TIDMFOG
FALCON OIL & GAS LTD.
("Falcon")
Filing of Interim Financial Statements
25 August 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG)
announces that it has filed its Interim Financial Statements for
the three and six months ended 30 June 2023 and 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 and six months ended 30 June
2023, which are available on the Canadian System for Electronic
Document Analysis and Retrieval ("SEDAR+") at
https://www.sedarplus.ca and on Falcon's website at
www.falconoilandgas.com.
2023 financial highlights and other financial updates
-- Strong financial position, debt free with cash of US$15.7 million at 30
June 2023 (31 December 2022: US$16.8 million).
-- Continued focus on cost management and the 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 Six months Six months
ended 30 ended 30 ended 30 ended 30
June 2023 June 2022 June 2023 June 2022
$'000 $'000 $'000 $'000
Revenue
Oil and natural gas revenue - - - -
- - - -
Expenses
Exploration and evaluation
expenses (47) (37) (90) (77)
General and administrative
expenses (578) (1,076) (1,175) (1,684)
Foreign exchange (loss) /
gain (9) (129) 47 (174)
(634) (1,242) (1,218) (1,935)
----------------------------------- ------------ ------------ ---------- ------------
Results from operating activities (634) (1,242) (1,218) (1,935)
Finance income 44 2 112 5
Finance expense (151) (83) (295) (143)
Net finance expense (107) (81) (183) (138)
----------------------------------- ------------ ------------ ---------- ------------
Loss and comprehensive loss
for the period (741) (1,323) (1,401) (2,073)
Loss and comprehensive loss
attributable to:
Equity holders of the company (740) (1,322) (1,398) (2,072)
Non-controlling interests (1) (1) (3) (1)
Loss and comprehensive loss
for the period (741) (1,323) (1,401) (2,073)
----------------------------------- ------------ ------------ ---------- ------------
Loss per share attributable
to equity holders of the company:
Basic and diluted (0.001 cent) (0.001 cent) (0.001 (0.002 cent)
cent)
----------------------------------- ------------ ------------ ---------- ------------
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
At 30 June At 31 December
2023 2022
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 43,014 42,977
Property, plant and equipment 5 7
Trade and other receivables 20 20
Restricted cash 2,141 2,090
45,180 45,094
---------------------------------- ---------- --------------
Current assets
Cash and cash equivalents 15,658 16,785
Trade and other receivables 110 79
15,768 16,864
---------------------------------- ---------- --------------
Total assets 60,948 61,958
----------------------------------- ---------- --------------
Equity and liabilities
Equity attributable to owners
of the parent
Share capital 402,120 402,120
Contributed surplus 47,294 47,063
Retained deficit (405,258) (403,860)
44,156 45,323
Non-controlling interests 698 701
Total equity 44,854 46,024
----------------------------------- ---------- --------------
Liabilities
Non-current liabilities
Decommissioning provision 15,753 15,602
15,753 15,602
---------------------------------- ---------- --------------
Current liabilities
Accounts payable and accrued
expenses 341 332
341 332
Total liabilities 16,094 15,934
----------------------------------- ---------- --------------
Total equity and liabilities 60,948 61,958
----------------------------------- ---------- --------------
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
Six months ended 30 June
2023 2022
$'000 $'000
Cash flows from operating activities
Net loss for the period (1,401) (2,073)
Adjustments for:
Share based compensation 231 483
Depreciation 2 3
Net finance expense 173 138
Effect of exchange rates on operating
activities (47) 174
Change in non-cash working capital:
Increase in trade and other receivables (31) (35)
Increase / (decrease) in accounts payable
and accrued expenses 6 (63)
Net cash used in operating activities (1,067) (1,373)
Cash flows from investing activities
Interest received 122 5
Exploration and evaluation assets (37) (44)
Net cash generated from/ (used in) investing
activities 85 (39)
Cash flows from financing activities
Net proceeds from private placement 0 9,950
Net cash generated from financing activities 0 9,950
Change in cash and cash equivalents (982) 8,538
Effect of exchange rates on cash & cash
equivalents (145) (37)
Cash and cash equivalents at beginning
of period 16,785 8,894
Cash and cash equivalents at end of
period 15,658 17,395
---------------------------------------------- ------------ ------------
All dollar amounts in this document are in United States dollars
"$", 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
August 25, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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