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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% | 7.80 | 7.60 | 8.00 | 7.80 | 7.80 | 7.80 | 79,871 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -3.99M | -0.0038 | -34.21 | 135.77M |
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FALCON OIL & GAS LTD.
("Falcon")
Filing of Interim Financial Statements
27 May 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that
it has filed its Interim Financial Statements for the three months ended
31 March 2021 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 2021, which are available on the
Canadian System for Electronic Document Analysis and Retrieval ("SEDAR")
at www.sedar.com and on Falcon's website at www.falconoilandgas.com.
Q1 2021 Financial Highlights
-- Strong financial position, debt free with cash of US$10.5 million at 31
March 2021 (31 December 2020: US$11 million).
-- Continued focus on strict cost management and efficient operation of the
portfolio.
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O'Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
Cenkos Securities plc (NOMAD &
Broker)
Neil McDonald / Derrick Lee +44 131 220 9771
All dollar amounts in this document are in United States dollars "$",
except as otherwise indicated.
Interim Condensed Consolidated Statement of Operations and Comprehensive
Loss
(Unaudited)
Three months ended Three months ended
31 March 2021 31 March 2020
$'000 $'000
Revenue
Oil and natural gas revenue 2 1
2 1
Expenses
Exploration and evaluation expenses (40) (38)
Production and operating expenses - (2)
General and administrative expenses (466) (403)
Share based compensation (565) -
Foreign exchange loss (155) (28)
(1,226) (471)
----------------------------------------------------- ------------------ ------------------
Results from operating activities (1,224) (470)
Fair value gain -- warrant - 110
Finance income 1 14
Finance expense (67) (1,094)
Net finance expense (66) (1,080)
Loss and comprehensive loss for the period (1,290) (1,440)
Loss and comprehensive loss attributable to:
Equity holders of the company (1,289) (1,421)
Non-controlling interests (1) (19)
Loss and comprehensive loss for the period (1,290) (1,440)
------------------------------------------------------- ------------------ ------------------
Loss per share attributable to equity holders of the
company:
Basic and diluted ($0.001 cent) ($0.001 cent)
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
At 31 March At 31 December
2021 2020
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 40,186 40,444
Property, plant and equipment 3 4
Trade and other receivables 23 23
Restricted cash 2,325 2,429
42,537 42,900
-------------------------------------------- ----------- --------------
Current assets
Cash and cash equivalents 10,482 11,036
Trade and other receivables 160 117
10,642 11,153
-------------------------------------------- ----------- --------------
Total assets 53,179 54,053
--------------------------------------------- ----------- --------------
Equity and liabilities
Equity attributable to owners of the parent
Share capital 392,170 392,170
Contributed surplus 45,640 45,075
Deficit (396,462) (395,173)
41,348 42,072
Non-controlling interests 700 701
Total equity 42,048 42,773
--------------------------------------------- ----------- --------------
Liabilities
Non-current liabilities
Decommissioning provision 10,594 10,563
10,594 10,563
-------------------------------------------- ----------- --------------
Current liabilities
Accounts payable and accrued expenses 537 717
537 717
-------------------------------------------- ----------- --------------
Total liabilities 11,131 11,280
--------------------------------------------- ----------- --------------
Total equity and liabilities 53,179 54,053
--------------------------------------------- ----------- --------------
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
Three months ended
31 March
2021 2020
$'000 $'000
Cash flows from operating activities
Net loss for the year (1,290) (1,440)
Adjustments for:
Share based compensation 565 -
Depreciation 1 -
Fair value gain - warrant - (110)
Net finance expense 66 1,080
Effect of exchange rates on operating activities 155 28
Transfer of Canadian working interests (28) -
Change in non-cash working capital:
(Increase) / decrease in trade and other
receivables (43) 13
Increase / (decrease) in accounts payable
and accrued expenses 24 (42)
Net cash used in operating activities (550) (471)
Cash flows from investing activities
Interest received 1 14
Exploration and evaluation assets - (36)
Net cash generated by / (used in) investing
activities 1 (22)
Change in cash and cash equivalents (549) (493)
Effect of exchange rates on cash and cash
equivalents (5) (1,033)
Cash and cash equivalents at beginning
of year 11,036 13,066
Cash and cash equivalents at end of period 10,482 11,540
---------------------------------------------------- --------- ---------
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
May 27, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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