TIDMFOG 
 
   FALCON OIL & GAS LTD. 
 
   ("Falcon") 
 
   Filing of Interim Financial Statements 
 
   27 November 2020 - 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 2020 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 2020, 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. 
 
   2020 financial highlights and other financial updates 
 
 
   -- Debt free with cash of US$11.5 million at 30 September 2020 (31 December 
      2019: US$13.1 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    Three months ended 30  Three months ended 30  Nine months ended 30  Nine months ended 30 
 and Comprehensive Loss                                       September 2020         September 2019        September 2020        September 2019 
 (Unaudited)                                                      $'000                  $'000                  $'000                 $'000 
 
Revenue 
Oil and natural gas revenue                                                   1                      1                     3                     4 
                                                                              1                      1                     3                     4 
 
Expenses 
Exploration and evaluation expenses                                        (37)                   (36)                 (110)                 (185) 
Production and operating expenses                                           (3)                    (3)                   (8)                   (9) 
General and administrative expenses                                       (415)                  (404)               (1,415)               (1,306) 
Share based compensation                                                      -                      -                     -                  (12) 
Foreign exchange gain / (loss)                                               29                   (89)                    18                 (116) 
                                                                          (426)                  (532)               (1,515)               (1,628) 
 -------------------------------------------------------  ---------------------  ---------------------  --------------------  -------------------- 
 
Results from operating activities                                         (425)                  (531)               (1,512)               (1,624) 
 
Fair value gain -- outstanding warrant                                        -                    127                   110                   230 
 
Finance income                                                              337                     25                   189                    95 
Finance expense                                                            (58)                  (385)                 (174)                 (381) 
Net finance income / (expense)                                              279                  (360)                    15                 (286) 
 
Loss and comprehensive loss for the period                                (146)                  (764)               (1,387)               (1,680) 
 
Loss and comprehensive loss attributable to: 
 
Equity holders of the company                                             (150)                  (758)               (1,388)               (1,675) 
Non-controlling interests                                                     4                    (6)                     1                   (5) 
 
Loss and comprehensive loss for the period                                (146)                  (764)               (1,387)               (1,680) 
 
 
Loss per share attributable to equity holders of the 
 company: 
 
Basic and diluted                                                  (0.000 cent)           (0.001 cent)          (0.001 cent)          (0.002 cent) 
 
 
 
 
 
 
Interim Condensed Consolidated Statement of Financial    At 30 September  At 31 December 
 Position                                                      2020            2019 
 (Unaudited)                                                  $'000            $'000 
 
Assets 
Non-current assets 
Exploration and evaluation assets                                 40,294          40,246 
Property, plant and equipment                                          1               1 
Trade and other receivables                                           21              30 
Restricted cash                                                    2,317           2,241 
                                                                  42,633          42,518 
 
Current assets 
Cash and cash on equivalents                                      11,485          13,066 
Trade and other receivables                                          162             141 
                                                                  11,647          13,207 
 
Total assets                                                      54,280          55,725 
 
Equity and liabilities 
 
Equity attributable to owners of the parent 
Share capital                                                    392,170         392,170 
Contributed surplus                                               45,075          45,075 
Retained deficit                                               (394,731)       (393,343) 
                                                                  42,514          43,902 
Non-controlling interests                                            701             700 
Total equity                                                      43,215          44,602 
 
Liabilities 
Non-current liabilities 
Decommissioning provision                                         10,503          10,331 
                                                                  10,503          10,331 
 
Current liabilities 
Accounts payable and accrued expenses                                562             682 
Derivative financial liabilities                                       -             110 
                                                                     562             792 
 ------------------------------------------------------  ---------------  -------------- 
Total liabilities                                                 11,065          11,123 
 
Total equity and liabilities                                      54,280          55,725 
 
 
 
 
 
 
 
Interim Condensed Consolidated Statement              Nine months ended 30 
 of Cash Flows                                         September 
                                                         2020        2019 
(Unaudited)                                              $'000       $'000 
 
Cash flows from operating activities 
Net loss for the period                                  (1,387)     (1,680) 
Adjustments for: 
  Share based compensation                                     -          12 
  Depreciation                                                 -           1 
  Fair value gain - outstanding warrant                    (110)       (230) 
  Net finance (income) / expenses                           (15)         286 
  Effect of exchange rates on operating activities          (18)         116 
Change in non-cash working capital: 
  Increase in trade and other receivables                   (12)        (29) 
  (Decrease) / increase in accounts payable 
   and accrued expenses                                    (134)          23 
Net cash used in operating activities                    (1,676)     (1,501) 
 
Cash flows from investing activities 
Interest received                                             16          95 
Exploration and evaluation assets                           (48)       (515) 
Net cash used in investing activities                       (32)       (420) 
 
Cash flows from financing activities 
Net proceeds from private placement                            -       8,433 
Net cash generated from financing activities                   -       8,433 
 
 
Change in cash and cash equivalents                      (1,708)       6,512 
Effect of exchange rates on cash & cash 
 equivalents                                                 127       (300) 
Cash and cash equivalents at beginning 
 of period                                                13,066       6,967 
 
Cash and cash equivalents at end of period                11,485      13,179 
 
 
   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. 
 
   Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil 
& Gas Ltd. 
 
   For further information on Falcon Oil & Gas Ltd. please visit 
https://www.globenewswire.com/Tracker?data=3rO5sON0fCAWqeKnh7UbtIIzV1__T_uePw0D4DaeR8jl4MU8ZqFYw41L9ehnSjdPXiKibf-fHKVMdE6gQ8-AHT92xUEsbSrkmylxHuTuf4c= 
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. 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 27, 2020 02:00 ET (07:00 GMT)

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