Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
16 November 2023 - 8:00AM
Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
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$16.8
million).
- Continued focus on cost management
and the efficient operation of the portfolio.
Related Party Transaction The
Company has amended the employment contract of Philip O’Quigley,
Falcon’s Chief Executive Officer, to increase the payment due under
the change of control provision from one year to three years base
salary (the “Transaction”). The Remuneration Committee believes
this change will more align Mr. O ’Quigley’s remuneration with the
strategic objectives and the shareholders’ interests.
The Transaction is deemed to be a related party
transaction for the purposes of the AIM Rules for Companies. The
independent Directors (being all directors other than Mr.
O’Quigley) consider, having consulted with the Company’s nominated
adviser, Cavendish Capital Markets Limited, that the terms of the
Transaction are fair and reasonable insofar as the Company’s
shareholders are concerned.
Ends
CONTACT DETAILS:
|
Falcon Oil & Gas Ltd.
|
+353 1 676 8702 |
|
Philip O'Quigley, CEO |
+353 87 814 7042 |
|
Anne Flynn, CFO |
+353 1 676 9162 |
|
Cavendish Capital Markets Limited (NOMAD & Joint
Broker) |
|
|
Neil McDonald / Derrick Lee |
+44 131 220 9771 |
|
|
|
|
Tennyson Securities (Joint Broker) |
|
|
Peter Krens |
+44 20 7186 9033 |
|
|
|
Interim Condensed Consolidated Statement
of Operations and Comprehensive
Loss(Unaudited)
|
|
Three months ended 30 September
2023$’000 |
Three months ended 30 September 2022$’000 |
Nine months ended 30 September
2023$’000 |
Nine months ended 30 September 2022$’000 |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
Oil and natural gas revenue |
- |
- |
- |
- |
|
|
- |
- |
- |
- |
| |
|
|
|
|
|
Expenses |
|
|
|
|
| Exploration and
evaluation expenses |
(39) |
(29) |
(129) |
(106) |
| General and
administrative expenses |
(739) |
(542) |
(1,914) |
(2,226) |
| Foreign exchange
gain / (loss) |
38 |
(116) |
85 |
(290) |
|
|
(740) |
(687) |
(1,958) |
(2,622) |
|
|
|
|
|
|
| Results
from operating activities |
(740) |
(687) |
(1,958) |
(2,622) |
| |
|
|
|
|
| Finance
income |
43 |
10 |
155 |
15 |
|
Finance expense |
(352) |
(145) |
(647) |
(288) |
|
Net finance expense |
(309) |
(135) |
(492) |
(273) |
|
|
|
|
|
|
|
Loss and comprehensive loss for the period |
(1,049) |
(822) |
(2,450) |
(2,895) |
|
|
|
|
|
|
| Loss and
comprehensive loss attributable to: |
|
|
|
|
| |
|
|
|
|
| Equity holders of
the company |
(1,046) |
(822) |
(2,444) |
(2,894) |
| Non-controlling
interests |
(3) |
- |
(6) |
(1) |
|
|
|
|
|
|
|
Loss and comprehensive loss for the period |
(1,049) |
(822) |
(2,450) |
(2,895) |
|
|
|
|
|
|
|
Loss per share attributable to equity holders of the company: |
|
|
|
|
|
Basic and diluted |
(0.001 cent) |
(0.001 cent) |
(0.002 cent) |
(0.003 cent) |
Interim Condensed Consolidated Statement
of Financial Position(Unaudited)
|
|
|
At 30
September2023$’000 |
At 31 December 2022$’000 |
|
|
|
|
|
|
Assets |
|
|
|
| Non-current
assets |
|
|
|
| Exploration and
evaluation assets |
|
46,140 |
42,977 |
| Property, plant and
equipment |
|
4 |
7 |
| Trade and other
receivables |
|
24 |
20 |
|
Restricted cash |
|
2,086 |
2,090 |
|
|
|
48,254 |
45,094 |
|
|
|
|
|
| Current
assets |
|
|
|
| Cash and cash
equivalents |
|
14,154 |
16,785 |
|
Trade and other receivables |
|
94 |
79 |
|
|
|
14,248 |
16,864 |
|
|
|
|
|
|
Total assets |
|
62,502 |
61,958 |
|
|
|
|
|
| Equity and
liabilities |
|
|
|
| |
|
|
|
|
Equity attributable to owners of the
parent |
|
|
|
| Share capital |
|
402,120 |
402,120 |
| Contributed
surplus |
|
47,339 |
47,063 |
|
Retained deficit |
|
(406,304) |
(403,860) |
|
|
|
43,155 |
45,323 |
|
Non-controlling interests |
|
695 |
701 |
|
Total equity |
|
43,850 |
46,024 |
|
|
|
|
|
|
Liabilities |
|
|
|
| Non-current
liabilities |
|
|
|
|
Decommissioning provision |
|
15,611 |
15,602 |
|
|
|
15,611 |
15,602 |
|
|
|
|
|
| Current
liabilities |
|
|
|
|
Accounts payable and accrued expenses |
|
3,041 |
332 |
|
|
|
3,041 |
332 |
|
|
|
|
|
|
Total liabilities |
|
18,652 |
15,934 |
|
|
|
|
|
|
Total equity and liabilities |
|
62,502 |
61,958 |
Interim Condensed Consolidated Statement of
Cashflows
(Unaudited)
| |
|
Nine months ended 30 September |
|
|
|
2023$’000 |
2022 $’000 |
|
|
|
|
|
| Cash flows
from operating activities |
|
|
|
| Net loss for the
period |
|
(2,450) |
(2,895) |
| Adjustments
for: |
|
|
|
| Share based
compensation |
|
276 |
630 |
| Depreciation |
|
3 |
4 |
| Net finance
expense |
|
482 |
273 |
| Effect of exchange
rates on operating activities |
|
(85) |
290 |
| Change in non-cash
working capital: |
|
|
|
| Increase in trade
and other receivables |
|
(19) |
(20) |
| Decrease in accounts
payable and accrued expenses |
|
(36) |
(68) |
|
Net cash used in operating activities |
|
(1,829) |
(1,786) |
| |
|
|
|
| Cash flows
from investing activities |
|
|
|
| Interest
received |
|
165 |
15 |
| Exploration and
evaluation assets |
|
(647) |
(70) |
|
Net cash used in investing activities |
|
(482) |
(55) |
| |
|
|
|
| Cash flows
from financing activities |
|
|
|
|
Net proceeds from private placement |
|
- |
9,950 |
|
Net cash generated from financing activities |
|
- |
9,950 |
| Change in cash and
cash equivalents |
|
(2,311) |
8,109 |
| Effect of exchange
rates on cash and cash equivalents |
|
(320) |
(98) |
| Cash and cash
equivalents at beginning of period |
|
16,785 |
8,894 |
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
14,154 |
16,905 |
All dollar amounts in this document are in
United States dollars “$”, 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
www.sedarplus.ca
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