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16.11.2023 08:00:00
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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 September 2023 $’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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