Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Filing Of Interim Financial Statements
May 19 2022 - 1:00AM
UK Regulatory
TIDMFOG
FALCON OIL & GAS LTD.
("Falcon")
Filing of Interim Financial Statements
19 May 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG)
announces that it has filed its Interim Financial Statements for
the three months ended 31 March 2022 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 months ended 31 March 2022,
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.
Q1 2022 Financial Highlights
-- Strong financial position, debt free with cash of US$8.3 million at 31
March 2022 (31 December 2021: US$8.9 million).
-- Continued focus on strict cost management and 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
(Unaudited)
Three months Three months
ended ended
31 March 31 March
2022 2021
$'000 $'000
Revenue
Oil and natural gas revenue - 2
- 2
Expenses
Exploration and evaluation
expenses (40) (40)
General and administrative
expenses (608) (1,031)
Foreign exchange loss (45) (155)
(693) (1,226)
----------------------------------- ------------ ------------
Results from operating activities (693) (1,224)
Finance income 3 1
Finance expense (60) (67)
Net finance expense (57) (66)
Loss and comprehensive loss
for the period (750) (1,290)
Loss and comprehensive loss
attributable to:
Equity holders of the company (750) (1,289)
Non-controlling interests - (1)
Loss and comprehensive loss
for the period (750) (1,290)
------------------------------------- ------------ ------------
Loss per share attributable
to equity holders of the company:
Basic and diluted ($0.001) ($0.001)
Interim Condensed Consolidated Statement of Financial
Position
(Unaudited)
At 31 March At 31 December
2022 2021
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 40,237 40,197
Property, plant and equipment 11 13
Trade and other receivables 23 22
Restricted cash 2,200 2,239
42,471 42,471
---------------------------------- ----------- --------------
Current assets
Cash and cash equivalents 8,301 8,894
Trade and other receivables 162 74
8,463 8,968
---------------------------------- ----------- --------------
Total assets 50,934 51,439
----------------------------------- ----------- --------------
Equity and liabilities
Equity attributable to owners
of the parent
Share capital 392,170 392,170
Contributed surplus 46,390 46,254
Deficit (400,616) (399,866)
37,944 38,558
Non-controlling interests 698 698
Total equity 38,642 39,256
----------------------------------- ----------- --------------
Liabilities
Non-current liabilities
Decommissioning provision 11,834 11,775
11,834 11,775
---------------------------------- ----------- --------------
Current liabilities
Accounts payable and accrued
expenses 458 408
458 408
Total liabilities 12,292 12,183
----------------------------------- ----------- --------------
Total equity and liabilities 50,934 51,439
----------------------------------- ----------- --------------
Interim Condensed Consolidated Statement of Cash flows
(Unaudited)
Three months ended 31
March
2022 2021
$'000 $'000
Cash flows from operating activities
Net loss for the period (750) (1,290)
Adjustments for:
Share based compensation 136 565
Depreciation 2 1
Net finance expense 57 66
Effect of exchange rates on operating
activities 45 155
Transfer of Canadian working interests - (28)
Change in non-cash working capital:
Increase in trade and other receivables (89) (43)
Increase in accounts payable and accrued
expenses 30 24
Net cash used in operating activities (569) (550)
Cash flows from investing activities
Interest received 3 1
Exploration and evaluation assets (29) -
Net cash (used in) / generated by investing
activities (26) 1
Change in cash and cash equivalents (595) (549)
Effect of exchange rates on cash and
cash equivalents 2 (5)
Cash and cash equivalents at beginning
of period 8,894 11,036
Cash and cash equivalents at end of
period 8,301 10,482
--------------------------------------------- ---------- -----------
All dollar amounts in this document are in United States dollars
"$", 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
May 19, 2022 02:00 ET (06:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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