News
Falcon Oil & Gas Ltd
Falcon Oil and Gas Ltda.
FALCON OLEO E GÁS LTDA.
(“Hawk”)
Filing Interim Financial Statements
May 23, 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three months ended March 31, 2024 and the accompanying Management’s Discussion and Analysis ( “MD&A”).
The following should be read in conjunction with the complete unaudited and unreviewed Interim Financial Statements and accompanying MD&A for the three months ended March 31, 2024, which are available on the Canadian System for Electronic Document Analysis and Retrieval ( “SEDAR+”) at www.sedarplus.ca and on the Falcon website at www.falconoilandgas.com.
First Quarter 2024 Financial Highlights
Ends.
For more information, please contact:
CONTACT DETAILS:
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Falcon Oil and Gas Ltda. |
+353 1 676 8702 |
|
Philip O’Quigley, CEO |
+353 87 814 7042 |
|
Anne Flynn, Chief Financial Officer |
+353 1 676 9162 |
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Cavendish Capital Markets Limited (NOMAD and joint broker) |
|
|
Neil McDonald/Adam Rae |
+44 131 220 9771 |
|
Tennyson Securities (joint broker) |
|
|
Peter Krens |
+44 20 7186 9033 |
Falcon Petróleo e Gás Ltda.
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
|
Three months are over |
Three months are over |
|||||
|
Revenue |
||||||
|
Oil and natural gas revenue |
– |
– |
||||
|
– |
– |
|||||
|
Expenses |
||||||
|
Exploration and evaluation expenses |
(44) |
(43) |
||||
|
General and Administrative Expenses |
(528) |
(597) |
||||
|
Exchange gain |
120 |
56 |
||||
|
(452) |
(584) |
|||||
|
Results of operational activities |
(452) |
(584) |
||||
|
Financial income |
8 |
68 |
||||
|
Financial expense |
(362) |
(144) |
||||
|
Net financial expense |
(354) |
(76) |
||||
|
Loss and period comprehensive loss |
(806) |
(660) |
||||
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Loss and comprehensive loss attributable to: |
||||||
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Company equity holders |
(804) |
(658) |
||||
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Non-controlling interests |
(two) |
(two) |
||||
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Loss and period comprehensive loss |
(806) |
(660) |
||||
|
Loss per share attributable to the company’s shareholders: |
||||||
|
Basic and diluted |
($0.001) |
($0.001) |
||||
Falcon Petróleo e Gás Ltda.
Interim Condensed Statement of Consolidated Financial Position
(Unaudited)
|
On March 31 |
On December 31 |
||
|
Active |
|||
|
Non-current assets |
|||
|
Exploration and evaluation assets |
52,462 |
51,287 |
|
|
Property, plant and equipment |
1 |
two |
|
|
Commercial accounts and other receivables |
25 |
26 |
|
|
Restricted money |
2,116 |
2,176 |
|
|
54,604 |
53,491 |
||
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Current assets |
|||
|
Cash and cash equivalents |
4,289 |
7,992 |
|
|
Commercial accounts and other receivables |
139 |
54 |
|
|
4,428 |
8,046 |
||
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Total assets |
59,032 |
61,537 |
|
|
Net Worth and Liabilities |
|||
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Equity attributable to the owners of the controlling company |
|||
|
Share capital |
402,120 |
402,120 |
|
|
Contributed surplus |
47,415 |
47,379 |
|
|
Deficit |
(408,001) |
(407,197) |
|
|
41,534 |
42,302 |
||
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Non-controlling interests |
695 |
697 |
|
|
Total assets |
42,229 |
42,999 |
|
|
Liabilities |
|||
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Non-current liabilities |
|||
|
Decommissioning provision |
16,240 |
16,204 |
|
|
16,240 |
16,204 |
||
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Current liabilities |
|||
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Accounts payable and accrued expenses |
563 |
2,334 |
|
|
563 |
2,334 |
||
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Total responsibilities |
16,803 |
18,538 |
|
|
Total assets and liabilities |
59,032 |
61,537 |
Falcon Petróleo e Gás Ltda.
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
|
Three months ending March 31 |
|||
|
2024 |
2023 |
||
|
Cash flows from operating activities |
|||
|
Net loss for the period |
(806) |
(660) |
|
|
Adjustments for: |
|||
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Share-based compensation |
36 |
137 |
|
|
Depreciation |
1 |
1 |
|
|
Net financial expense |
354 |
66 |
|
|
Effect of exchange rates on operating activities |
(120) |
(56) |
|
|
Change in non-cash working capital: |
|||
|
Increase in commercial accounts and other accounts receivable |
(83) |
(61) |
|
|
Increase in accounts payable and accumulated expenses |
7 |
51 |
|
|
Net cash used in operating activities |
(611) |
(522) |
|
|
Cash flows from investing activities |
|||
|
Interest received |
8 |
78 |
|
|
Exploration and evaluation assets |
(2,869) |
(two) |
|
|
Net cash (used in)/generated by investing activities |
(2,861) |
76 |
|
|
Change of cash and cash equivalents |
(3,472) |
(446) |
|
|
Effect of exchange rates on cash and cash equivalents |
(231) |
(70) |
|
|
Cash and cash equivalents at the beginning of the period |
7,992 |
16,785 |
|
|
Cash and cash equivalents at the end of the period |
4,289 |
16,269 |
|
All dollar amounts in this document are in United States dollars “$” unless otherwise noted.
The story continues
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil and gas company involved in the exploration and development of unconventional oil and gas assets, with the current portfolio focused on 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 more information about Falcon Oil & Gas Ltd., 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 may differ materially from the results suggested in any forward-looking statements. Falcon undertakes no obligation to update 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 Canadian securities regulators, which filings are available at www.sedarplus.ca.
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