Falcon Oil & Gas Ltd - Filing of Interim Financial Statements | Company Announcement

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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 & Joint Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

Tennyson Securities (Joint Broker)
Peter Krens	+44 20 7186 9033

	*Three months ended* *31 March 2024* *$’000*	Three months ended 31 March 2023 $’000

Revenue
Oil and natural gas revenue	-	-
	-	-

Expenses
Exploration and evaluation expenses	(44)	(43)
General and administrative expenses	(528)	(597)
Foreign exchange gain	120	56
	(452)	(584)

Results from operating activities	(452)	(584)

Finance income	8	68
Finance expense	(362)	(144)
Net finance expense	(354)	(76)

Loss and comprehensive loss for the period	(806)	(660)

Loss and comprehensive loss attributable to:

Equity holders of the company	(804)	(658)
Non-controlling interests	(2)	(2)

Loss and comprehensive loss for the period	(806)	(660)


Loss per share attributable to equity holders of the company:

Basic and diluted	($.001)	($0.001)

	At 31 March 2024 $’000	At 31 December 2023 $’000

Assets
Non-current assets
Exploration and evaluation assets	52,462	51,287
Property, plant and equipment	1	2
Trade and other receivables	25	26
Restricted cash	2,116	2,176
	54,604	53,491

Current assets
Cash and cash equivalents	4,289	7,992
Trade and other receivables	139	54
	4,428	8,046

Total assets	59,032	61,537

Equity and liabilities

Equity attributable to owners of the parent
Share capital	402,120	402,120
Contributed surplus	47,415	47,379
Deficit	(408,001)	(407,197)
	41,534	42,302
Non-controlling interests	695	697
Total equity	42,229	42,999

Liabilities
Non-current liabilities
Decommissioning provision	16,240	16,204
	16,240	16,204

Current liabilities
Accounts payable and accrued expenses	563	2,334
	563	2,334

Total liabilities	16,803	18,538

Total equity and liabilities	59,032	61,537

	Three months ended 31 March
	2024 $’000	2023 $’000

Cash flows from operating activities
Net loss for the period	(806)	(660)
Adjustments for:
Share based compensation	36	137
Depreciation	1	1
Net finance expense	354	66
Effect of exchange rates on operating activities	(120)	(56)
Change in non-cash working capital:
Increase in trade and other receivables	(83)	(61)
Increase in accounts payable and accrued expenses	7	51
Net cash used in operating activities	(611)	(522)

Cash flows from investing activities
Interest received	8	78
Exploration and evaluation assets	(2,869)	(2)
Net cash (used in) / generated by investing activities	(2,861)	76

Change in cash and cash equivalents	(3,472)	(446)
Effect of exchange rates on cash and cash equivalents	(231)	(70)

Cash and cash equivalents at beginning of period	7,992	16,785

Cash and cash equivalents at end of period	4,289	16,269

Falcon Oil & Gas Ltd - Filing of Interim Financial Statements

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