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

GLOBENEWSWIRE

Friday, November 19, 2021, 12 AM MST

FALCON OIL & GAS LTD.

(“Falcon)

Filing of Interim Financial Statements

19 November 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three and nine months ended 30 September 2021 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 nine months ended 30 September 2021, 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.

2021 financial highlights and other financial updates

  • Strong financial position, debt free with cash of US$9.4 million at 30 September 2021 (31 December 2020: US$11 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
  
Camarco  
James Crothers / Rebecca Waterworth / Billy Clegg+44 (0)20 3781 8331

Interim Condensed Consolidated Statement of Operations and Comprehensive Loss

(Unaudited)

 Three months ended 30 September 2021$’000Three months ended 30 September 2020$’000Nine months ended 30 September 2021$’000Nine months ended 30 September 2020$’000
     
Revenue    
Oil and natural gas revenue-123
 -123
     
Expenses    
Exploration and evaluation expenses(46)(37)(128)(110)
Production and operating expenses-(3)-(8)
General and administrative expenses(431)(415)(1,346)(1,415)
Share based compensation(234)-(981)-
Foreign exchange (loss) / gain(60)29(178)18
 (771)(426)(2,633)(1,515)
     
Results from operating activities(771)(425)(2,631)(1,512)
     
Fair value gain – outstanding warrant---110
     
Finance income-3373189
Finance expense(71)(58)(197)(174)
Net finance (expense) / income(71)279(194)15
     
Loss and comprehensive loss for the period(842)(146)(2,825)(1,387)
     
Loss and comprehensive loss attributable to:    
     
Equity holders of the company(841)(150)(2,823)(1,388)
Non-controlling interests(1)4(2)1
     
Loss and comprehensive loss for the period(842)(146)(2,825)(1,387)
     
Loss per share attributable to equity holders of the company:    
Basic and diluted(0.001 cent)(0.000 cent)(0.003 cent)(0.001 cent)

Interim Condensed Consolidated Statement of Financial Position

(Unaudited)

  At 30 September2021$’000At 31 December 2020$’000
    
Assets   
Non-current assets   
Exploration and evaluation assets 40,19440,444
Property, plant and equipment 144
Trade and other receivables 2223
Restricted cash 2,2992,429
  42,52942,900
    
Current assets   
Cash and cash equivalents 9,36911,036
Trade and other receivables 95117
  9,46411,153
    
Total assets 51,99354,053
    
Equity and liabilities   
    
Equity attributable to owners of the parent   
Share capital 392,170392,170
Contributed surplus 46,05645,075
Retained deficit (397,996)(395,173)
  40,23042,072
Non-controlling interests 699701
Total equity 40,92942,773
    
Liabilities    
Non-current liabilities   
Decommissioning provision 10,71210,563
  10,71210,563
    
Current liabilities   
Accounts payable and accrued expenses 352717
  352717
    
Total liabilities 11,06411,280
    
Total equity and liabilities 51,99354,053

Interim Condensed Consolidated Statement of Cash Flows

(Unaudited)

  Nine months ended 30 September
  2021$’0002020 $’000
    
Cash flows from operating activities   
Net loss for the period (2,825)(1387)
Adjustments for:   
Share based compensation 981-
Depreciation 3-
Fair value gain - outstanding warrant -(110)
Net finance expense 194(15)
Effect of exchange rates on operating activities 178(18)
Transfer of Canadian working interests (28)-
Change in non-cash working capital:   
Decrease / (increase) in trade and other receivables 23(12)
Decrease in accounts payable and accrued expenses (8)(134)
Net cash used in operating activities (1,482)(1,676)
    
Cash flows from investing activities   
Interest received 316
Property plant and equipment (13)-
Exploration and evaluation assets (160)(48)
Net cash used in investing activities (170)(32)
    
    
Change in cash and cash equivalents (1,652)(1,708)
Effect of exchange rates on cash and cash equivalents (15)127
Cash and cash equivalents at beginning of period 11,03613,066
    
Cash and cash equivalents at end of period 9,36911,485

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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