Falcon Oil & Gas Co., Ltd.
(“Falcon“)
Submission of interim financial statements
May 23, 2024 – Falcon Oil & Gas Limited (TSXV: FO, AIM: FOG) announces its interim financial statements for the three months ended March 31, 2024 and accompanying management discussion and analysis. (“business administration”).
The following should be read in conjunction with our full unaudited and unreviewed interim financial statements for the three months ended March 31, 2024 and the accompanying MD&A, which are based on the Canadian System for Electronic Document Analysis and Retrieval (the ” “Sedar+”) available on www.sedarplus.ca and on the Falcon website www.falconoilandgas.com.
Q1 2024 Financial Highlights
end.
For further information, please contact:
contact address:
|
Falcon Oil & Gas Co., Ltd. |
+353 1 676 8702 |
|
Philip Oquigley, CEO |
+353 87 814 7042 |
|
Ann Flynn, CFO |
+353 1 676 9162 |
|
Cavendish Capital Markets Limited (NOMAD & Co-Broker) |
|
|
Neil McDonald / Adam Ray |
+44 131 220 9771 |
|
Tennyson Securities (Joint Broker) |
|
|
Peter Krenz |
+44 20 7186 9033 |
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statements of Income and Comprehensive Loss
(No audit)
|
Three months are over |
3 months over |
|||||
|
revenue |
||||||
|
Oil and gas revenues |
– |
– |
||||
|
– |
– |
|||||
|
Expenses |
||||||
|
Exploration/evaluation costs |
(44) |
(43) |
||||
|
General and administrative expenses |
(528) |
(597) |
||||
|
Exchange gain |
120 |
56 |
||||
|
(452) |
(584) |
|||||
|
Sales activity results |
(452) |
(584) |
||||
|
financial income |
8 |
68 |
||||
|
financial costs |
(362) |
(144) |
||||
|
net financial expenses |
(354) |
(76) |
||||
|
Net loss and comprehensive loss |
(806) |
(660) |
||||
|
Sources of loss and comprehensive loss: |
||||||
|
Our shareholders |
(804) |
(658) |
||||
|
Non-controlling interests |
(2) |
(2) |
||||
|
Current loss and comprehensive loss |
(806) |
(660) |
||||
|
Loss per share attributable to company shareholders: |
||||||
|
Basics and dilutions |
($0.001) |
($0.001) |
||||
Falcon Oil & Gas Ltd.
Interim condensed consolidated statement of financial position
(No audit)
|
As of March 31st |
As of December 31 |
||
|
assets |
|||
|
Non-current assets |
|||
|
Exploration and Evaluation Assets |
52,462 |
51,287 |
|
|
Tangible fixed assets |
1 |
2 |
|
|
Accounts receivable and other receivables |
twenty five |
26 |
|
|
Restricted Cash |
2,116 |
2,176 |
|
|
54,604 |
53,491 |
||
|
current assets |
|||
|
Cash and cash equivalents |
4,289 |
7,992 |
|
|
Trade and other receivables |
139 |
54 |
|
|
4,428 |
8,046 |
||
|
Total assets |
59,032 |
61,537 |
|
|
Equity and Liabilities |
|||
|
Equity attributable to owners of the parent company |
|||
|
Share capital |
402,120 |
402,120 |
|
|
Donation surplus |
47,415 |
47,379 |
|
|
deficit |
(408,001) |
(407,197) |
|
|
41,534 |
42,302 |
||
|
Non-controlling interests |
695 |
697 |
|
|
Total capital |
42,229 |
42,999 |
|
|
liabilities |
|||
|
non-current liabilities |
|||
|
Repeal provisions |
16,240 |
16,204 |
|
|
16,240 |
16,204 |
||
|
Current Liabilities |
|||
|
Accounts payable and accrued expenses |
563 |
2,334 |
|
|
563 |
2,334 |
||
|
Total Debt |
16,803 |
18,538 |
|
|
Total capital and debt |
59,032 |
61,537 |
FALCON OIL & GAS LIMITED.
Interim consolidated cash flow statement
(UNAUDITED)
|
3 months ended March 31st |
|||
|
2024 |
2023 |
||
|
Cash flow from operating activities |
|||
|
Net loss |
(806) |
(660) |
|
|
The following adjustments: |
|||
|
Stock-Based Compensation |
36 |
137 |
|
|
Depreciation |
1 |
1 |
|
|
net financial costs |
354 |
66 |
|
|
Impact of exchange rates on sales activities |
(120) |
(56) |
|
|
Changes in non-cash working capital: |
|||
|
Increase in trade and other receivables |
(83) |
(61) |
|
|
Increase in accounts payable and accrued expenses |
7 |
51 |
|
|
Net cash expenditures from operating activities |
(611) |
(522) |
|
|
Cash flows from investing activities |
|||
|
interest received |
8 |
78 |
|
|
Exploration and Evaluation Assets |
(2,869) |
(2) |
|
|
Net cash provided by investing activities/Net cash generated |
(2,861) |
76 |
|
|
Increase/decrease in cash and cash equivalents |
(3,472) |
(446) |
|
|
Exchange rate effects on cash and cash equivalents |
(231) |
(70) |
|
|
Cash and cash equivalents at beginning of period |
7,992 |
16,785 |
|
|
Cash and cash equivalents at period end |
4,289 |
16,269 |
|
All amounts in this document are expressed in U.S. dollars “$” unless otherwise stated.
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil and gas company engaged in the exploration and development of unconventional oil and gas assets, with a current portfolio concentrated in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is a Canadian company founded in British Columbia, with its headquarters in Dublin, Ireland, and its technical team in Budapest, Hungary.
For more information about 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 contained in this press release may be forward-looking information. This information is based on current expectations that involve significant risks and uncertainties that are difficult to predict. Actual results may differ materially from those implied in the forward-looking statements. Falcon undertakes no obligation to update any forward-looking statements or to update the reasons why actual results may differ from those reflected in the forward-looking statements, unless required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is included in Falcon's filings with Canadian securities regulatory authorities, which are available at the following links: www.sedarplus.ca.
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