In This Article:
FALCON OIL & GAS LTD.
(“Falcon”)
Full Year Results
26 April 2024 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2023.
The following should be read in conjunction with the complete audited financial statements and the accompanying Management’s Discussion and Analysis (‘’MD&A’’) for the year ended 31 December 2023.
2023 Financial Highlights
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Debt free with cash of $8.0 million at 31 December 2023 (31 December 2022: $16.8 million).
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Continued focus on strict cost management and efficient operation of the portfolio.
Filing of Financial Statements, MD&A, AIF and Reserves Data
Falcon has filed its audited financial statements for the year ended 31 December 2023, the accompanying MD&A for year ended 31 December 2023 dated 25 April 2024, its Annual Information Form (“AIF”) dated 25 April 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 regulators. These filings are available for review 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 |
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Cavendish Capital Markets Limited (NOMAD & Joint Broker) |
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Neil McDonald / Adam Rae | +44 131 220 9771 |
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Tennyson Securities (Joint Broker) |
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Peter Krens | +44 20 7186 9033 |
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Consolidated Statement of Operations and Comprehensive Loss
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| Year Ended | Year Ended |
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Revenue |
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Oil and natural gas revenue |
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| - | - |
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| - | - |
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Expenses |
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Exploration and evaluation expenses |
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| (197) | (151) |
General and administrative expenses |
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| (2,470) | (2,865) |
Decommissioning provision |
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| (480) | (825) |
Foreign exchange loss |
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| (63) | (138) |
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| (3,210) | (3,979) |
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Results from operating activities |
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| (3,210) | (3,979) |
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Finance income |
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| 322 | 298 |
Finance expense |
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| (453) | (310) |
Net finance expense |
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| (131) | (12) |
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Loss before tax |
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| (3,341) | (3,991) |
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Taxation |
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| - | - |
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Loss and comprehensive loss for the year |
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| (3,341) | (3,991) |
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Loss and comprehensive loss attributable to: |
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Equity holders of the company |
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| (3,337) | (3,994) |
Non-controlling interests |
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| (4) | 3 |
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Loss and comprehensive loss for the year |
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| (3,341) | (3,991) |
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Loss per share attributable to equity holders of the company: |
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Basic and diluted |
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| ($0.003) | ($0.004) |
Consolidated Statement of Financial Position
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| At 31 December | At 31 December |
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Assets |
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Non-current assets |
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Exploration and evaluation assets |
| 51,287 | 42,977 |
Property, plant and equipment |
| 2 | 7 |
Trade and other receivables |
| 26 | 20 |
Restricted cash |
| 2,176 | 2,090 |
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| 53,491 | 45,094 |
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Current assets |
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Cash and cash equivalents |
| 7,992 | 16,785 |
Trade and other receivables |
| 54 | 79 |
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| 8,046 | 16,864 |
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Total assets |
| 61,537 | 61,958 |
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Equity and liabilities |
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Equity attributable to owners of the parent |
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Share capital |
| 402,120 | 402,120 |
Contributed surplus |
| 47,379 | 47,063 |
Deficit |
| (407,197) | (403,860) |
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| 42,302 | 45,323 |
Non-controlling interests |
| 697 | 701 |
Total equity |
| 42,999 | 46,024 |
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Liabilities |
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Non-current liabilities |
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Decommissioning provision |
| 16,204 | 15,602 |
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| 16,204 | 15,602 |
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Current liabilities |
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Accounts payable and accrued expenses |
| 2,334 | 332 |
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| 2,334 | 332 |
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Total liabilities |
| 18,538 | 15,934 |
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Total equity and liabilities |
| 61,537 | 61,958 |
Consolidated Statement of Cashflows
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| Year Ended 31 December | |
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| 2023 | 2022 |
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Cash flows from operating activities |
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Net loss for the year |
| (3,341) | (3,991) |
Adjustments for: |
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Share based compensation |
| 316 | 809 |
Depreciation |
| 5 | 5 |
Net finance loss |
| 120 | 22 |
Foreign exchange loss |
| 63 | 138 |
Decommissioning provision |
| 480 | 825 |
Change in non-cash working capital |
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Decrease / (increase) in trade and other receivables |
| 19 | (5) |
Decrease in accounts payable and accrued expenses |
| (63) | (64) |
Net cash used in operating activities |
| (2,401) | (2,261) |
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Cash flows from investing activities |
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Interest received |
| 180 | 33 |
Exploration and evaluation assets additions |
| (6,723) | (88) |
Granting of ORRI to Sheffield Holdings LP |
| - | 6,000 |
Exercising of TOG Group call option |
| - | (6,000) |
Net cash used in investing activities |
| (6,543) | (55) |
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Cash flows from financing activities |
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Proceeds from private placement |
| - | 10,000 |
Costs related to private placement |
| - | (50) |
Net cash generated from financing activities |
| - | 9,950 |
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Change in cash and cash equivalents |
| (8,944) | 7,634 |
Effect of exchange rates on cash and cash equivalents |
| 151 | 257 |
Cash and cash equivalents at beginning of year |
| 16,785 | 8,894 |
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Cash and cash equivalents at end of year |
| 7,992 | 16,785 |
All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated.