In This Article:
FALCON OIL & GAS LTD.
(“Falcon”)
Filing of Interim Financial Statements
20 May 2025 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three months ended 31 March 2025 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 2025, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and on Falcon’s website at www.falconoilandgas.com.
Q1 2025 Financial Highlights
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Debt free with cash of $6.9 million at 31 March 2025 (31 December 2024: $6.8 million).
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Continued focus on strict cost management and efficient operation of the portfolio.
Ends.
For further information, please contact:
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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| Cavendish Capital Markets Limited (NOMAD & Broker) | |
| Neil McDonald / Adam Rae | +44 131 220 9771 |
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Falcon Oil & Gas Ltd.
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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| - | - |
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| - | - |
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| Expenses |
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| Exploration and evaluation expenses |
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| (40) | (44) |
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| General and administrative expenses |
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| (491) | (528) |
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| Foreign exchange gain |
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| 77 | 120 |
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| (454) | (452) |
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| Results from operating activities |
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| (454) | (452) |
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| Finance income |
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| 98 | 8 |
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| Finance expense |
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| (141) | (362) |
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| Net finance expense |
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| (43) | (354) |
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| Loss and comprehensive loss for the period |
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| (497) | (806) |
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| Loss and comprehensive loss attributable to: |
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| Equity holders of the company |
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| (497) | (804) |
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| Non-controlling interests |
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| - | (2) |
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| Loss and comprehensive loss for the period |
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| (497) | (806) |
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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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| ($0.000) | ($0.001) |
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Falcon Oil & Gas Ltd.
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 |
| 53,347 | 50,291 |
| Accounts receivable |
| 56 | 56 |
| Restricted cash |
| 2,123 | 2,040 |
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| 55,526 | 52,387 |
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| Current assets |
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| Cash and cash equivalents |
| 6,896 | 6,823 |
| Accounts receivable |
| 139 | 3,031 |
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| 7,035 | 9,854 |
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| Total assets |
| 62,561 | 62,241 |
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| Equity and liabilities |
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| Equity attributable to owners of the parent |
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| Share capital |
| 406,684 | 406,684 |
| Contributed surplus |
| 47,446 | 47,446 |
| Deficit |
| (410,652) | (410,155) |
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| 43,478 | 43,975 |
| Non-controlling interests |
| 690 | 690 |
| Total equity |
| 44,168 | 44,665 |
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| Liabilities |
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| Non-current liabilities |
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| Decommissioning provision |
| 16,751 | 16,587 |
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| 16,751 | 16,587 |
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| Current liabilities |
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| Accounts payable and accrued expenses |
| 1,642 | 989 |
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| 1,642 | 989 |
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| Total liabilities |
| 18,393 | 17,576 |
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| Total equity and liabilities |
| 62,561 | 62,241 |
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
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| Three months ended 31 March | |
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| 2025 | 2024 |
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| Cash flows from operating activities |
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| Net loss for the period |
| (497) | (806) |
| Adjustments for: |
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| Share based compensation |
| - | 36 |
| Depreciation |
| - | 1 |
| Net finance expense |
| 43 | 354 |
| Effect of exchange rates on operating activities |
| (77) | (120) |
| Change in non-cash working capital: |
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| Increase in accounts receivable |
| (110) | (83) |
| Increase in accounts payable and accrued expenses |
| 19 | 7 |
| Net cash used in operating activities |
| (622) | (611) |
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| Cash flows from investing activities |
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| Interest received |
| 8 | 8 |
| Exploration and evaluation assets |
| (2,384) | (2,869) |
| Legacy exploration permit bonds refund |
| 19 | - |
| R&D Tax incentive refund |
| 2,962 | - |
| Net cash generated by / (used in) investing activities |
| 605 | (2,861) |
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| Change in cash and cash equivalents |
| (17) | (3,472) |
| Effect of exchange rates on cash and cash equivalents |
| 90 | (231) |
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| Cash and cash equivalents at beginning of period |
| 6,823 | 7,992 |
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| Cash and cash equivalents at end of period |
| 6,896 | 4,289 |
All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated.