Author of the article:
Article content
Falcon Oil and Gas Limited.
(“Falcon“)
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.
Ad 2
Article content
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
(Unchecked)
| Three months have passed March 31 2022 000 ‘000 |
Three months have passed March 31, 2021 000 ‘000 |
|||
| Revenue | ||||
| Oil and natural gas revenues | – | 2 | ||
| – | 2 | |||
| Cost | ||||
| 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) | ||
Ad 3
Article content
Intermediate concentrated consolidated statement of financial position
(Unchecked)
| On March 31st 2022 000 ‘000 |
On 31 December 2021 000 ‘000 |
||
| Resources | |||
| 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 | ||
| Non-Control Interest |
698 | 698 | |
| Total equity | 38,642 | 39,256 | |
| Liability | |||
| Non-Current Liability |
|||
| 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 |
Advertisement 4
Article content
Intermediate condensed consolidated statement of cash flow
(Unchecked)
| March 31 ended three months | |||
| 2022 000 ‘000 |
2021 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 | |
Advertisement 5
Article content
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.
Advertisement 6
Article content
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.
Advertising
