TIDMFOG 
 

FALCON OIL & GAS LTD.

("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  Three months  Six months   Six months 
                                      ended 30      ended 30     ended 30     ended 30 
                                      June 2021     June 2020    June 2021    June 2020 
                                        $'000         $'000        $'000        $'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  (0.001 cent) 
                                                                     cent) 
----------------------------------  ------------  ------------  ----------  ------------ 
 

Interim Condensed Consolidated Statement of Financial Position

(Unaudited)

 
                                     At 30 June  At 31 December 
                                        2021          2020 
                                        $'000         $'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          2020 
                                                 $'000         $'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.

 
 

(END) Dow Jones Newswires

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

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