TIDMFOG 
 

FALCON OIL & GAS LTD.

("Falcon")

Filing of Interim Financial Statements

24 May 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three months ended 31 March 2023 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 2023, 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 2023 Financial Highlights

   -- Strong financial position, debt free with cash of US$16.3 million at 31 
      March 2023 (31 December 2022: US$16.8 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  Three months ended 
                                                            31 March 2023       31 March 2022 
                                                                $'000               $'000 
 
Revenue 
Oil and natural gas revenue                                      -                   - 
                                                                 -                   - 
 
Expenses 
Exploration and evaluation expenses                                    (43)                (40) 
General and administrative expenses                                   (597)               (608) 
Foreign exchange gain/(loss)                                             56                (45) 
                                                                      (584)               (693) 
  -----------------------------------------------------  ------------------  ------------------ 
 
Results from operating activities                                     (584)               (693) 
 
Finance income                                                           68                   3 
Finance expense                                                       (144)                (60) 
Net finance expense                                                    (76)                (57) 
 
Loss and comprehensive loss for the period                            (660)               (750) 
 
Loss and comprehensive loss attributable to: 
 
Equity holders of the company                                         (658)               (750) 
Non-controlling interests                                               (2)                   - 
 
Loss and comprehensive loss for the period                            (660)               (750) 
-------------------------------------------------------  ------------------  ------------------ 
 
 
Loss per share attributable to equity holders of the 
 company: 
 
Basic and diluted                                                   ($.001)            ($0.001) 
 

Interim Condensed Consolidated Statement of Financial Position

(Unaudited)

 
                                               At 31 March  At 31 December 
                                                   2023          2022 
                                                  $'000          $'000 
 
Assets 
Non-current assets 
Exploration and evaluation assets                   42,979          42,977 
Property, plant and equipment                            6               7 
Trade and other receivables                             20              20 
Restricted cash                                      2,146           2,090 
                                                    45,151          45,094 
 --------------------------------------------  -----------  -------------- 
 
Current assets 
Cash and cash equivalents                           16,269          16,785 
Trade and other receivables                            140              79 
                                                    16,409          16,864 
 --------------------------------------------  -----------  -------------- 
 
Total assets                                        61,560          61,958 
---------------------------------------------  -----------  -------------- 
 
Equity and liabilities 
 
Equity attributable to owners of the parent 
Share capital                                      402,120         402,120 
Contributed surplus                                 47,200          47,063 
Deficit                                          (404,518)       (403,860) 
                                                    44,802          45,323 
Non-controlling interests                              699             701 
Total equity                                        45,501          46,024 
---------------------------------------------  -----------  -------------- 
 
Liabilities 
Non-current liabilities 
Decommissioning provision                           15,677          15,602 
                                                    15,677          15,602 
 --------------------------------------------  -----------  -------------- 
 
Current liabilities 
Accounts payable and accrued expenses                  382             332 
                                                       382             332 
 --------------------------------------------  -----------  -------------- 
 
Total liabilities                                   16,059          15,934 
---------------------------------------------  -----------  -------------- 
 
Total equity and liabilities                        61,560          61,958 
---------------------------------------------  -----------  -------------- 
 

Interim Condensed Consolidated Statement of Cash Flows

(Unaudited)

 
                                                 Three months ended 31 March 
                                                    2023           2022 
                                                    $'000          $'000 
 
Cash flows from operating activities 
Net loss for the period                                 (660)          (750) 
Adjustments for: 
  Share based compensation                                137            136 
  Depreciation                                              1              2 
  Net finance expense                                      66             57 
  Effect of exchange rates on operating 
   activities                                            (56)             45 
  Change in non-cash working capital: 
  Increase in trade and other receivables                (61)           (89) 
  Increase in accounts payable and accrued 
   expenses                                                51             30 
Net cash used in operating activities                   (522)          (569) 
 
Cash flows from investing activities 
Interest received                                          78              3 
Exploration and evaluation assets                         (2)           (29) 
Net cash generated by (used in) investing 
 activities                                                76           (26) 
 
Change in cash and cash equivalents                     (446)          (595) 
Effect of exchange rates on cash and cash 
 equivalents                                             (70)              2 
 
Cash and cash equivalents at beginning of 
 period                                                16,785          8,894 
 
Cash and cash equivalents at end of period             16,269          8,301 
---------------------------------------------  --------------  ------------- 
 

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 24, 2023 02:00 ET (06:00 GMT)

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