Falcon Oil & Gas Ltd – Full Year Results

This section is

from GlobeNewswire

Published on April 26, 2024 • 4 minutes reading time

FALCON OIL & GAS LTD.

(“Falcon”)

Article content

Full year results

April 26, 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to report its financial results for the year ended December 31, 2023.

The following should be read in conjunction with the full audited financial statements and the accompanying Management’s Discussion and Analysis (”MD&A”) for the fiscal year ended December 31, 2023.

Financial highlights 2023

Debt-free with cash of $8.0 million as of December 31, 2023 (December 31, 2022: $16.8 million).
Continuous focus on strict cost management and efficient portfolio operations.

Advertising 2

Article content

Filing of financial statements, MD&A, AIF and reserve data

Falcon has filed its audited financial statements for the year ended December 31, 2023, the accompanying MD&A for the year ended December 31, 2023 dated April 25, 2024, its annual information form (“AIF“) dated April 25, 2024 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 regulatory authorities. These filings may be viewed on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca. 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

Cavendish Capital Markets Limited (NOMAD & Joint Broker)
Neil McDonald/Adam Rae	+44 131 220 9771

Tennyson Securities (common broker)
Peter Krens	+44 20 7186 9033

Consolidated Income Statement and Comprehensive Loss

Article content

Advertising 3

Article content

	year to end December 31, 2023 $’000	year to end December 31, 2022 $’000

revenue
Oil and natural gas revenues	–	–
	–	–

Cost
Exploration and appraisal costs	(197)	(151)
General and administrative expenses	(2,470)	(2,865)
Decommissioning provision	(480)	(825)
Exchange rate loss	(63)	(138)
	(3,210)	(3,979)

Results from operational activities	(3,210)	(3,979)

Financial income	322	298
Financial expenses	(453)	(310)
Net financial expenses	(131)	(12)

Loss before taxes	(3,341)	(3,991)

taxation	–	–

Annual damage and total damage	(3,341)	(3,991)

Damage and total damage attributable to:

Shareholders of the company	(3,337)	(3,994)
Non-controlling interests	(4)	3

Annual damage and total damage	(3,341)	(3,991)

Loss per share attributable to the Company’s shareholders:
Basic and diluted	($0.003)	($0.004)

Consolidated balance sheet

	On the 31st of December 2023 $’000	On the 31st of December 2022 $’000

financial assets
Capital assets
Exploration and evaluation resources	51,287	42,977
Property, plant and equipment	2	7
Trade receivables and other receivables	26	20
Limited money	2,176	2,090
	53,491	45,094

Current assets
Cash and cash equivalents	7,992	16,785
Trade receivables and other receivables	54	79
	8,046	16,864

Total assets	61,537	61,958

Capital and obligations

Equity attributable to the owners of the parent company
Share capital	402,120	402,120
Contributed surplus	47,379	47,063
deficit	(407,197)	(403,860)
	42,302	45,323
Non-controlling interests	697	701
Total capital	42,999	46,024

liabilities
Long-term liabilities
Decommissioning provision	16,204	15,602
	16,204	15,602

Short-term liabilities
Liabilities and accrued costs	2,334	332
	2,334	332

Total liabilities	18,538	15,934

Total equity and liabilities	61,537	61,958

Advertising 4

Article content

Consolidated statement of cash flows

	Fiscal year ended on December 31st
	2023 $’000	2022 $’000

The cash flow from operating activities
Net loss for the year	(3,341)	(3,991)
Adjustments for:
Stock-based compensation	316	809
depreciation	5	5
Net financial loss	120	22
Exchange rate loss	63	138
Decommissioning provision	480	825
Change in non-cash working capital
Decrease/(increase) in trade receivables and other receivables	19	(5)
Decrease in trade payables and accrued costs	(63)	(64)
Net cash flow from operating activities	(2,401)	(2,261)

Cash flows from investing activities
Interest income	180	33
Expansions of exploration and evaluation resources	(6,723)	(88)
Grant of ORRI to Sheffield Holdings LP	–	6,000
Exercise of the TOG Group call option	–	(6,000)
Net cash outflow from investing activities	(6,543)	(55)

Cash flows from financing activities
Proceeds from private placement	–	10,000
Costs associated with the private placement	–	(50)
Net cash flow from financing activities	–	9,950

Change in cash and cash equivalents	(8,944)	7,634
Impact of exchange rates on cash and cash equivalents	151	257
Cash and cash equivalents at the beginning of the year	16,785	8,894

Cash and cash equivalents at year-end	7,992	16,785

Advertising 5

Article content

All dollar amounts herein are expressed in U.S. Dollars “$” unless otherwise noted.

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 resources. The current portfolio focuses on Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and has its headquarters in Dublin, Ireland. The technical team is located in Budapest, Hungary.

Further information about Falcon Oil & Gas Ltd. can be found at 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 may differ materially from those suggested in any forward-looking statements. Falcon undertakes 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, except as required by securities laws applicable to Falcon. Further information identifying risks and uncertainties is contained in Falcon’s filings with Canadian securities regulators, available at www.sedarplus.ca

Attachment