TIDMFOG
FALCON OIL & GAS LTD.
("Falcon" or "Company"))
Filing of Interim Financial Statements
16 November 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM:
FOG) announces that it has filed its interim financial statements
for the three and nine months ended 30 September 2023 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 and nine months ended 30
September 2023, which are available on the Canadian System for
Electronic Document Analysis and Retrieval ("SEDAR+") at
www.sedarplus.ca and on Falcon's website at
www.falconoilandgas.com
2023 financial highlights and other financial updates
-- Debt free with cash of US$14.1 million at 30 September 2023 (31 December
2022: US$16.8 million).
-- Continued focus on cost management and the efficient operation of the
portfolio.
Related Party Transaction
The Company has amended the employment contract of Philip
O'Quigley, Falcon's Chief Executive Officer, to increase the
payment due under the change of control provision from one year to
three years base salary (the "Transaction"). The Remuneration
Committee believes this change will more align Mr. O 'Quigley's
remuneration with the strategic objectives and the shareholders'
interests.
The Transaction is deemed to be a related party transaction for
the purposes of the AIM Rules for Companies. The independent
Directors (being all directors other than Mr. O'Quigley) consider,
having consulted with the Company's nominated adviser, Cavendish
Capital Markets Limited, that the terms of the Transaction are fair
and reasonable insofar as the Company's shareholders are
concerned.
Ends
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
Cavendish Capital Markets Limited
(NOMAD & Joint Broker)
Neil McDonald / Derrick Lee +44 131 220 9771
Tennyson Securities (Joint Broker)
Peter Krens +44 20 7186 9033
Interim Condensed Consolidated Statement of Operations and
Comprehensive Loss
(Unaudited)
Three months Three months Nine months Nine months
ended 30 ended 30 ended 30 ended 30
September September September September
2023 2022 2023 2022
$'000 $'000 $'000 $'000
Revenue
Oil and natural gas revenue - - - -
- - - -
Expenses
Exploration and evaluation
expenses (39) (29) (129) (106)
General and administrative
expenses (739) (542) (1,914) (2,226)
Foreign exchange gain / (loss) 38 (116) 85 (290)
(740) (687) (1,958) (2,622)
----------------------------------- ------------ ------------ ------------ ------------
Results from operating activities (740) (687) (1,958) (2,622)
Finance income 43 10 155 15
Finance expense (352) (145) (647) (288)
Net finance expense (309) (135) (492) (273)
Loss and comprehensive loss
for the period (1,049) (822) (2,450) (2,895)
Loss and comprehensive loss
attributable to:
Equity holders of the company (1,046) (822) (2,444) (2,894)
Non-controlling interests (3) - (6) (1)
Loss and comprehensive loss
for the period (1,049) (822) (2,450) (2,895)
----------------------------------- ------------ ------------ ------------ ------------
Loss per share attributable
to equity holders of the company:
Basic and diluted (0.001 cent) (0.001 cent) (0.002 cent) (0.003 cent)
----------------------------------- ------------ ------------ ------------ ------------
Interim Condensed Consolidated Statement of Financial
Position
(Unaudited)
At 30 September At 31 December
2023 2022
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 46,140 42,977
Property, plant and equipment 4 7
Trade and other receivables 24 20
Restricted cash 2,086 2,090
48,254 45,094
---------------------------------- --------------- --------------
Current assets
Cash and cash equivalents 14,154 16,785
Trade and other receivables 94 79
14,248 16,864
---------------------------------- --------------- --------------
Total assets 62,502 61,958
----------------------------------- --------------- --------------
Equity and liabilities
Equity attributable to owners
of the parent
Share capital 402,120 402,120
Contributed surplus 47,339 47,063
Retained deficit (406,304) (403,860)
43,155 45,323
Non-controlling interests 695 701
Total equity 43,850 46,024
----------------------------------- --------------- --------------
Liabilities
Non-current liabilities
Decommissioning provision 15,611 15,602
15,611 15,602
---------------------------------- --------------- --------------
Current liabilities
Accounts payable and accrued
expenses 3,041 332
3,041 332
Total liabilities 18,652 15,934
----------------------------------- --------------- --------------
Total equity and liabilities 62,502 61,958
----------------------------------- --------------- --------------
Interim Condensed Consolidated Statement of Cashflows
(Unaudited)
Nine months ended 30
September
2023 2022
$'000 $'000
Cash flows from operating activities
Net loss for the period (2,450) (2,895)
Adjustments for:
Share based compensation 276 630
Depreciation 3 4
Net finance expense 482 273
Effect of exchange rates on operating
activities (85) 290
Change in non-cash working capital:
Increase in trade and other receivables (19) (20)
Decrease in accounts payable and accrued
expenses (36) (68)
Net cash used in operating activities (1,829) (1,786)
Cash flows from investing activities
Interest received 165 15
Exploration and evaluation assets (647) (70)
Net cash used in investing activities (482) (55)
Cash flows from financing activities
Net proceeds from private placement - 9,950
Net cash generated from financing activities - 9,950
Change in cash and cash equivalents (2,311) 8,109
Effect of exchange rates on cash and
cash equivalents (320) (98)
Cash and cash equivalents at beginning
of period 16,785 8,894
Cash and cash equivalents at end of
period 14,154 16,905
---------------------------------------------- ------------- -------------
All dollar amounts in this document are in United States dollars
"$", 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
https://www.globenewswire.com/Tracker?data=qC0rG8P9b7KnHfFkwZ4xf2jsLOylu3Hz5QOG6Pq7k_ngP55iW5cl49stQ2DiyyY1jl_KGMOTANXEgroLAKL1GI3xn8Rcldw1o7PoVsxsN5Q=
www.sedarplus.ca
(END) Dow Jones Newswires
November 16, 2023 02:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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