Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
28 November 2024 - 6:00PM
UK Regulatory
Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
FALCON OIL & GAS LTD.
(“Falcon” or
“Company”)
Filing of Interim Financial
Statements
28 November 2024 - 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 2024 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 2024, which are available on the Canadian System for
Electronic Document Analysis and Retrieval (“SEDAR+”) at
www.sedarplus.ca and on Falcon’s website at
www.falconoilandgas.com
2024 financial highlights and other
financial updates
- Debt free with cash of $10
million at 30 September 2024 (31 December 2023: $8 million).
- Continued focus on cost management
and the efficient operation of the portfolio.
Ends.
CONTACT DETAILS:
|
Falcon Oil & Gas Ltd.
|
|
|
Philip O'Quigley, CEO |
+353 87 814 7042 |
|
Anne Flynn, CFO |
+353 1 676 9162 |
Cavendish Capital Markets Limited (NOMAD
& Broker)
|
Neil McDonald / Adam Rae |
+44 131 220 9771 |
Interim Condensed Consolidated Statement
of Operations and Comprehensive Loss
(Unaudited)
|
|
Three months ended 30
September 2024
$’000 |
Three months ended 30
September 2023
$’000 |
Nine months ended 30
September 2024
$’000 |
Nine months ended 30
September 2023
$’000 |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
Oil and natural gas revenue |
- |
- |
- |
- |
|
|
- |
- |
- |
- |
| |
|
|
|
|
|
Expenses |
|
|
|
|
| Exploration and
evaluation expenses |
(44) |
(39) |
(130) |
(129) |
| General and
administrative expenses |
(523) |
(739) |
(1,601) |
(1,914) |
| Foreign exchange
gain |
91 |
38 |
133 |
85 |
|
|
(476) |
(740) |
(1,598) |
(1,958) |
|
|
|
|
|
|
| Results
from operating activities |
(476) |
(740) |
(1,598) |
(1,958) |
| |
|
|
|
|
| Finance
income |
365 |
43 |
193 |
155 |
|
Finance expense |
(132) |
(352) |
(393) |
(647) |
|
Net finance income / (expense) |
233 |
(309) |
(200) |
(492) |
|
|
|
|
|
|
|
Loss and comprehensive loss for the period |
(243) |
(1,049) |
(1,798) |
(2,450) |
|
|
|
|
|
|
| Loss and
comprehensive loss attributable to: |
|
|
|
|
| |
|
|
|
|
| Equity holders of
the company |
(247) |
(1,046) |
(1,798) |
(2,444) |
| Non-controlling
interests |
4 |
(3) |
- |
(6) |
|
|
|
|
|
|
|
Loss and comprehensive loss for the period |
(243) |
(1,049) |
(1,798) |
(2,450) |
|
|
|
|
|
|
Loss per share attributable to equity holders of the company:
|
|
|
|
|
|
Basic and diluted |
(0.000 cent) |
(0.001 cent) |
(0.002 cent) |
(0.002 cent) |
Interim Condensed Consolidated Statement of Financial
Position
(Unaudited)
|
|
|
At 30 September
2024
$’000 |
At 31 December
2023
$’000 |
|
|
|
|
|
|
Assets |
|
|
|
| Non-current
assets |
|
|
|
| Exploration and
evaluation assets |
|
50,721 |
51,287 |
| Property, plant and
equipment |
|
- |
2 |
| Trade and other
receivables |
|
26 |
26 |
|
Restricted cash |
|
2,199 |
2,176 |
|
|
|
52,946 |
53,491 |
|
|
|
|
|
| Current
assets |
|
|
|
| Cash and cash
equivalents |
|
9,965 |
7,992 |
|
Trade and other receivables |
|
946 |
54 |
|
|
|
10,911 |
8,046 |
|
|
|
|
|
|
Total assets |
|
63,857 |
61,537 |
|
|
|
|
|
| Equity and
liabilities |
|
|
|
| |
|
|
|
|
Equity attributable to owners of the
parent |
|
|
|
| Share capital |
|
406,690 |
402,120 |
| Contributed
surplus |
|
47,444 |
47,379 |
|
Retained deficit |
|
(408,995) |
(407,197) |
|
|
|
45,139 |
42,302 |
|
Non-controlling interests |
|
697 |
697 |
|
Total equity |
|
45,836 |
42,999 |
|
|
|
|
|
|
Liabilities |
|
|
|
| Non-current
liabilities |
|
|
|
|
Decommissioning provision |
|
16,679 |
16,204 |
|
|
|
16,679 |
16,204 |
|
|
|
|
|
| Current
liabilities |
|
|
|
|
Accounts payable and accrued expenses |
|
1,342 |
2,334 |
|
|
|
1,342 |
2,334 |
|
|
|
|
|
|
Total liabilities |
|
18,021 |
18,538 |
|
|
|
|
|
|
Total equity and liabilities |
|
63,857 |
61,537 |
Interim Condensed Consolidated Statement of Cash
Flow
(Unaudited)
| |
|
Nine months ended 30 September |
|
|
|
2024
$’000 |
2023
$’000 |
|
|
|
|
|
| Cash flows
from operating activities |
|
|
|
| Net loss for the
period |
|
(1,798) |
(2,450) |
| Adjustments
for: |
|
|
|
| Share based
compensation |
|
65 |
276 |
| Depreciation |
|
2 |
3 |
| Net finance
expense |
|
200 |
482 |
| Effect of exchange
rates on operating activities |
|
(133) |
(85) |
| Change in non-cash
working capital: |
|
|
|
| Increase in trade
and other receivables |
|
(893) |
(19) |
| Increase /
(decrease) in accounts payable and accrued expenses |
|
920 |
(36) |
|
Net cash used in operating activities |
|
(1,637) |
(1,829) |
| |
|
|
|
| Cash flows
from investing activities |
|
|
|
| Interest
received |
|
31 |
165 |
| Proceeds from sale
of ORRIs |
|
4,000 |
- |
| Exploration and
evaluation assets |
|
(5,153) |
(647) |
|
Net cash used in investing activities |
|
(1,122) |
(482) |
| |
|
|
|
| Cash flows
from financing activities |
|
|
|
|
Net proceeds from equity raised |
|
4,570 |
- |
Net cash generated from financing activities
|
|
4,570 |
- |
| Change in cash and
cash equivalents |
|
1,811 |
(2,311) |
| Effect of exchange
rates on cash and cash equivalents |
|
162 |
(320) |
| Cash and cash
equivalents at beginning of period |
|
7,992 |
16,785 |
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
9,965 |
14,154 |
All dollar amounts in this document are in
United States dollars “$”, 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.sedarplus.ca
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