TIDMFOG 
 

FALCON OIL & GAS LTD.

("Falcon")

Full Year Results

28 April 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2021.

The following should be read in conjunction with the complete audited financial statements and the accompanying Management's Discussion and Analysis ("MD&A") for the year ended 31 December 2021.

2021 Financial Highlights

   -- Strong financial position, debt free with cash of US$8.9 million at 31 
      December 2021 (31 December 2020: US$11 million). 
 
   -- Continued focus on strict cost management and efficient operation of the 
      portfolio. 

Filing of Financial Statements, MD&A, AIF and Reserves Data

Falcon has filed its audited financial statements for the year ended 31 December 2021, the accompanying MD&A for year ended 31 December 2021 dated 27 April 2022, its Annual Information Form ("AIF") dated 27 April 2022 and the Statement of Reserves Data and Other Oil and Gas Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and 51-101F3) with the relevant provincial securities regulators. These filings are available for review on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. The audited financial statements, MD&A and AIF are also available on Falcon's website www.falconoilandgas.com.

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 
 
 

Consolidated Statement of Operations and Comprehensive Loss

 
                                        Year Ended    Year Ended 
                                        31 December   31 December 
                                           2021          2020 
                                           $'000         $'000 
 
Revenue 
Oil and natural gas revenue                       2             5 
                                                  2             5 
 
Expenses 
Exploration and evaluation 
 expenses                                     (196)         (159) 
Production and operating expenses                 -          (12) 
General and administrative 
 expenses                                   (3,031)       (1,871) 
Decommissioning provision                     (991)             - 
Foreign exchange (loss) / gain                (238)           105 
                                            (4,456)       (1,937) 
  -----------------------------------  ------------  ------------ 
 
Results from operating activities           (4,454)       (1,932) 
 
Fair value gain -- outstanding 
 warrant                                          -           110 
 
Finance income                                    7           224 
Finance expense                               (249)         (231) 
Net finance expense                           (242)           (7) 
 
Loss before tax                             (4,696)       (1,829) 
 
Taxation                                          -             - 
 
Loss and comprehensive loss 
 for the year                               (4,696)       (1,829) 
 
Loss and comprehensive loss 
 attributable to: 
 
Equity holders of the company               (4,693)       (1,830) 
Non-controlling interests                       (3)             1 
 
Loss and comprehensive loss 
 for the year                               (4,696)       (1,829) 
-------------------------------------  ------------  ------------ 
 
Loss per share attributable 
 to equity holders of the company: 
Basic and diluted                          ($0.005)      ($0.002) 
-------------------------------------  ------------  ------------ 
 

Consolidated Statement of Financial Position

 
                                     At 31 December  At 31 December 
                                          2021            2020 
                                          $'000           $'000 
 
Assets 
Non-current assets 
Exploration and evaluation assets            40,197          40,444 
Property, plant and equipment                    13               4 
Trade and other receivables                      22              23 
Restricted cash                               2,239           2,429 
                                             42,471          42,900 
 ----------------------------------  --------------  -------------- 
 
Current assets 
Cash and cash equivalents                     8,894          11,036 
Trade and other receivables                      74             117 
                                              8,968          11,153 
 ----------------------------------  --------------  -------------- 
 
Total assets                                 51,439          54,053 
-----------------------------------  --------------  -------------- 
 
Equity and liabilities 
 
Equity attributable to owners 
 of the parent 
Share capital                               392,170         392,170 
Contributed surplus                          46,254          45,075 
Deficit                                   (399,866)       (395,173) 
                                             38,558          42,072 
Non-controlling interests                       698             701 
Total equity                                 39,256          42,773 
-----------------------------------  --------------  -------------- 
 
Liabilities 
Non-current liabilities 
Decommissioning provision                    11,775          10,563 
                                             11,775          10,563 
 ----------------------------------  --------------  -------------- 
 
Current liabilities 
Accounts payable and accrued 
 expenses                                       408             717 
                                                408             717 
 
Total liabilities                            12,183          11,280 
-----------------------------------  --------------  -------------- 
 
Total equity and liabilities                 51,439          54,053 
-----------------------------------  --------------  -------------- 
 

Consolidated Statement of Cash Flows

 
                                             Year Ended 31 December 
                                                2021         2020 
                                                $'000        $'000 
 
Cash flows from operating activities 
Net loss for the year                            (4,696)      (1,829) 
Adjustments for: 
Share based compensation                           1,179            - 
Depreciation                                           4            - 
Fair value gain - outstanding warrants                 -        (110) 
Net finance loss                                     242            7 
Foreign exchange loss / (gain)                       238        (105) 
Transfer of Canadian working interests              (28)            - 
Decommissioning provision                            991            - 
Change in non-cash working capital 
Decrease in trade and other receivables               44           31 
Increase / (decrease) in accounts payable 
 and accrued expenses                                 67        (145) 
Net cash used in operating activities            (1,959)      (2,151) 
 
Cash flows from investing activities 
Interest received                                      7           16 
Exploration and evaluation assets                  (163)         (48) 
Property plant and equipment                        (13)          (3) 
Net cash used in investing activities              (169)         (35) 
 
 
Change in cash and cash equivalents              (2,128)      (2,186) 
Effect of exchange rates on cash and 
 cash equivalents                                   (14)          156 
Cash and cash equivalents at beginning 
 of year                                          11,036       13,066 
 
Cash and cash equivalents at end of 
 year                                              8,894       11,036 
-------------------------------------------  -----------  ----------- 
 

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

April 28, 2022 02:00 ET (06:00 GMT)

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