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
Debt free with cash of $6.9 million at 31 March 2025 (31 December 2024: $6.8 million).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 8702Philip O’Quigley, CEO+353 87 814 7042Anne Flynn, CFO+353 1 676 9162 Cavendish Capital Markets Limited (NOMAD & Broker)Neil McDonald / Adam Rae+44 131 220 9771
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
Three months ended
31 March 2025
$’000Three months ended
31 March 2024
$’000 Revenue Oil and natural gas revenue –– –– Expenses Exploration and evaluation expenses (40)(44) General and administrative expenses (491)(528) Foreign exchange gain 77120 (454)(452) Results from operating activities (454)(452) Finance income 988 Finance expense (141)(362) Net finance expense (43)(354) Loss and comprehensive loss for the period (497)(806) Loss and comprehensive loss attributable to: Equity holders of the company (497)(804) Non-controlling interests –(2) Loss and comprehensive loss for the period (497)(806) Loss per share attributable to equity holders of the company: Basic and diluted ($0.000) ($0.001)
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
At 31 March
2025
$’000At 31 December
2024
$’000 Assets Non-current assets Exploration and evaluation assets 53,34750,291Accounts receivable 5656Restricted cash 2,1232,040 55,52652,387 Current assets Cash and cash equivalents 6,8966,823Accounts receivable 1393,031 7,0359,854 Total assets 62,56162,241 Equity and liabilities Equity attributable to owners of the parent Share capital 406,684406,684Contributed surplus 47,44647,446Deficit (410,652)(410,155) 43,47843,975Non-controlling interests 690690Total equity 44,16844,665 Liabilities Non-current liabilities Decommissioning provision 16,75116,587 16,75116,587 Current liabilities Accounts payable and accrued expenses 1,642989 1,642989 Total liabilities 18,39317,576 Total equity and liabilities 62,56162,241
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
Three months ended 31 March 2025
$’0002024
$’000 Cash flows from operating activities Net loss for the period (497)(806)Adjustments for: Share based compensation –36Depreciation –1Net finance expense 43354Effect of exchange rates on operating activities (77)(120)Change in non-cash working capital: Increase in accounts receivable (110)(83)Increase in accounts payable and accrued expenses 197Net cash used in operating activities (622)(611) Cash flows from investing activities Interest received 88Exploration and evaluation assets (2,384)(2,869)Legacy exploration permit bonds refund 19-R&D Tax incentive refund 2,962–Net cash generated by / (used in) investing activities 605(2,861) Change in cash and cash equivalents (17)(3,472)Effect of exchange rates on cash and cash equivalents 90(231) Cash and cash equivalents at beginning of period 6,8237,992 Cash and cash equivalents at end of period 6,8964,289
All dollar amounts in this document are in United States dollars “$”, 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.
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.sedarplus.ca.
Attachment
033125.3 FINAL Press release – Announcing release of 31 March 2025 results