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Falcon Oil & Gas Ltd. (FOG)

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Thursday 27 May, 2021

Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd - Filing of Interim Financial Statements

Falcon Oil & Gas Ltd - Filing of Interim Financial Statements

FALCON OIL & GAS LTD.

(“Falcon)

Filing of Interim Financial Statements

27 May 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three months ended 31 March 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 months ended 31 March 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.

Q1 2021Financial Highlights

  • Strong financial position, debt free with cash of US$10.5 million at 31 March 2021 (31 December 2020: US$11 million).
  • Continued focus on strict cost management and 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


All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated.


Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)


      Three months ended  
31 March 2021
$’000
Three months ended  
31 March 2020
$’000
   
             
Revenue            
Oil and natural gas revenue     2 1    
      2 1    
             
Expenses            
Exploration and evaluation expenses     (40) (38)    
Production and operating expenses     - (2)    
General and administrative expenses     (466) (403)    
Share based compensation     ( 565 ) -    
Foreign exchange loss     (155) (28)    
      (1, 22 6) (471)    
             
Results from operating activities     (1, 22 4) (470)    
             
Fair value gain – warrant     - 110    
             
Finance income     1 14    
Finance expense     (67) (1,094)    
Net finance expense     (66) (1,080)    
             
Loss and comprehensive loss for the period     (1, 29 0) (1,440)    
             
Loss and comprehensive loss attributable to:            
             
Equity holders of the company     (1, 28 9) (1,421)    
Non-controlling interests     (1) (19)    
             
Loss and comprehensive loss for the period     (1, 29 0) (1,440)    
             
         
Loss per share attributable to equity holders of the company:        
             
Basic and diluted     ( $0.001 cent) ($0.001 cent)    


Interim Condensed Consolidated Statement of Financial Position
(Unaudited)


    At 3 1 March
20 2 1
$’000
At 31 December
2020
$’000
       
Assets      
Non-current assets      
Exploration and evaluation assets   40,186 40,444
Property, plant and equipment   3 4
Trade and other receivables   23 23
Restricted cash   2,325 2,429
    42,537 42,900
       
Current assets      
Cash and cash equivalents   10,482 11,036
Trade and other receivables   160 117
    10,642 11,153
       
Total assets   53,179 54,053
       
Equity and liabilities      
       
Equity   attributable to owners of the parent      
Share capital   392,170 392,170
Contributed surplus   45, 64 0 45,075
Deficit   (396, 46 2) (395,173)
    41,348 42,072
Non- controlling interests   700 701
Total equity   42,048 42,773
       
Liabilities        
Non- current liabilities      
Decommissioning provision   10,594 10,563
    10,594 10,563
       
Current liabilities      
Accounts payable and accrued expenses   537 717
    537 717
Total liabilities   11,131 11,280
       
Total equity and liabilities   53,179 54,053


Interim Condensed Consolidated Statement of Cash Flows

(Unaudited)


    Three months ended 31 March
    20 2 1
$’000
2020
$’000
       
Cash flows from operating activities      
Net loss for the year   (1, 290 ) (1,440)
Adjustments for:      
Share based compensation   56 5 -
Depreciation   1 -
Fair value gain - warrant   - (110)
Net finance expense   66 1,080
Effect of exchange rates on operating activities   155 28
Transfer of Canadian working interests   (28) -
Change in non-cash working capital:      
(Increase) / decrease in trade and other receivables   (43) 13
Increase / (decrease) in accounts payable and accrued expenses   24 (42)
Net cash used in operating activities   (550) (471)
       
Cash flows from investing activities      
Interest received   1 14
Exploration and evaluation assets   - (36)
Net cash generated by / (used in) investing activities   1 (22)
       
Change in cash and cash equivalents   (549) (493)
Effect of exchange rates on cash and cash equivalents   (5) (1,033)
Cash and cash equivalents at beginning of year   11,036 13,066
       
Cash and cash equivalents at end of period   10,482 11,540

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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