In This Article:
FALCON OIL & GAS LTD.
(“Falcon”)
Filing of Interim Financial Statements
19 May 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three months ended 31 March 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 months ended 31 March 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.
Q1 2022 Financial Highlights
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Strong financial position, debt free with cash of US$8.3 million at 31 March 2022 (31 December 2021: US$8.9 million).
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Continued focus on strict cost management and efficient operation of the portfolio.
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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| Cenkos Securities plc (NOMAD & Broker) |
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| Neil McDonald / Derrick Lee | +44 131 220 9771 |
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
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| Three months ended | Three months ended |
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| Revenue |
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| Oil and natural gas revenue |
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| - | 2 |
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| - | 2 |
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| Expenses |
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| Exploration and evaluation expenses |
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| (40) | (40) |
| General and administrative expenses |
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| (608) | (1,031) |
| Foreign exchange loss |
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| (45) | (155) |
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| (693) | (1,226) |
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| Results from operating activities |
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| (693) | (1,224) |
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| Finance income |
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| 3 | 1 |
| Finance expense |
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| (60) | (67) |
| Net finance expense |
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| (57) | (66) |
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| Loss and comprehensive loss for the period |
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| (750) | (1,290) |
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| Loss and comprehensive loss attributable to: |
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| Equity holders of the company |
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| (750) | (1,289) |
| Non-controlling interests |
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| - | (1) |
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| Loss and comprehensive loss for the period |
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| (750) | (1,290) |
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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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| ($0.001) | ($0.001) |
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Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
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| At 31 March | At 31 December |
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| Assets |
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| Non-current assets |
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| Exploration and evaluation assets |
| 40,237 | 40,197 |
| Property, plant and equipment |
| 11 | 13 |
| Trade and other receivables |
| 23 | 22 |
| Restricted cash |
| 2,200 | 2,239 |
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| 42,471 | 42,471 |
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| Current assets |
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| Cash and cash equivalents |
| 8,301 | 8,894 |
| Trade and other receivables |
| 162 | 74 |
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| 8,463 | 8,968 |
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| Total assets |
| 50,934 | 51,439 |
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| Equity and liabilities |
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| Equity attributable to owners of the parent |
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| Share capital |
| 392,170 | 392,170 |
| Contributed surplus |
| 46,390 | 46,254 |
| Deficit |
| (400,616) | (399,866) |
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| 37,944 | 38,558 |
| Non-controlling interests |
| 698 | 698 |
| Total equity |
| 38,642 | 39,256 |
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| Liabilities |
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| Non-current liabilities |
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| Decommissioning provision |
| 11,834 | 11,775 |
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| 11,834 | 11,775 |
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| Current liabilities |
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| Accounts payable and accrued expenses |
| 458 | 408 |
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| 458 | 408 |
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| Total liabilities |
| 12,292 | 12,183 |
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| Total equity and liabilities |
| 50,934 | 51,439 |
Interim Condensed Consolidated Statement of Cash flows
(Unaudited)