FALCON OIL & GAS LTD - Filing of Interim Financ... | 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

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 30 June 202 2 $’000	Three months ended 30 June 2021 $’000	Six months ended 30 June 202 2 $’000	Six months ended 30 June 2021 $’000

Revenue
Oil and natural gas revenue	-	-	-	2
	-	-	-	2

Expenses
Exploration and evaluation expenses	(37)	(42)	(77)	(82)
General and administrative expenses	(1,076)	(631)	(1,684)	(1,662)
Foreign exchange (loss) / gain	(129)	37	(174)	(118)
	(1,242)	(636)	(1,935)	(1,862)

Results from operating activities	(1,242)	(636)	(1,935)	(1,860)

Finance income	2	2	5	3
Finance expense	(83)	(59)	(143)	(126)
Net finance expense	(81)	(57)	(138)	(123)

Loss and comprehensive loss for the period	(1,323)	(693)	(2,073)	(1,983)

Loss and comprehensive loss attributable to:

Equity holders of the company	(1,323)	(693)	(2,072)	(1,982)
Non-controlling interests	(1)	-	(1)	(1)

Loss and comprehensive loss for the period	(1,323)	(693)	(2,073)	(1,983)

Loss per share attributable to equity holders of the company:
Basic and diluted	(0.001 cent)	(0.001 cent)	(0.002 cent)	(0.002 cent)

Interim Condensed Consolidated Statement of Financial Position (Unaudited)
	At 30 June 20 2 2 $’000	At 31 December 2021 $’000

Assets
Non-current assets
Exploration and evaluation assets	40,244	40,197
Property, plant and equipment	10	13
Trade and other receivables	21	22
Restricted cash	2,050	2,239
	42,325	42,471

Current assets
Cash and cash equivalents	17,395	8,894
Trade and other receivables	110	74
	17,505	8,968

Total assets	59,830	51,439

Equity and liabilities

Equity attributable to owners of the parent
Share capital	402,120	392,170
Contributed surplus	46,737	46,254
Retained deficit	(401,938)	(399,866)
	46,919	38,558
Non-controlling interests	697	698
Total equity	47,616	39,256

Liabilities
Non-current liabilities
Decommissioning provision	11,893	11,775
	11,893	11,775

Current liabilities
Accounts payable and accrued expenses	321	408
	321	408

Total liabilities	12,214	12,183

Total equity and liabilities	59,830	51,439

Interim Condensed Consolidated Statement of Cash Flows (Unaudited)
	Six months ended 30 June
	20 2 2 $’000	2021 $’000

Cash flows from operating activities
Net loss for the period	(2,073)	(1,983)
Adjustments for:
Share based compensation	483	747
Depreciation	3	1
Net finance expense	138	123
Effect of exchange rates on operating activities	174	118
Transfer of Canadian working interests	-	(28)
Change in non-cash working capital:
(Increase) / decrease in trade and other receivables	(35)	5
Decrease in accounts payable and accrued expenses	(63)	(43)
Net cash used in operating activities	(1,373)	(1,060)

Cash flows from investing activities
Interest received	5	3
Exploration and evaluation assets	(44)	(2)
Net cash (used in) / generated from investing activities	(39)	1
Cash flows from financing activities
Net proceeds from private placement	9,950	-
Net cash generated from financing activities	9,950	-
Change in cash and cash equivalents	8,538	(1,059)
Effect of exchange rates on cash & cash equivalents	(37)	(3)
Cash and cash equivalents at beginning of period	8,894	11,036

Cash and cash equivalents at end of period	17,395	9,974

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