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Falcon Oil & Gas Ltd. (FOG)

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Tuesday 27 April, 2021

Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd. - Full Year Results

Falcon Oil & Gas Ltd. - Full Year Results

FALCON OIL & GAS LTD.

(“Falcon)

Full Year Results

27 April 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2020.

The following should be read in conjunction with the complete audited financial statements and the accompanying Management’s Discussion and Analysis (‘’MD&A’’) for the year ended 31 December 2020.

2020 Financial Highlights

  • Strong financial position, debt free with cash of US$11 million at 31 December 2020 (31 December 2019: US$13.1 million).
  • Continued focus on strict cost management and efficient operation of the portfolio.

Filing of Financial Statements, MD&A, AIF and Reserves Data

Falcon has filed its audited financial statements for the year ended 31 December 2020, the accompanying MD&A for year ended 31 December 2020 dated 26 April 2021, its Annual Information Form (“AIF”) dated 26 April 2021 and the Statement of Reserves Data and Other Oil and Gas Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and 51-101F3) with the relevant provincial securities regulators. These filings are available for review on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com. The audited financial statements, MD&A and AIF are also available on Falcon’s website www.falconoilandgas.com.

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



Consolidated Statement of Operations and Comprehensive Loss

      Year Ended
31 December 2020
$’000
Year Ended
31 December 2019
$’000
   
             
Revenue            
Oil and natural gas revenue     5 5    
      5 5    
             
Expenses            
Exploration and evaluation expenses     (159) (233)    
Production and operating expenses     (12) (13)    
General and administrative expenses     (1,871) (1,780)    
Share based compensation     - (12)    
Foreign exchange gain / (loss)     105 (70)    
      (1,937) (2,108)    
             
Results from operating activities     (1,932) (2,103)    
             
Fair value gain – outstanding warrant     110 369    
             
Finance income     224 221    
Finance expense     (231) (226)    
Net finance expense     (7) (5)    
             
Loss before tax     (1,829) (1,739)    
             
Taxation     - -    
             
Loss and comprehensive loss for the year     (1,829) (1,739)    
             
Loss and comprehensive loss attributable to:            
             
Equity holders of the company     (1,830) (1,739)    
Non-controlling interests     1 -    
             
Loss and comprehensive loss for the year     (1,829) (1,739)    
             
         
Loss per share attributable to equity holders of the company:        
             
Basic and diluted     ( 0.002 cent) (0.002 cent)    


Consolidated Statement of Financial Position

    At 3 1 December
2020
$’000
At 31 December
2019
$’000
       
Assets      
Non-current assets      
Exploration and evaluation assets   40,444 40,246
Property, plant and equipment   4 1
Trade and other receivables   23 30
Restricted cash   2,429 2,241
    42,900 42,518
       
Current assets      
Cash and cash equivalents   11,036 13,066
Trade and other receivables   117 141
    11,153 13,207
       
Total assets   54,053 55,725
       
Equity and liabilities      
       
Equity   attributable to owners of the parent      
Share capital   392,170 392,170
Contributed surplus   45,075 45,075
Deficit   (395,173) (393,343)
    42,072 43,902
Non- controlling interests   701 700
Total equity   42,773 44,602
       
Liabilities        
Non- current liabilities      
Decommissioning provision   10,563 10,331
    10,563 10,331
       
Current liabilities      
Accounts payable and accrued expenses   717 682
Derivative financial liabilities   - 110
    717 792
Total liabilities   11,280 11,123
       
Total equity and liabilities   54,053 55,725


Consolidated Statement of Cash Flows

    Year Ended 31 December
    2020
$’000
2019
$’000
       
Cash flows from operating activities      
Net loss for the year                   (1,829) (1,739)
Adjustments for:      
Share based compensation   - 12
Depreciation   - 1
Fair value gain - outstanding warrant   (110) (369)
Net finance loss   7 5
Foreign exchange (gain) / loss   (105) 70
Change in non-cash working capital:      
Decrease / (increase) in trade and other receivables   31 (41)
(Decrease) / increase in accounts payable and accrued expenses   (145) 88
Net cash used in operating activities   (2,151) (1,973)
       
Cash flows from investing activities      
Interest Received   16 136
Exploration and evaluation assets   (48) (541)
Property plant and equipment   (3) -
Net cash used in investing activities   (35) (405)
       
Cash flows from financing activities      
Raised Equity   - 8,433
Net cash generated by financing activities   - 8,433
       
       
Change in cash and cash equivalents   (2,186) 6,055
Effect of exchange rates on cash & cash equivalents   156 44
Cash and cash equivalents at beginning of year   13,066 6,967
       
Cash and cash equivalents at end of year   11,036 13,066

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 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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