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Falcon Oil & Gas Ltd. - Full Year Results

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Falcon Oil & Gas Ltd
·5-min read
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FALCON OIL & GAS LTD.

(“Falcon)

Full Year Results

27 April 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2020.

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 2020.

2020 Financial Highlights

  • Strong financial position, debt free with cash of US$11 million at 31 December 2020 (31 December 2019: US$13.1 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 2020, the accompanying MD&A for year ended 31 December 2020 dated 26 April 2021, its Annual Information Form (“AIF”) dated 26 April 2021 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 2020
$’000

Year Ended
31 December 2019
$’000

Revenue

Oil and natural gas revenue

5

5

5

5

Expenses

Exploration and evaluation expenses

(159)

(233)

Production and operating expenses

(12)

(13)

General and administrative expenses

(1,871)

(1,780)

Share based compensation

-

(12)

Foreign exchange gain / (loss)

105

(70)

(1,937)

(2,108)

Results from operating activities

(1,932)

(2,103)

Fair value gain – outstanding warrant

110

369

Finance income

224

221

Finance expense

(231)

(226)

Net finance expense

(7)

(5)

Loss before tax

(1,829)

(1,739)

Taxation

-

-

Loss and comprehensive loss for the year

(1,829)

(1,739)

Loss and comprehensive loss attributable to:

Equity holders of the company

(1,830)

(1,739)

Non-controlling interests

1

-

Loss and comprehensive loss for the year

(1,829)

(1,739)

Loss per share attributable to equity holders of the company:

Basic and diluted

(0.002 cent)

(0.002 cent)


Consolidated Statement of Financial Position

At 31 December
2020
$’000

At 31 December
2019
$’000

Assets

Non-current assets

Exploration and evaluation assets

40,444

40,246

Property, plant and equipment

4

1

Trade and other receivables

23

30

Restricted cash

2,429

2,241

42,900

42,518

Current assets

Cash and cash equivalents

11,036

13,066

Trade and other receivables

117

141

11,153

13,207

Total assets

54,053

55,725

Equity and liabilities

Equity attributable to owners of the parent

Share capital

392,170

392,170

Contributed surplus

45,075

45,075

Deficit

(395,173)

(393,343)

42,072

43,902

Non-controlling interests

701

700

Total equity

42,773

44,602

Liabilities

Non-current liabilities

Decommissioning provision

10,563

10,331

10,563

10,331

Current liabilities

Accounts payable and accrued expenses

717

682

Derivative financial liabilities

-

110

717

792

Total liabilities

11,280

11,123

Total equity and liabilities

54,053

55,725


Consolidated Statement of Cash Flows

Year Ended 31 December

2020
$’000

2019
$’000

Cash flows from operating activities

Net loss for the year

(1,829)

(1,739)

Adjustments for:

Share based compensation

-

12

Depreciation

-

1

Fair value gain - outstanding warrant

(110)

(369)

Net finance loss

7

5

Foreign exchange (gain) / loss

(105)

70

Change in non-cash working capital:

Decrease / (increase) in trade and other receivables

31

(41)

(Decrease) / increase in accounts payable and accrued expenses

(145)

88

Net cash used in operating activities

(2,151)

(1,973)

Cash flows from investing activities

Interest Received

16

136

Exploration and evaluation assets

(48)

(541)

Property plant and equipment

(3)

-

Net cash used in investing activities

(35)

(405)

Cash flows from financing activities

Raised Equity

-

8,433

Net cash generated by financing activities

-

8,433

Change in cash and cash equivalents

(2,186)

6,055

Effect of exchange rates on cash & cash equivalents

156

44

Cash and cash equivalents at beginning of year

13,066

6,967

Cash and cash equivalents at end of year

11,036

13,066

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.