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)
Copyright (c) 2022 Dow Jones & Company, Inc.
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