TIDMFOG 
 
 
   FALCON OIL & GAS LTD. 
 
   ("Falcon") 
 
   Filing of Interim Financial Statements 
 
   27 May 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that 
it has filed its Interim Financial Statements for the three months ended 
31 March 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 months ended 31 March 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. 
 
   Q1 2021 Financial Highlights 
 
 
   -- Strong financial position, debt free with cash of US$10.5 million at 31 
      March 2021 (31 December 2020: US$11 million). 
 
   -- Continued focus on strict cost management and 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 
 
 
 
   All dollar amounts in this document are in United States dollars "$", 
except as otherwise indicated. 
 
   Interim Condensed Consolidated Statement of Operations and Comprehensive 
Loss 
 
   (Unaudited) 
 
 
 
 
                                                         Three months ended  Three months ended 
                                                            31 March 2021       31 March 2020 
                                                                $'000               $'000 
 
Revenue 
Oil and natural gas revenue                                               2                   1 
                                                                          2                   1 
 
Expenses 
Exploration and evaluation expenses                                    (40)                (38) 
Production and operating expenses                                         -                 (2) 
General and administrative expenses                                   (466)               (403) 
Share based compensation                                              (565)                   - 
Foreign exchange loss                                                 (155)                (28) 
                                                                    (1,226)               (471) 
  -----------------------------------------------------  ------------------  ------------------ 
 
Results from operating activities                                   (1,224)               (470) 
 
Fair value gain -- warrant                                                -                 110 
 
Finance income                                                            1                  14 
Finance expense                                                        (67)             (1,094) 
Net finance expense                                                    (66)             (1,080) 
 
Loss and comprehensive loss for the period                          (1,290)             (1,440) 
 
Loss and comprehensive loss attributable to: 
 
Equity holders of the company                                       (1,289)             (1,421) 
Non-controlling interests                                               (1)                (19) 
 
Loss and comprehensive loss for the period                          (1,290)             (1,440) 
-------------------------------------------------------  ------------------  ------------------ 
 
 
Loss per share attributable to equity holders of the 
 company: 
 
Basic and diluted                                             ($0.001 cent)       ($0.001 cent) 
 
 
 
   Interim Condensed Consolidated Statement of Financial Position 
 
   (Unaudited) 
 
 
 
 
                                               At 31 March  At 31 December 
                                                   2021          2020 
                                                  $'000          $'000 
 
Assets 
Non-current assets 
Exploration and evaluation assets                   40,186          40,444 
Property, plant and equipment                            3               4 
Trade and other receivables                             23              23 
Restricted cash                                      2,325           2,429 
                                                    42,537          42,900 
 --------------------------------------------  -----------  -------------- 
 
Current assets 
Cash and cash equivalents                           10,482          11,036 
Trade and other receivables                            160             117 
                                                    10,642          11,153 
 --------------------------------------------  -----------  -------------- 
 
Total assets                                        53,179          54,053 
---------------------------------------------  -----------  -------------- 
 
Equity and liabilities 
 
Equity attributable to owners of the parent 
Share capital                                      392,170         392,170 
Contributed surplus                                 45,640          45,075 
Deficit                                          (396,462)       (395,173) 
                                                    41,348          42,072 
Non-controlling interests                              700             701 
Total equity                                        42,048          42,773 
---------------------------------------------  -----------  -------------- 
 
Liabilities 
Non-current liabilities 
Decommissioning provision                           10,594          10,563 
                                                    10,594          10,563 
 --------------------------------------------  -----------  -------------- 
 
Current liabilities 
Accounts payable and accrued expenses                  537             717 
                                                       537             717 
 --------------------------------------------  -----------  -------------- 
Total liabilities                                   11,131          11,280 
---------------------------------------------  -----------  -------------- 
 
Total equity and liabilities                        53,179          54,053 
---------------------------------------------  -----------  -------------- 
 
 
 
   Interim Condensed Consolidated Statement of Cash Flows 
 
   (Unaudited) 
 
 
 
 
                                                        Three months ended 
                                                                  31 March 
                                                        2021       2020 
                                                        $'000      $'000 
 
Cash flows from operating activities 
Net loss for the year                                   (1,290)    (1,440) 
Adjustments for: 
  Share based compensation                                  565          - 
  Depreciation                                                1          - 
  Fair value gain - warrant                                   -      (110) 
  Net finance expense                                        66      1,080 
  Effect of exchange rates on operating activities          155         28 
  Transfer of Canadian working interests                   (28)          - 
Change in non-cash working capital: 
  (Increase) / decrease in trade and other 
   receivables                                             (43)         13 
  Increase / (decrease) in accounts payable 
   and accrued expenses                                      24       (42) 
Net cash used in operating activities                     (550)      (471) 
 
Cash flows from investing activities 
Interest received                                             1         14 
Exploration and evaluation assets                             -       (36) 
Net cash generated by / (used in) investing 
 activities                                                   1       (22) 
 
Change in cash and cash equivalents                       (549)      (493) 
Effect of exchange rates on cash and cash 
 equivalents                                                (5)    (1,033) 
Cash and cash equivalents at beginning 
 of year                                                 11,036     13,066 
 
Cash and cash equivalents at end of period               10,482     11,540 
----------------------------------------------------  ---------  --------- 
 
 
   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. 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 27, 2021 02:00 ET (06:00 GMT)

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