Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
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FALCON OIL & GAS LTD.
(“Falcon”)
Filing of Interim Financial Statements
20 May 2026 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three months ended 31 March 2026 and 2025 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 2026, 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.
Q1 2026 Financial Highlights
- The definitive agreement entered into between Falcon and Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) is progressing and is expected to close in the second quarter of 2026.
- Continued focus on strict cost management and efficient operation of the portfolio.
Ends.
For further information, please contact:
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 |
| Cavendish Capital Markets Limited (NOMAD & Broker) | |
| Neil McDonald | +44 131 220 9771 |
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
| Three months ended 31 March 2026 $’000 | Three months ended 31 March 2025 $’000 | |||||
| Revenue | ||||||
| Oil and natural gas revenue | - | - | ||||
| - | - | |||||
| Expenses | ||||||
| Exploration and evaluation expenses | (45) | (40) | ||||
| General and administrative expenses | (981) | (491) | ||||
| Foreign exchange (loss) / gain | (109) | 77 | ||||
| (1,135) | (454) | |||||
| Results from operating activities | (1,135) | (454) | ||||
| Finance income | 34 | 98 | ||||
| Finance expense | (150) | (141) | ||||
| Net finance expense | (116) | (43) | ||||
| Loss and comprehensive loss for the period | (1,251) | (497) | ||||
| Loss and comprehensive loss attributable to: | ||||||
| Equity holders of the company | (1,250) | (497) | ||||
| Non-controlling interests | (1) | - | ||||
| Loss and comprehensive loss for the period | (1,251) | (497) | ||||
| Loss per share attributable to equity holders of the company: | ||||||
| Basic and diluted | ($0.001) | ($0.000) | ||||
* For details on expenses related to discontinued operations please refer to the interim financial statements for the three months ended 31 March 2026 and 2025 which are available on www.sedarplus.ca.
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
| At 31 March 2026 $’000 | At 31 December 2025 $’000 | ||
| Assets | |||
| Non-current assets | |||
| Exploration and evaluation assets | 59,066 | 56,797 | |
| Right of use assets | - | 4 | |
| Decommissioning deposits | 2,751 | 2,798 | |
| Restricted cash | 35 | 35 | |
| 61,852 | 59,634 | ||
| Current assets | |||
| Cash and cash equivalents | 197 | 1,282 | |
| Accounts receivable | 212 | 173 | |
| 409 | 1,455 | ||
| Total assets | 62,261 | 61,089 | |
| Equity and liabilities | |||
| Equity attributable to owners of the parent | |||
| Share capital | 406,684 | 406,684 | |
| Contributed surplus | 47,446 | 47,446 | |
| Deficit | (413,992) | (412,742) | |
| 40,138 | 41,388 | ||
| Non-controlling interests | 680 | 681 | |
| Total equity | 40,818 | 42,069 | |
| Liabilities | |||
| Non-current liabilities | |||
| Decommissioning provision | 17,474 | 17,261 | |
| 17,474 | 17,261 | ||
| Current liabilities | |||
| Accounts payable and accrued expenses | 3,969 | 1,753 | |
| Lease liability | - | 6 | |
| 3,969 | 1,759 | ||
| Total liabilities | 21,443 | 19,020 | |
| Total equity and liabilities | 62,261 | 61,089 |
* For details on assets held for sale and liabilities directly associated with assets in a disposal group held for sale please refer to the interim financial statements for the three months ended 31 March 2026 and 2025 which are available on www.sedarplus.ca.
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
| Three months ended 31 March | |||
| 2026 $’000 | 2025 $’000 | ||
| Cash flows from operating activities | |||
| Net loss for the period | (1,251) | (497) | |
| Adjustments for: | |||
| Amortisation of right of use assets | 5 | - | |
| Net finance expense | 116 | 43 | |
| Effect of exchange rates on operating activities | 109 | (77) | |
| Change in non-cash working capital: | |||
| Increase in accounts receivable | (40) | (110) | |
| (Decrease) / increase in accounts payable and accrued expenses | (58) | 19 | |
| Net cash used in operating activities | (1,119) | (622) | |
| Cash flows from investing activities | |||
| Interest received | 1 | 8 | |
| Exploration and evaluation assets | - | (2,384) | |
| Legacy exploration permit bonds refund | - | 19 | |
| R&D Tax incentive refund | - | 2,962 | |
| Net cash generated by investing activities | 1 | 605 | |
| Change in cash and cash equivalents | (1,118) | (17) | |
| Effect of exchange rates on cash and cash equivalents | 33 | 90 | |
| Cash and cash equivalents at beginning of period | 1,282 | 6,823 | |
| Cash and cash equivalents at end of period | 197 | 6,896 | |
All dollar amounts in this document are in United States dollars “$”, 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.
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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