Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Filing Of Interim Financial Statements
24 May 2023 - 04:00PM
UK Regulatory
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)
Copyright (c) 2023 Dow Jones & Company, Inc.
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