) announces that it has filed its Interim Financial
Statements for the three months ended 31 March 2024 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 2024,
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 2024 Financial Highlights
- Debt free with cash of $4.3
million at 31 March 2024 (31 December 2023: $8.0 million).
- As announced
on 22 April 2024, Falcon raised $8.9 million which included gross
proceeds of c. $4.9 million through the subscription and placing of
new common shares and a further $4 million on the granting of
overriding royalty interests.
- Continued
focus on strict cost management and efficient operation of the
portfolio.
Ends.
For further information, please contact:
CONTACT DETAILS:
|
Falcon Oil & Gas Ltd.
|
+353 1 676 8702 |
|
Philip O’Quigley, CEO |
+353 87 814 7042 |
|
Anne Flynn, CFO |
+353 1 676 9162 |
|
|
|
Cavendish Capital Markets Limited (NOMAD
& Joint Broker) |
|
Neil McDonald / Adam Rae |
+44 131 220 9771 |
|
|
|
|
Tennyson Securities (Joint Broker) |
|
|
Peter Krens |
+44 20 7186 9033 |
Falcon Oil & Gas Ltd.Interim
Condensed Consolidated Statement of Operations and Comprehensive
Loss(Unaudited)
|
|
|
|
Three months ended 31 March
2024$’000 |
Three months ended 31 March 2023$’000 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Oil and natural gas revenue |
|
|
- |
- |
|
|
|
|
|
|
- |
- |
|
|
| |
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
| Exploration and
evaluation expenses |
|
|
(44) |
(43) |
|
|
| General and
administrative expenses |
|
|
(528) |
(597) |
|
|
| Foreign exchange
gain |
|
|
120 |
56 |
|
|
|
|
|
|
(452) |
(584) |
|
|
|
|
|
|
|
|
|
|
| Results
from operating activities |
|
|
(452) |
(584) |
|
|
| |
|
|
|
|
|
|
| Finance income |
|
|
8 |
68 |
|
|
|
Finance expense |
|
|
(362) |
(144) |
|
|
| Net finance
expense |
|
|
(354) |
(76) |
|
|
|
|
|
|
|
|
|
|
|
Loss and comprehensive loss for the period |
|
|
(806) |
(660) |
|
|
|
|
|
|
|
|
|
|
| Loss and
comprehensive loss attributable to: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Equity holders of
the company |
|
|
(804) |
(658) |
|
|
| Non-controlling
interests |
|
|
(2) |
(2) |
|
|
|
|
|
|
|
|
|
|
|
Loss and comprehensive loss for the period |
|
|
(806) |
(660) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss
per share attributable to equity holders of the company: |
|
|
|
|
| |
|
|
|
|
|
|
|
Basic and diluted |
|
|
($.001) |
($0.001) |
|
|
Falcon Oil & Gas Ltd.Interim
Condensed Consolidated Statement of Financial Position
(Unaudited)
|
|
|
At 31
March2024$’000 |
At 31 December 2023$’000 |
|
|
|
|
|
|
Assets |
|
|
|
| Non-current
assets |
|
|
|
| Exploration and
evaluation assets |
|
52,462 |
51,287 |
| Property, plant and
equipment |
|
1 |
2 |
| Trade and other
receivables |
|
25 |
26 |
|
Restricted cash |
|
2,116 |
2,176 |
|
|
|
54,604 |
53,491 |
|
|
|
|
|
| Current
assets |
|
|
|
| Cash and cash
equivalents |
|
4,289 |
7,992 |
|
Trade and other receivables |
|
139 |
54 |
|
|
|
4,428 |
8,046 |
|
|
|
|
|
|
Total assets |
|
59,032 |
61,537 |
|
|
|
|
|
| Equity and
liabilities |
|
|
|
| |
|
|
|
|
Equity attributable to owners of the
parent |
|
|
|
| Share capital |
|
402,120 |
402,120 |
| Contributed
surplus |
|
47,415 |
47,379 |
|
Deficit |
|
(408,001) |
(407,197) |
|
|
|
41,534 |
42,302 |
|
Non-controlling interests |
|
695 |
697 |
|
Total equity |
|
42,229 |
42,999 |
|
|
|
|
|
|
Liabilities |
|
|
|
| Non-current
liabilities |
|
|
|
|
Decommissioning provision |
|
16,240 |
16,204 |
|
|
|
16,240 |
16,204 |
|
|
|
|
|
| Current
liabilities |
|
|
|
| Accounts payable
and accrued expenses |
|
563 |
2,334 |
|
|
|
563 |
2,334 |
|
|
|
|
|
|
Total liabilities |
|
16,803 |
18,538 |
|
|
|
|
|
|
Total equity and liabilities |
|
59,032 |
61,537 |
Falcon Oil & Gas Ltd.Interim
Condensed Consolidated Statement of Cash
Flows(Unaudited)
|
|
|
Three months ended 31 March |
|
|
|
2024$’000 |
2023$’000 |
|
|
|
|
|
| Cash
flows from operating activities |
|
|
|
| Net loss for the
period |
|
(806) |
(660) |
| Adjustments
for: |
|
|
|
|
Share based compensation |
|
36 |
137 |
|
Depreciation |
|
1 |
1 |
|
Net finance expense |
|
354 |
66 |
|
Effect of exchange rates on operating activities |
|
(120) |
(56) |
|
Change in non-cash working capital: |
|
|
|
|
Increase in trade and other receivables |
|
(83) |
(61) |
|
Increase in accounts payable and accrued expenses |
|
7 |
51 |
|
Net cash used in operating activities |
|
(611) |
(522) |
| |
|
|
|
| Cash
flows from investing activities |
|
|
|
| Interest
received |
|
8 |
78 |
| Exploration and
evaluation assets |
|
(2,869) |
(2) |
|
Net cash (used in) / generated by investing
activities |
|
(2,861) |
76 |
| |
|
|
|
| Change in cash
and cash equivalents |
|
(3,472) |
(446) |
| Effect of
exchange rates on cash and cash equivalents |
|
(231) |
(70) |
| |
|
|
|
|
Cash and cash equivalents at beginning of period |
|
7,992 |
16,785 |
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
4,289 |
16,269 |
All dollar amounts in this document are in United States dollars
“$”, 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.
- 033124.3 FINAL Press release - Announcing release of 31 March
2024 results
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