Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
In This Article:
FALCON OIL & GAS LTD.
(“Falcon” or “Company”)
Filing of Interim Financial Statements
28 November 2024 - 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 2024 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 2024, 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
2024 financial highlights and other financial updates
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Debt free with cash of $10 million at 30 September 2024 (31 December 2023: $8 million).
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Continued focus on cost management and the efficient operation of the portfolio.
Ends.
CONTACT DETAILS:
| Falcon Oil & Gas Ltd. |
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| Philip O'Quigley, CEO | +353 87 814 7042 |
| Anne Flynn, CFO | +353 1 676 9162 |
Cavendish Capital Markets Limited (NOMAD & Broker)
| Neil McDonald / Adam Rae | +44 131 220 9771 |
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
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| Three months ended 30 | Three months ended 30 | Nine months ended 30 | Nine months ended 30 |
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| Revenue |
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| Oil and natural gas revenue | - | - | - | - |
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| - | - | - | - |
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| Expenses |
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| Exploration and evaluation expenses | (44) | (39) | (130) | (129) |
| General and administrative expenses | (523) | (739) | (1,601) | (1,914) |
| Foreign exchange gain | 91 | 38 | 133 | 85 |
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| (476) | (740) | (1,598) | (1,958) |
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| Results from operating activities | (476) | (740) | (1,598) | (1,958) |
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| Finance income | 365 | 43 | 193 | 155 |
| Finance expense | (132) | (352) | (393) | (647) |
| Net finance income / (expense) | 233 | (309) | (200) | (492) |
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| Loss and comprehensive loss for the period | (243) | (1,049) | (1,798) | (2,450) |
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| Loss and comprehensive loss attributable to: |
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| Equity holders of the company | (247) | (1,046) | (1,798) | (2,444) |
| Non-controlling interests | 4 | (3) | - | (6) |
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| Loss and comprehensive loss for the period | (243) | (1,049) | (1,798) | (2,450) |
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| Loss per share attributable to equity holders of the company: |
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| Basic and diluted | (0.000 cent) | (0.001 cent) | (0.002 cent) | (0.002 cent) |
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
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| At 30 September | At 31 December |
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| Assets |
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| Non-current assets |
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| Exploration and evaluation assets |
| 50,721 | 51,287 |
| Property, plant and equipment |
| - | 2 |
| Trade and other receivables |
| 26 | 26 |
| Restricted cash |
| 2,199 | 2,176 |
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| 52,946 | 53,491 |
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| Current assets |
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| Cash and cash equivalents |
| 9,965 | 7,992 |
| Trade and other receivables |
| 946 | 54 |
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| 10,911 | 8,046 |
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| Total assets |
| 63,857 | 61,537 |
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| Equity and liabilities |
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| Equity attributable to owners of the parent |
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| Share capital |
| 406,690 | 402,120 |
| Contributed surplus |
| 47,444 | 47,379 |
| Retained deficit |
| (408,995) | (407,197) |
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| 45,139 | 42,302 |
| Non-controlling interests |
| 697 | 697 |
| Total equity |
| 45,836 | 42,999 |
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| Liabilities |
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| Non-current liabilities |
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| Decommissioning provision |
| 16,679 | 16,204 |
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| 16,679 | 16,204 |
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| Current liabilities |
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| Accounts payable and accrued expenses |
| 1,342 | 2,334 |
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| 1,342 | 2,334 |
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| Total liabilities |
| 18,021 | 18,538 |
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| Total equity and liabilities |
| 63,857 | 61,537 |
Interim Condensed Consolidated Statement of Cash Flow
(Unaudited)
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| Nine months ended 30 September | |
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| 2024 | 2023 |
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| Cash flows from operating activities |
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| Net loss for the period |
| (1,798) | (2,450) |
| Adjustments for: |
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| Share based compensation |
| 65 | 276 |
| Depreciation |
| 2 | 3 |
| Net finance expense |
| 200 | 482 |
| Effect of exchange rates on operating activities |
| (133) | (85) |
| Change in non-cash working capital: |
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| Increase in trade and other receivables |
| (893) | (19) |
| Increase / (decrease) in accounts payable and accrued expenses |
| 920 | (36) |
| Net cash used in operating activities |
| (1,637) | (1,829) |
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| Cash flows from investing activities |
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| Interest received |
| 31 | 165 |
| Proceeds from sale of ORRIs |
| 4,000 | - |
| Exploration and evaluation assets |
| (5,153) | (647) |
| Net cash used in investing activities |
| (1,122) | (482) |
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| Cash flows from financing activities |
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| Net proceeds from equity raised |
| 4,570 | - |
| Net cash generated from financing activities |
| 4,570 | - |
| Change in cash and cash equivalents |
| 1,811 | (2,311) |
| Effect of exchange rates on cash and cash equivalents |
| 162 | (320) |
| Cash and cash equivalents at beginning of period |
| 7,992 | 16,785 |
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| Cash and cash equivalents at end of period |
| 9,965 | 14,154 |
All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated.