FALCON OIL & GAS LTD.
(“Falcon”)
Full Year Results
26 April 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2023.
The following should be read in conjunction with the complete audited financial statements and the accompanying Management’s Discussion and Analysis (‘’MD&A’’) for the year ended 31 December 2023.
2023 Financial Highlights
Debt free with cash of $8.0 million at 31 December 2023 (31 December 2022: $16.8 million).Continued focus on strict cost management and efficient operation of the portfolio.
Filing of Financial Statements, MD&A, AIF and Reserves Data
Falcon has filed its audited financial statements for the year ended 31 December 2023, the accompanying MD&A for year ended 31 December 2023 dated 25 April 2024, its Annual Information Form (“AIF”) dated 25 April 2024 and the Statement of Reserves Data and Other Oil and Gas Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and 51-101F3) with the relevant provincial securities regulators. These filings are available for review on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca. The audited financial statements, MD&A and AIF are also available on Falcon’s website www.falconoilandgas.com.
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 & Joint Broker) Neil McDonald / Adam Rae+44 131 220 9771 Tennyson Securities (Joint Broker) Peter Krens+44 20 7186 9033
Consolidated Statement of Operations and Comprehensive Loss
Year Ended
31 December 2023
$’000Year Ended
31 December 2022
$’000 Revenue Oil and natural gas revenue –– –– Expenses Exploration and evaluation expenses (197)(151)General and administrative expenses (2,470)(2,865)Decommissioning provision (480)(825)Foreign exchange loss (63)(138) (3,210)(3,979) Results from operating activities (3,210)(3,979) Finance income 322298Finance expense (453)(310)Net finance expense (131)(12) Loss before tax (3,341)(3,991) Taxation –– Loss and comprehensive loss for the year (3,341)(3,991) Loss and comprehensive loss attributable to: Equity holders of the company (3,337)(3,994)Non-controlling interests (4)3 Loss and comprehensive loss for the year (3,341)(3,991) Loss per share attributable to equity holders of the company:
Basic and diluted ($0.003)($0.004)
Consolidated Statement of Financial Position
At 31 December
2023
$’000At 31 December
2022
$’000 Assets Non-current assets Exploration and evaluation assets 51,28742,977Property, plant and equipment 27Trade and other receivables 2620Restricted cash 2,1762,090 53,49145,094 Current assets Cash and cash equivalents 7,99216,785Trade and other receivables 5479 8,04616,864 Total assets 61,53761,958 Equity and liabilities Equity attributable to owners of the parent Share capital 402,120402,120Contributed surplus 47,37947,063Deficit (407,197)(403,860) 42,30245,323Non-controlling interests 697701Total equity 42,99946,024 Liabilities Non-current liabilities Decommissioning provision 16,20415,602 16,20415,602 Current liabilities Accounts payable and accrued expenses 2,334332 2,334332 Total liabilities 18,53815,934 Total equity and liabilities 61,53761,958
Consolidated Statement of Cashflows
Year Ended 31 December 2023
$’0002022
$’000 Cash flows from operating activities Net loss for the year (3,341)(3,991)Adjustments for: Share based compensation 316809Depreciation 55Net finance loss 12022Foreign exchange loss 63138Decommissioning provision 480825Change in non-cash working capital Decrease / (increase) in trade and other receivables 19(5)Decrease in accounts payable and accrued expenses (63)(64)Net cash used in operating activities (2,401)(2,261) Cash flows from investing activities Interest received 18033Exploration and evaluation assets additions (6,723)(88)Granting of ORRI to Sheffield Holdings LP –6,000Exercising of TOG Group call option –(6,000)Net cash used in investing activities (6,543)(55) Cash flows from financing activities Proceeds from private placement –10,000Costs related to private placement –(50)Net cash generated from financing activities –9,950 Change in cash and cash equivalents (8,944)7,634Effect of exchange rates on cash and cash equivalents 151257Cash and cash equivalents at beginning of year 16,7858,894 Cash and cash equivalents at end of year 7,99216,785
All dollar amounts in this document are in United States dollars “$”, 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.sedarplus.ca
Attachment
123123.3 FINAL Press release – Announcing release of 31 December 2023 results.