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)

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