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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Falcon Oil & Gas Ltd. | LSE:FOG | London | Ordinary Share | CA3060711015 | COM SHS NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.70 | 4.50 | 4.90 | 4.70 | 4.70 | 4.70 | 125,021 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 0 | -3.34M | -0.0030 | -30.00 | 52.13M |
TIDMFOG
FALCON OIL & GAS LTD.
("Falcon")
Filing of Interim Financial Statements
25 August 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three and six months ended 30 June 2023 and 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 and six months ended 30 June 2023, which are available on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR+") at https://www.sedarplus.ca and on Falcon's website at www.falconoilandgas.com.
2023 financial highlights and other financial updates
-- Strong financial position, debt free with cash of US$15.7 million at 30 June 2023 (31 December 2022: US$16.8 million). -- Continued focus on cost management and the 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 Cenkos Securities plc (NOMAD & Broker) Neil McDonald / Derrick Lee +44 131 220 9771
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss (Unaudited)
Three months Three months Six months Six months ended 30 ended 30 ended 30 ended 30 June 2023 June 2022 June 2023 June 2022 $'000 $'000 $'000 $'000 Revenue Oil and natural gas revenue - - - - - - - - Expenses Exploration and evaluation expenses (47) (37) (90) (77) General and administrative expenses (578) (1,076) (1,175) (1,684) Foreign exchange (loss) / gain (9) (129) 47 (174) (634) (1,242) (1,218) (1,935) ----------------------------------- ------------ ------------ ---------- ------------ Results from operating activities (634) (1,242) (1,218) (1,935) Finance income 44 2 112 5 Finance expense (151) (83) (295) (143) Net finance expense (107) (81) (183) (138) ----------------------------------- ------------ ------------ ---------- ------------ Loss and comprehensive loss for the period (741) (1,323) (1,401) (2,073) Loss and comprehensive loss attributable to: Equity holders of the company (740) (1,322) (1,398) (2,072) Non-controlling interests (1) (1) (3) (1) Loss and comprehensive loss for the period (741) (1,323) (1,401) (2,073) ----------------------------------- ------------ ------------ ---------- ------------ Loss per share attributable to equity holders of the company: Basic and diluted (0.001 cent) (0.001 cent) (0.001 (0.002 cent) cent) ----------------------------------- ------------ ------------ ---------- ------------
Interim Condensed Consolidated Statement of Financial Position (Unaudited)
At 30 June At 31 December 2023 2022 $'000 $'000 Assets Non-current assets Exploration and evaluation assets 43,014 42,977 Property, plant and equipment 5 7 Trade and other receivables 20 20 Restricted cash 2,141 2,090 45,180 45,094 ---------------------------------- ---------- -------------- Current assets Cash and cash equivalents 15,658 16,785 Trade and other receivables 110 79 15,768 16,864 ---------------------------------- ---------- -------------- Total assets 60,948 61,958 ----------------------------------- ---------- -------------- Equity and liabilities Equity attributable to owners of the parent Share capital 402,120 402,120 Contributed surplus 47,294 47,063 Retained deficit (405,258) (403,860) 44,156 45,323 Non-controlling interests 698 701 Total equity 44,854 46,024 ----------------------------------- ---------- -------------- Liabilities Non-current liabilities Decommissioning provision 15,753 15,602 15,753 15,602 ---------------------------------- ---------- -------------- Current liabilities Accounts payable and accrued expenses 341 332 341 332 Total liabilities 16,094 15,934 ----------------------------------- ---------- -------------- Total equity and liabilities 60,948 61,958 ----------------------------------- ---------- --------------
Interim Condensed Consolidated Statement of Cash Flows (Unaudited)
Six months ended 30 June 2023 2022 $'000 $'000 Cash flows from operating activities Net loss for the period (1,401) (2,073) Adjustments for: Share based compensation 231 483 Depreciation 2 3 Net finance expense 173 138 Effect of exchange rates on operating activities (47) 174 Change in non-cash working capital: Increase in trade and other receivables (31) (35) Increase / (decrease) in accounts payable and accrued expenses 6 (63) Net cash used in operating activities (1,067) (1,373) Cash flows from investing activities Interest received 122 5 Exploration and evaluation assets (37) (44) Net cash generated from/ (used in) investing activities 85 (39) Cash flows from financing activities Net proceeds from private placement 0 9,950 Net cash generated from financing activities 0 9,950 Change in cash and cash equivalents (982) 8,538 Effect of exchange rates on cash & cash equivalents (145) (37) Cash and cash equivalents at beginning of period 16,785 8,894 Cash and cash equivalents at end of period 15,658 17,395 ---------------------------------------------- ------------ ------------
All dollar amounts in this document are in United States dollars "$", 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.sedar.com.
(END) Dow Jones Newswires
August 25, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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