Falcon Oil & Gas Limited – Filing Interim Financial Statement

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Falcon Oil and Gas Limited.


Interim Financial Statement Filing

May 19, 2022 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has submitted its interim financial statements for the three months ending March 31, 2022, along with management discussions and analysis (“MD&A”).

The following should be read along with the completely unaudited unaudited interim financial statements for the three months ending March 31, 2022, and the accompanying MD&A, which are available in the Canadian system for electronic document analysis and retrieval (“Realize”) At www.sedar.com and Falcon’s website at www.falconoilandgas.com.

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Question 1 2022 Financial Highlights

  • Strong financial position, debt free with cash of US $ 8.3 million on 31 March 2022 (31 December 2021: US $ 8.9 million).
  • Continuous focus on strict cost management and efficient portfolio management.

Contact address:

Falcon Oil and Gas Limited +353 1 602
Philip O’Quigley, CEO +353 ৮৭ 614 6042
Ann Flynn, CFO +353 1: 9172
Senkos Securities plc (NOMAD and brokers)
Neil MacDonald / Derrick Lee +44 131 220 9771

Integrated consolidated statement between operation and extensive damage

Three months have passed
March 31 2022
000 ‘000
Three months have passed
March 31, 2021
000 ‘000
Oil and natural gas revenues 2
Exploration and evaluation costs (40) (40)
General and administrative costs (606) (1,031)
Loss of foreign exchange (45) (155)
(693) (1,226)
Results from operating Activities (693) (1,224)
Financial income 3 1
Spend money (60) (67)
Net finance costs (57) (66)
Loss for time and extensive damage (750) (1,290)
Damage and extensive damage responsible:
Equity holder of the company (750) (1,289)
Non-regulatory interests (1)
Loss for time and extensive damage (750) (1,290)
Loss per share liable for the company’s equity holders:
Basic and thin (0.001) (0.001)

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Intermediate concentrated consolidated statement of financial position

On March 31st
000 ‘000
On 31 December
000 ‘000
Non-current assets
Search and evaluation resources 40,237 40,197
Property, plants and equipment 11 13
Trade and other potential 23 22
Limited cash 2,200 2,239
42,471 42,471
Current assets
Cash and cash equivalents 8,301 6,694
Trade and other potential 162 74
6,463 8,96
Total assets 50,934 51,439
Neutrality and compulsion
Equity Attributable Per Owners Parents
Capital sharing 392,170 392,170
Contribution surplus 46,390 46,254
Deficit (400,616) (399.6)
37,944 38,558
698 698
Total equity 38,642 39,256
Decommissioning provisions 11,834 11,775
11,834 11,775
Current liability
Accounts payable and accrued costs 458 408
458 408
Total Liability 12,292 12,183
Total equity and liabilities 50,934 51,439

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Intermediate condensed consolidated statement of cash flow

March 31 ended three months
000 ‘000
000 ‘000
Cash flow from operating activities
Net loss for the period (750) (1,290)
Adjustments for:
Share-based compensation 136 565
Depreciation 2 1
Net finance costs 57 66
Effect of exchange rate on operating activities 45 155
Transfer of interest in Canadian work (26)
Non-cash working capital change:
Increase trade and other dues (69) (43)
Increase accounting for payable and accrued expenses 30 24
Net cash used in operating activities (569) (550)
Cash flow from investment activities
Interest found 3 1
Search and evaluation resources (29)
Net cash (used) / generated by investment activities (26) 1
Cash and cash equivalent change (595) (549)
Impact of cash and cash equivalent exchange rates 2 (5)
Cash and cash equivalents at the beginning of the period 6,694 11,036
Cash and cash equivalents at the end of the period 8,301 10,482

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The amount of all dollars in this document is in US dollars “$”, unless otherwise indicated.

About Falcon Oil & Gas Limited

Falcon Oil & Gas Limited is an international oil and gas company engaged in the exploration and development of unconventional oil and gas resources, with its current portfolio concentrated in Australia, South Africa and Hungary. Falcon Oil & Gas Limited is headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary, British Columbia, Canada.

For more information about Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

Neither the TSX Venture Exchange nor its regulation service provider (as the term is defined in the TSX Venture Exchange Policy) assumes responsibility for the adequacy or accuracy of this release.

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Some of the information in this press release may form frontal information. This information is based on current expectations which are subject to significant risks and uncertainties that are difficult to predict.
The actual results may differ materially from the results proposed in any visionary statement. Falcon assumes no obligation to update future statements, or to update the reasons why actual results may differ from those reflected in the earlier statements unless required by the securities law applicable to Falcon. Additional information identifying risks and uncertainties is in Falcon’s filing with Canadian Securities Regulators, which is available at www.sedar.com.



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