Falcon Oil & Gas Ltd. - Filing of Interim Finan...

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

FALCON OIL & GAS LTD.

(“Falcon)

Filing of Interim Financial Statements

27 August 2021 - 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 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 six months ended 30 June 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.

20 2 1 financial h ighlights and other financial updates

  • Strong financial position, debt free with cash of US$10 million at 30 June 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


Interim Condensed Consolidated Statement of Operations and Comprehensive (Loss) / Income

(Unaudited)

  Three months ended 30
June 2021
$’000
Three months ended 30
June 2020
$’000
Six months ended 30
June 2021
$’000
Six months ended 30
June 2020
$’000
         
Revenue        
Oil and natural gas revenue - 1 2 2
  - 1 2 2
         
Expenses        
Exploration and evaluation expenses (42) (35) (82) (73)
Production and operating expenses - (3) - (5)
General and administrative expenses (449) (597) (915) (1,000)
Share based compensation (182) - (747) -
Foreign exchange gain / (loss) 37 17 (118) (11)
  (636) (618) (1,862) (1,089)
         
Results from operating activities (636) (617) (1,860) (1,087)
         
Fair value gain – outstanding warrant - - - 110
         
Finance income 2 874 3 15
Finance expense (59) (58) (126) (279)
Net finance (expense) / income (57) 816 (123) (264)
         
(Loss) / income and comprehensive (loss) / income for the period (693) 199 (1,983) (1,241)
         
(Loss) / income and comprehensive (loss) / income attributable to:        
         
Equity holders of the company (693) 183 (1,982) (1,238)
Non-controlling interests - 16 (1) (3)
         
(Loss) / income and comprehensive (loss) / income for the period (693) 199 (1,983) (1,241)
         
(Loss) / income per share attributable to equity holders of the company:        
Basic and diluted (0.001 cent) 0.000 cent (0.002 cent) (0.001 cent)


Interim Condensed Consolidated Statement of Financial Position

(Unaudited)

    At 30 June
20 2 1
$’000
At 31 December
2020
$’000
       
Assets      
Non-current assets      
Exploration and evaluation assets   40,188 40,444
Property, plant and equipment   3 4
Trade and other receivables   23 23
Restricted cash   2,360 2,429
    42,574 42,900
       
Current assets      
Cash and cash equivalents   9,974 11,036
Trade and other receivables   112 117
    10,086 11,153
       
Total assets   52,660 54,053
       
Equity and liabilities      
       
Equity attributable to owners of the parent      
Share capital   392,170 392,170
Contributed surplus   45,822 45,075
Retained deficit   (397,155) (395,173)
    40,837 42,072
Non-controlling interests   700 701
Total equity   41,537 42,773
       
Liabilities       
Non-current liabilities      
Decommissioning provision   10,653 10,563
    10,653 10,563
       
Current liabilities      
Accounts payable and accrued expenses   470 717
    470 717
       
Total liabilities   11,123 11,280
       
Total equity and liabilities   52,660 54,053


Interim Condensed Consolidated Statement of Cash Flows

(Unaudited)

    Six months ended 30 June
    20 2 1
$’000
2020
$’000
       
Cash flows from operating activities      
Net loss for the period   (1,983) (1,241)
Adjustments for:      
Share based compensation   747 -
Depreciation   1 -
Fair value gain - outstanding warrant   - (110)
Net finance expense   123 264
Effect of exchange rates on operating activities   118 11
Transfer of Canadian working interests   (28) -
Change in non-cash working capital:      
Decrease in trade and other receivables   5 46
(Decrease) / increase in accounts payable and accrued expenses   (43) 37
Net cash used in operating activities   (1,060) (993)
       
Cash flows from investing activities      
Interest received   3 15
Exploration and evaluation assets   (2) (48)
Net cash generated from / (used in) investing activities   1 (33)
       
       
Change in cash and cash equivalents   (1,059) (1,026)
Effect of exchange rates on cash & cash equivalents   (3) (225)
Cash and cash equivalents at beginning of period   11,036 13,066
       
Cash and cash equivalents at end of period   9,974 11,815

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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