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Falcon Oil & Gas Ltd - Filing of Interim Financial Statements

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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
31 March 2021
$’000

Three months ended
31 March 2020
$’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
2021
$’000

At 31 December
2020
$’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
$’000

2020
$’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.


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