Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements

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 ended 31 March 2022$’000 Three months ended 31 March 2021$’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 March2022$’000 At 31 December 2021$’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$’000 2021 $’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.

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