Headline: Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
Location: Vancouver, BC, CA
Post Date: Nov 25, 2022 2:00 AM
TAG ID: pznews407990
DocID: 202211251000768785-en.xml
Word Count: approx. 668 words
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Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements

FALCON OIL & GAS LTD. (“Falcon”) Filing of Interim Financial Statements 25 November 2022 - 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 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 nine months ended 30 September 2022, 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. 2022 financial highlights and other financial updates Strong financial position, debt free with cash of US$16.9 million at 30 September 2022 (31 December 2021: US$8.9 million).Continued focus on cost management and the efficient operation of the portfolio. CONTACT DETAILS: Falcon Oil & Gas Ltd.         +353 1 676 8702Philip O'Quigley, CEO+353 87 814 7042Anne Flynn, CFO+353 1 676 9162 Cenkos Securities plc (NOMAD & Broker) Neil McDonald / Derrick Lee+44 131 220 9771       Interim Condensed Consolidated Statement of Operations and Comprehensive Loss (Unaudited)  Three months ended 30 September 2022$’000Three months ended 30 September 2021$’000Nine months ended 30 September 2022$’000Nine months ended 30 September 2021$’000     Revenue    Oil and natural gas revenue---2 ---2     Expenses    Exploration and evaluation expenses(29)(46)(106)(128)General and administrative expenses(542)(665)(2,226)(2,327)Foreign exchange loss(116)(60)(290)(178) (687)(771)(2,622)(2,633)     Results from operating activities(687)(771)(2,622)(2,631)     Finance income10-153Finance expense(145)(71)(288)(197)Net finance expense(135)(71)(273)(194)     Loss and comprehensive loss for the period(822)(842)(2,895)(2,825)     Loss and comprehensive loss attributable to:         Equity holders of the company(822)(841)(2,894)(2,823)Non-controlling interests-(1)(1)(2)     Loss and comprehensive loss for the period(822)(842)(2,895)(2,825)     Loss per share attributable to equity holders of the company:    Basic and diluted(0.001 cent)(0.001 cent)(0.003 cent)(0.003 cent) Interim Condensed Consolidated Statement of Financial Position (Unaudited)   At 30 September2022$’000At 31 December 2021$’000    Assets   Non-current assets   Exploration and evaluation assets 40,27040,197Property, plant and equipment 913Trade and other receivables 1922Restricted cash 1,9202,239  42,21842,471    Current assets   Cash and cash equivalents 16,9058,894Trade and other receivables 9774  17,0028,968    Total assets 59,22051,439    Equity and liabilities       Equity attributable to owners of the parent   Share capital 402,120392,170Contributed surplus 46,88446,254Retained deficit (402,760)(399,866)  46,24438,558Non-controlling interests 697698Total equity 46,94139,256    Liabilities    Non-current liabilities   Decommissioning provision 11,94911,775  11,94911,775    Current liabilities   Accounts payable and accrued expenses 330408  330408    Total liabilities 12,27912,183    Total equity and liabilities 59,22051,439 Interim Condensed Consolidated Statement of Cash Flows (Unaudited)   Nine months ended 30 September  2022$’0002021 $’000    Cash flows from operating activities   Net loss for the period (2,895)(2,825)Adjustments for:   Share based compensation 630981Depreciation 43Net finance expense 273194Effect of exchange rates on operating activities 290178Transfer of Canadian working interests -(28)Change in non-cash working capital:   (Increase) / decrease in trade and other receivables (20)23Decrease in accounts payable and accrued expenses (68)(8)Net cash used in operating activities (1,786)(1,482)    Cash flows from investing activities   Interest received 153Property plant and equipment -(13)Exploration and evaluation assets (70)(160)Net cash used in investing activities (55)(170)    Cash flows from financing activities   Net proceeds from private placement 9,950-Net cash generated from financing activities 9,950-Change in cash and cash equivalents 8,109(1,652)Effect of exchange rates on cash and cash equivalents (98)(15)Cash and cash equivalents at beginning of period 8,89411,036    Cash and cash equivalents at end of period 16,9059,369 All dollar amounts in this document are in United States dollars “$”, 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.

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