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Falcon Oil & Gas Ltd. - Full Year Results

28 Apr 2022 07:00

Falcon Oil & Gas Ltd. - Full Year Results

FALCON OIL & GAS LTD.

(“Falcon”)

Full Year Results

28 April 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2021.

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 2021.

2021 Financial Highlights

Strong financial position, debt free with cash of US$8.9 million at 31 December 2021 (31 December 2020: US$11 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 2021, the accompanying MD&A for year ended 31 December 2021 dated 27 April 2022, its Annual Information Form (“AIF”) dated 27 April 2022 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.sedar.com. 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 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
  

Consolidated Statement of Operations and Comprehensive Loss

   Year Ended 31 December 2021$’000Year Ended 31 December 2020$’000
     
Revenue    
Oil and natural gas revenue  25
   25
     
Expenses    
Exploration and evaluation expenses  (196)(159)
Production and operating expenses  -(12)
General and administrative expenses  (3,031)(1,871)
Decommissioning provision  (991)-
Foreign exchange (loss) / gain  (238)105
   (4,456)(1,937)
     
Results from operating activities  (4,454)(1,932)
     
Fair value gain – outstanding warrant  -110
     
Finance income  7224
Finance expense  (249)(231)
Net finance expense  (242)(7)
     
Loss before tax  (4,696)(1,829)
     
Taxation  --
     
Loss and comprehensive loss for the year  (4,696)(1,829)
     
Loss and comprehensive loss attributable to:    
     
Equity holders of the company  (4,693)(1,830)
Non-controlling interests  (3)1
     
Loss and comprehensive loss for the year  (4,696)(1,829)
     
Loss per share attributable to equity holders of the company:    
Basic and diluted  ($0.005)($0.002)

Consolidated Statement of Financial Position

  At 31 December2021$’000At 31 December 2020$’000
    
Assets   
Non-current assets   
Exploration and evaluation assets 40,19740,444
Property, plant and equipment 134
Trade and other receivables 2223
Restricted cash 2,2392,429
  42,47142,900
    
Current assets   
Cash and cash equivalents 8,89411,036
Trade and other receivables 74117
  8,96811,153
    
Total assets 51,43954,053
    
Equity and liabilities   
    
Equity attributable to owners of the parent   
Share capital 392,170392,170
Contributed surplus 46,25445,075
Deficit (399,866)(395,173)
  38,55842,072
Non-controlling interests 698701
Total equity 39,25642,773
    
Liabilities    
Non-current liabilities   
Decommissioning provision 11,77510,563
  11,77510,563
    
Current liabilities   
Accounts payable and accrued expenses 408717
  408717
    
Total liabilities 12,18311,280
    
Total equity and liabilities 51,43954,053

Consolidated Statement of Cash Flows

  Year Ended 31 December
  2021$’0002020 $’000
    
Cash flows from operating activities   
Net loss for the year (4,696)(1,829)
Adjustments for:   
Share based compensation 1,179-
Depreciation 4-
Fair value gain - outstanding warrants -(110)
Net finance loss 2427
Foreign exchange loss / (gain) 238(105)
Transfer of Canadian working interests (28)-
Decommissioning provision 991-
Change in non-cash working capital   
Decrease in trade and other receivables 4431
Increase / (decrease) in accounts payable and accrued expenses 67(145)
Net cash used in operating activities (1,959)(2,151)
    
Cash flows from investing activities   
Interest received 716
Exploration and evaluation assets (163)(48)
Property plant and equipment (13)(3)
Net cash used in investing activities (169)(35)
    
    
Change in cash and cash equivalents (2,128)(2,186)
Effect of exchange rates on cash and cash equivalents (14)156
Cash and cash equivalents at beginning of year 11,03613,066
    
Cash and cash equivalents at end of year 8,89411,036

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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