Falcon Oil & Gas Ltd. - Filing of Interim Finan...

FALCON OIL & GAS LTD.

(“Falcon”)

Filing of Interim Financial Statements

25 November 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three and nine months ended 30 September 2022 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 nine months ended 30 September 2022, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and on Falcon’s website at www.falconoilandgas.com.

20 2 2 financial h ighlights and other financial updates

• Strong financial position, debt free with cash of US$16.9 million at 30 September 2022 (31 December 2021: US$8.9 million).
• Continued focus on cost management and the efficient operation of the portfolio.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	[phone]
Philip O'Quigley, CEO	[phone]
Anne Flynn, CFO	[phone]
Cenkos Securities plc (NOMAD & Broker)
Neil McDonald / Derrick Lee	[phone]

Interim Condensed Consolidated Statement of Operations and Comprehensive Loss

(Unaudited)

	Three months ended 30 September 2022 $’000	Three months ended 30 September 2021 $’000	Nine months ended 30 September 202 2 $’000	Nine months ended 30 September 2021 $’000
Revenue
Oil and natural gas revenue	-	-	-	2
	-	-	-	2
Expenses
Exploration and evaluation expenses	(29)	(46)	(106)	(128)
General and administrative expenses	(542)	(665)	(2,226)	(2,327)
Foreign exchange loss	(116)	(60)	(290)	(178)
	(687)	(771)	(2,622)	(2,633)
Results from operating activities	(687)	(771)	(2,622)	(2,631)
Finance income	10	-	15	3
Finance expense	(145)	(71)	(288)	(197)
Net finance expense	(135)	(71)	(273)	(194)
Loss and comprehensive loss for the period	(822)	(842)	(2,895)	(2,825)
Loss and comprehensive loss attributable to:
Equity holders of the company	(822)	(841)	(2,894)	(2,823)
Non-controlling interests	-	(1)	(1)	(2)
Loss and comprehensive loss for the period	(822)	(842)	(2,895)	(2,825)
Loss per share attributable to equity holders of the company:
Basic and diluted	( 0.001 cent)	(0.001 cent)	( 0.003 cent)	(0.003 cent)

Interim Condensed Consolidated Statement of Financial Position

(Unaudited)

		At 30 September 2022 $’000	At 31 December 2021 $’000
Assets
Non-current assets
Exploration and evaluation assets		40,270	40,197
Property, plant and equipment		9	13
Trade and other receivables		19	22
Restricted cash		1,920	2,239
		42,218	42,471
Current assets
Cash and cash equivalents		16,905	8,894
Trade and other receivables		97	74
		17,002	8,968
Total assets		59,220	51,439
Equity and liabilities
Equity attributable to owners of the parent
Share capital		402,120	392,170
Contributed surplus		46,884	46,254
Retained deficit		(402,760)	(399,866)
		46,244	38,558
Non-controlling interests		697	698
Total equity		46,941	39,256
Liabilities
Non-current liabilities
Decommissioning provision		11,949	11,775
		11,949	11,775
Current liabilities
Accounts payable and accrued expenses		330	408
		330	408
Total liabilities		12,279	12,183
Total equity and liabilities		59,220	51,439

Interim Condensed Consolidated Statement of Cash Flows

(Unaudited)

		Nine months ended 30 September
		20 2 2 $’000	2021 $’000
Cash flows from operating activities
Net loss for the period		(2,895)	(2,825)
Adjustments for:
Share based compensation		630	981
Depreciation		4	3
Net finance expense		273	194
Effect of exchange rates on operating activities		290	178
Transfer of Canadian working interests		-	(28)
Change in non-cash working capital:
(Increase) / decrease in trade and other receivables		(20)	23
Decrease in accounts payable and accrued expenses		(68)	(8)
Net cash used in operating activities		(1,786)	(1,482)
Cash flows from investing activities
Interest received		15	3
Property plant and equipment		-	(13)
Exploration and evaluation assets		(70)	(160)
Net cash used in investing activities		(55)	(170)
Cash flows from financing activities
Net proceeds from private placement		9,950	-
Net cash generated from financing activities		9,950	-
Change in cash and cash equivalents		8,109	(1,652)
Effect of exchange rates on cash and cash equivalents		(98)	(15)
Cash and cash equivalents at beginning of period		8,894	11,036
Cash and cash equivalents at end of period		16,905	9,369

All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated.

About Falcon Oil & Gas Ltd.

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

For further information on Falcon Oil & Gas Ltd. please visit 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 might differ materially from results suggested in any forward-looking statements. Falcon assumes 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 unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.