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Falcon Oil & Gas Ltd. (FOG)

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Thursday 28 April, 2022

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

28 April 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2021.

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 2021.

2021 Financial Highlights

  • Strong financial position, debt free with cash of US$8.9 million at 31 December 2021 (31 December 2020: US$11 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 2021, the accompanying MD&A for year ended 31 December 2021 dated 27 April 2022, its Annual Information Form (“AIF”) dated 27 April 2022 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 2021
$’000
Year Ended
31 December 2020
$’000
         
Revenue        
Oil and natural gas revenue     2 5
      2 5
         
Expenses        
Exploration and evaluation expenses     (196) (159)
Production and operating expenses     - (12)
General and administrative expenses     (3,031) (1,871)
Decommissioning provision     (991) -
Foreign exchange (loss) / gain     (238) 105
      (4,456) (1,937)
         
Results from operating activities     (4,454) (1,932)
         
Fair value gain – outstanding warrant     - 110
         
Finance income     7 224
Finance expense     (249) (231)
Net finance expense     (242) (7)
         
Loss before tax     (4,696) (1,829)
         
Taxation     - -
         
Loss and comprehensive loss for the year     (4,696) (1,829)
         
Loss and comprehensive loss attributable to:        
         
Equity holders of the company     (4,693) (1,830)
Non-controlling interests     (3) 1
         
Loss and comprehensive loss for the year     (4,696) (1,829)
         
Loss per share attributable to equity holders of the company:

       
Basic and diluted     ($ 0.00 5 ) ($0.002)


Consolidated Statement of Financial Position

    At 31 December
20 2 1
$’000
At 31 December
2020
$’000
       
Assets      
Non-current assets      
Exploration and evaluation assets   40,197 40,444
Property, plant and equipment   13 4
Trade and other receivables   22 23
Restricted cash   2,239 2,429
    42,471 42,900
       
Current assets      
Cash and cash equivalents   8,894 11,036
Trade and other receivables   74 117
    8,968 11,153
       
Total assets   51,439 54,053
       
Equity and liabilities      
       
Equity attributable to owners of the parent      
Share capital   392,170 392,170
Contributed surplus   46,254 45,075
Deficit   (399,866) (395,173)
    38,558 42,072
Non-controlling interests   698 701
Total equity   39,256 42,773
       
Liabilities       
Non-current liabilities      
Decommissioning provision   11,775 10,563
    11,775 10,563
       
Current liabilities      
Accounts payable and accrued expenses   408 717
    408 717
       
Total liabilities   12,183 11,280
       
Total equity and liabilities   51,439 54,053


Consolidated Statement of Cash Flows

    Year Ended 31 December
    20 2 1
$’000
2020
$’000
       
Cash flows from operating activities      
Net loss for the year   (4,696) (1,829)
Adjustments for:      
Share based compensation   1,179 -
Depreciation   4 -
Fair value gain - outstanding warrants   - (110)
Net finance loss   242 7
Foreign exchange loss / (gain)   238 (105)
Transfer of Canadian working interests   (28) -
Decommissioning provision   991 -
Change in non-cash working capital      
Decrease in trade and other receivables   44 31
Increase / (decrease) in accounts payable and accrued expenses   67 (145)
Net cash used in operating activities   (1,959) (2,151)
       
Cash flows from investing activities      
Interest received   7 16
Exploration and evaluation assets   (163) (48)
Property plant and equipment   (13) (3)
Net cash used in investing activities   (169) (35)
       
       
Change in cash and cash equivalents   (2,128) (2,186)
Effect of exchange rates on cash and cash equivalents   (14) 156
Cash and cash equivalents at beginning of year   11,036 13,066
       
Cash and cash equivalents at end of year   8,894 11,036


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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