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

FALCON OIL & GAS LTD.

(“Falcon)

Filing of Interim Financial Statements

19 November 2021 - 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 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 nine months ended 30 September 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$9.4 million at 30 September 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
   
Camarco  
James Crothers / Rebecca Waterworth / Billy Clegg +44 (0)20 3781 8331

Interim Condensed Consolidated Statement of Operations and Comprehensive Loss

(Unaudited)

  Three months ended 30 September 2021$’000 Three months ended 30 September 2020$’000 Nine months ended 30 September 2021$’000 Nine months ended 30 September 2020$’000
         
Revenue        
Oil and natural gas revenue - 1 2 3
  - 1 2 3
         
Expenses        
Exploration and evaluation expenses (46) (37) (128) (110)
Production and operating expenses - (3) - (8)
General and administrative expenses (431) (415) (1,346) (1,415)
Share based compensation (234) - (981) -
Foreign exchange (loss) / gain (60) 29 (178) 18
  (771) (426) (2,633) (1,515)
         
Results from operating activities (771) (425) (2,631) (1,512)
         
Fair value gain – outstanding warrant - - - 110
         
Finance income - 337 3 189
Finance expense (71) (58) (197) (174)
Net finance (expense) / income (71) 279 (194) 15
         
Loss and comprehensive loss for the period (842) (146) (2,825) (1,387)
         
Loss and comprehensive loss attributable to:        
         
Equity holders of the company (841) (150) (2,823) (1,388)
Non-controlling interests (1) 4 (2) 1
         
Loss and comprehensive loss for the period (842) (146) (2,825) (1,387)
         
Loss per share attributable to equity holders of the company:        
Basic and diluted (0.001 cent) (0.000 cent) (0.003 cent) (0.001 cent)

Interim Condensed Consolidated Statement of Financial Position

(Unaudited)

    At 30 September2021$’000 At 31 December 2020$’000
       
Assets      
Non-current assets      
Exploration and evaluation assets   40,194 40,444
Property, plant and equipment   14 4
Trade and other receivables   22 23
Restricted cash   2,299 2,429
    42,529 42,900
       
Current assets      
Cash and cash equivalents   9,369 11,036
Trade and other receivables   95 117
    9,464 11,153
       
Total assets   51,993 54,053
       
Equity and liabilities      
       
Equity attributable to owners of the parent      
Share capital   392,170 392,170
Contributed surplus   46,056 45,075
Retained deficit   (397,996) (395,173)
    40,230 42,072
Non-controlling interests   699 701
Total equity   40,929 42,773
       
Liabilities       
Non-current liabilities      
Decommissioning provision   10,712 10,563
    10,712 10,563
       
Current liabilities      
Accounts payable and accrued expenses   352 717
    352 717
       
Total liabilities   11,064 11,280
       
Total equity and liabilities   51,993 54,053

Interim Condensed Consolidated Statement of Cash Flows

(Unaudited)

    Nine months ended 30 September
    2021$’000 2020 $’000
       
Cash flows from operating activities      
Net loss for the period   (2,825) (1387)
Adjustments for:      
Share based compensation   981 -
Depreciation   3 -
Fair value gain - outstanding warrant   - (110)
Net finance expense   194 (15)
Effect of exchange rates on operating activities   178 (18)
Transfer of Canadian working interests   (28) -
Change in non-cash working capital:      
Decrease / (increase) in trade and other receivables   23 (12)
Decrease in accounts payable and accrued expenses   (8) (134)
Net cash used in operating activities   (1,482) (1,676)
       
Cash flows from investing activities      
Interest received   3 16
Property plant and equipment   (13) -
Exploration and evaluation assets   (160) (48)
Net cash used in investing activities   (170) (32)
       
       
Change in cash and cash equivalents   (1,652) (1,708)
Effect of exchange rates on cash and cash equivalents   (15) 127
Cash and cash equivalents at beginning of period   11,036 13,066
       
Cash and cash equivalents at end of period   9,369 11,485

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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