Falcon Oil & Gas Ltd. - Full Year Results
April 28 2022 - 1:00AM
Falcon Oil & Gas Ltd. - Full Year Results
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$11 million).
- Continued focus on strict cost
management and efficient operation of the portfolio.
Filing of Financial Statements,
MD&A, AIF and Reserves Data
Falcon has filed its audited financial
statements for the year ended 31 December 2021, the accompanying
MD&A for year ended 31 December 2021 dated 27 April 2022, its
Annual Information Form (“AIF”) dated 27 April
2022 and the Statement of Reserves Data and Other Oil and Gas
Information (National Instrument 51-101, Forms 51-101F1, 51-101F2
and 51-101F3) with the relevant provincial securities regulators.
These filings are available for review on the Canadian System for
Electronic Document Analysis and Retrieval
(“SEDAR”) at www.sedar.com. The audited financial
statements, MD&A and AIF are also available on Falcon’s website
www.falconoilandgas.com.
CONTACT DETAILS:
|
Falcon Oil & Gas Ltd.
|
+353 1 676 8702 |
|
Philip O'Quigley, CEO |
+353 87 814 7042 |
|
Anne Flynn, CFO |
+353 1 676 9162 |
|
|
|
Cenkos Securities plc (NOMAD & Broker) |
|
|
Neil McDonald / Derrick Lee |
+44 131 220 9771 |
|
|
|
Consolidated Statement of Operations and Comprehensive
Loss
|
|
|
|
Year Ended 31 December
2021$’000 |
Year Ended 31 December 2020$’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) |
($0.002) |
Consolidated Statement of Financial
Position
|
|
|
At 31
December2021$’000 |
At 31 December 2020$’000 |
|
|
|
|
|
|
Assets |
|
|
|
| Non-current
assets |
|
|
|
| Exploration and
evaluation assets |
|
40,197 |
40,444 |
| Property, plant and
equipment |
|
13 |
4 |
| Trade and other
receivables |
|
22 |
23 |
|
Restricted cash |
|
2,239 |
2,429 |
|
|
|
42,471 |
42,900 |
|
|
|
|
|
| Current
assets |
|
|
|
| Cash and cash
equivalents |
|
8,894 |
11,036 |
|
Trade and other receivables |
|
74 |
117 |
|
|
|
8,968 |
11,153 |
|
|
|
|
|
|
Total assets |
|
51,439 |
54,053 |
|
|
|
|
|
| Equity and
liabilities |
|
|
|
| |
|
|
|
|
Equity attributable to owners of the
parent |
|
|
|
| Share capital |
|
392,170 |
392,170 |
| Contributed
surplus |
|
46,254 |
45,075 |
|
Deficit |
|
(399,866) |
(395,173) |
|
|
|
38,558 |
42,072 |
|
Non-controlling interests |
|
698 |
701 |
|
Total equity |
|
39,256 |
42,773 |
|
|
|
|
|
|
Liabilities |
|
|
|
| Non-current
liabilities |
|
|
|
|
Decommissioning provision |
|
11,775 |
10,563 |
|
|
|
11,775 |
10,563 |
|
|
|
|
|
| Current
liabilities |
|
|
|
|
Accounts payable and accrued expenses |
|
408 |
717 |
|
|
|
408 |
717 |
|
|
|
|
|
|
Total liabilities |
|
12,183 |
11,280 |
|
|
|
|
|
|
Total equity and liabilities |
|
51,439 |
54,053 |
Consolidated Statement of Cash Flows
| |
|
Year Ended 31 December |
|
|
|
2021$’000 |
2020 $’000 |
|
|
|
|
|
| Cash flows
from operating activities |
|
|
|
| Net loss for the
year |
|
(4,696) |
(1,829) |
| Adjustments
for: |
|
|
|
| Share based
compensation |
|
1,179 |
- |
| Depreciation |
|
4 |
- |
| Fair value gain -
outstanding warrants |
|
- |
(110) |
| Net finance
loss |
|
242 |
7 |
| Foreign exchange
loss / (gain) |
|
238 |
(105) |
| Transfer of Canadian
working interests |
|
(28) |
- |
| Decommissioning
provision |
|
991 |
- |
| Change in non-cash
working capital |
|
|
|
| Decrease in trade
and other receivables |
|
44 |
31 |
| Increase /
(decrease) in accounts payable and accrued expenses |
|
67 |
(145) |
|
Net cash used in operating activities |
|
(1,959) |
(2,151) |
| |
|
|
|
| Cash flows
from investing activities |
|
|
|
| Interest
received |
|
7 |
16 |
| Exploration and
evaluation assets |
|
(163) |
(48) |
| Property plant and
equipment |
|
(13) |
(3) |
|
Net cash used in investing activities |
|
(169) |
(35) |
| |
|
|
|
| |
|
|
|
| Change in cash and
cash equivalents |
|
(2,128) |
(2,186) |
| Effect of exchange
rates on cash and cash equivalents |
|
(14) |
156 |
| Cash and cash
equivalents at beginning of year |
|
11,036 |
13,066 |
|
|
|
|
|
|
Cash and cash equivalents at end of year |
|
8,894 |
11,036 |
All dollar amounts in this document are in
United States dollars “$”, 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.
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