Falcon Oil & Gas Ltd. - Full Year Results | 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 & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

	Year Ended 31 December 2024 $’000	Year Ended 31 December 2023 $’000

Revenue
Oil and natural gas revenue	-	-
	-	-

Expenses
Exploration and evaluation expenses	(196)	(197)
General and administrative expenses	(2,031)	(2,470)
Decommissioning provision	-	(480)
Foreign exchange gain / (loss)	256	(63)
	(1,971)	(3,210)

Results from operating activities	(1,971)	(3,210)

Finance income	42	322
Finance expense	(1,036)	(453)
Net finance expense	(994)	(131)

Loss before tax	(2,965)	(3,341)

Taxation	-	-

Loss and comprehensive loss for the year	(2,965)	(3,341)

Loss and comprehensive loss attributable to:

Equity holders of the company	(2,958)	(3,337)
Non-controlling interests	(7)	(4)

Loss and comprehensive loss for the year	(2,965)	(3,341)

Loss per share attributable to equity holders of the company:
Basic and diluted	($0.003)	($0.003)

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

Assets
Non-current assets
Exploration and evaluation assets	50,291	51,287
Property, plant and equipment	-	2
Accounts receivable	56	26
Restricted cash	2,040	2,176
	52,387	53,491

Current assets
Cash and cash equivalents	6,823	7,992
Accounts receivable	3,031	54
	9,854	8,046

Total assets	62,241	61,537

Equity and liabilities

Equity attributable to owners of the parent
Share capital	406,684	402,120
Contributed surplus	47,446	47,379
Deficit	(410,155)	(407,197)
	43,975	42,302
Non-controlling interests	690	697
Total equity	44,665	42,999

Liabilities
Non-current liabilities
Decommissioning provision	16,587	16,204
	16,587	16,204

Current liabilities
Accounts payable and accrued expenses	989	2,334
	989	2,334

Total liabilities	17,576	18,538

Total equity and liabilities	62,241	61,537

	Year Ended 31 December
	2024 $’000	2023 $’000

Cash flows from operating activities
Net loss for the year	(2,965)	(3,341)
Adjustments for:
Share based compensation	67	316
Depreciation	2	5
Net finance loss	994	120
Foreign exchange (gain) / loss	(256)	63
Decommissioning provision	-	480
Change in non-cash working capital
(Increase) / decrease in accounts receivable	(16)	19
Increase / (decrease) in accounts payable	66	(63)
Net cash used in operating activities	(2,108)	(2,401)

Cash flows from investing activities
Interest received	42	180
Exploration and evaluation assets additions	(7,110)	(6,723)
Granting of ORRIs	4,000	-
Net cash used in investing activities	(3,068)	(6,543)

Cash flows from financing activities
Proceeds from equity raise	4,865	-
Costs related to equity raise	(301)	-
Net cash generated from financing activities	4,564	-

Change in cash and cash equivalents	(612)	(8,944)
Effect of exchange rates on cash and cash equivalents	(557)	151
Cash and cash equivalents at beginning of year	7,992	16,785

Cash and cash equivalents at end of year	6,823	7,992

Falcon Oil & Gas Ltd. - Full Year Results

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