Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
In This Article:
FALCON OIL & GAS LTD.
(“Falcon”)
Filing of Interim Financial Statements
29 August 2024 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three and six months ended 30 June 2024 and 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 six months ended 30 June 2024, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at https://www.sedarplus.ca and on Falcon’s website at www.falconoilandgas.com.
2024 financial highlights and other financial updates
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Debt free with cash of $11.5 million at 30 June 2024 (31 December 2023: $8 million).
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Continued focus on cost management and the efficient operation of the portfolio.
Ends.
For further information, please contact:
| 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 | |
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
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| Three months ended 30 | Three months ended 30 | Six months ended 30 | Six months ended 30 |
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| Revenue |
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| Oil and natural gas revenue | - | - | - | - |
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| - | - | - | - |
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| Expenses |
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| Exploration and evaluation expenses | (42) | (47) | (86) | (90) |
| General and administrative expenses | (550) | (578) | (1,078) | (1,175) |
| Foreign exchange (loss) / gain | (78) | (9) | 42 | 47 |
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| (670) | (634) | (1,122) | (1,218) |
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| Results from operating activities | (670) | (634) | (1,122) | (1,218) |
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| Finance income | 10 | 44 | 18 | 112 |
| Finance expense | (89) | (151) | (451) | (295) |
| Net finance expense | (79) | (107) | (433) | (183) |
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| Loss and comprehensive loss for the period | (749) | (741) | (1,555) | (1,401) |
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| Loss and comprehensive loss attributable to: |
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| Equity holders of the company | (747) | (740) | (1,551) | (1,398) |
| Non-controlling interests | (2) | (1) | (4) | (3) |
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| Loss and comprehensive loss for the period | (749) | (741) | (1,555) | (1,401) |
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| Loss per share attributable to equity holders of the company: |
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| Basic and diluted | (0.001 cent) | (0.001 cent) | (0.001 cent) | (0.001 cent) |
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
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| At 30 June | At 31 December |
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| Assets |
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| Non-current assets |
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| Exploration and evaluation assets |
| 50,402 | 51,287 |
| Property, plant and equipment |
| 0 | 2 |
| Trade and other receivables |
| 25 | 26 |
| Restricted cash |
| 2,101 | 2,176 |
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| 52,528 | 53,491 |
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| Current assets |
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| Cash and cash equivalents |
| 11,500 | 7,992 |
| Trade and other receivables |
| 103 | 54 |
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| 11,603 | 8,046 |
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| Total assets |
| 64,131 | 61,537 |
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| Equity and liabilities |
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| Equity attributable to owners of the parent |
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| Share capital |
| 406,690 | 402,120 |
| Contributed surplus |
| 47,441 | 47,379 |
| Retained deficit |
| (408,748) | (407,197) |
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| 45,383 | 42,302 |
| Non-controlling interests |
| 693 | 697 |
| Total equity |
| 46,076 | 42,999 |
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| Liabilities |
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| Non-current liabilities |
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| Decommissioning provision |
| 16,414 | 16,204 |
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| 16,414 | 16,204 |
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| Current liabilities |
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| Accounts payable and accrued expenses |
| 1,641 | 2,334 |
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| 1,641 | 2,334 |
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| Total liabilities |
| 18,055 | 18,538 |
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| Total equity and liabilities |
| 64,131 | 61,537 |
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
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| Six months ended 30 June | |
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| 2024 | 2023 |
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| Cash flows from operating activities |
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| Net loss for the period |
| (1,555) | (1,401) |
| Adjustments for: |
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| Share based compensation |
| 62 | 231 |
| Depreciation |
| 2 | 2 |
| Net finance expense |
| 433 | 173 |
| Effect of exchange rates on operating activities |
| (42) | (47) |
| Change in non-cash working capital: |
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| Increase in trade and other receivables |
| (48) | (31) |
| Increase in accounts payable and accrued expenses |
| 12 | 6 |
| Net cash used in operating activities |
| (1,136) | (1,067) |
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| Cash flows from investing activities |
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| Interest received |
| 18 | 122 |
| Proceeds from sale of ORRI’s |
| 4,000 | 0 |
| Exploration and evaluation assets |
| (3,755) | (37) |
| Net cash generated from investing activities |
| 263 | 85 |
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| Net proceeds from private placement |
| 4,570 | 0 |
| Net cash generated from financing activities |
| 4,570 | 0 |
| Change in cash and cash equivalents |
| 3,697 | (982) |
| Effect of exchange rates on cash & cash equivalents |
| (189) | (145) |
| Cash and cash equivalents at beginning of period |
| 7,992 | 16,785 |
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| Cash and cash equivalents at end of period |
| 11,500 | 15,658 |
All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated.