FALCON OIL & GAS LTD.

(“Falcon”)

Filing of Interim Financial Statements

24 May 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three months ended 31 March 2023 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 2023, 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 2023 Financial Highlights

  • Strong financial position, debt free with cash of US$16.3 million at 31 March 2023 (31 December 2022: US$16.8 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

Interim Condensed Consolidated Statement of Operations and Comprehensive Loss(Unaudited)

      Three months ended 31 March 2023$’000 Three months ended 31 March 2022$’000  
           
Revenue          
Oil and natural gas revenue     - -  
      - -  
           
Expenses          
Exploration and evaluation expenses     (43) (40)  
General and administrative expenses     (597) (608)  
Foreign exchange gain/(loss)     56 (45)  
      (584) (693)  
           
Results from operating activities     (584) (693)  
           
Finance income     68 3  
Finance expense     (144) (60)  
Net finance expense     (76) (57)  
           
Loss and comprehensive loss for the period     (660) (750)  
           
Loss and comprehensive loss attributable to:          
           
Equity holders of the company     (658) (750)  
Non-controlling interests     (2) -  
           
Loss and comprehensive loss for the period     (660) (750)  
           
       
Loss per share attributable to equity holders of the company:      
           
Basic and diluted     ($.001) ($0.001)  

Interim Condensed Consolidated Statement of Financial Position (Unaudited)

    At 31 March2023$’000 At 31 December 2022$’000
       
Assets      
Non-current assets      
Exploration and evaluation assets   42,979 42,977
Property, plant and equipment   6 7
Trade and other receivables   20 20
Restricted cash   2,146 2,090
    45,151 45,094
       
Current assets      
Cash and cash equivalents   16,269 16,785
Trade and other receivables   140 79
    16,409 16,864
       
Total assets   61,560 61,958
       
Equity and liabilities      
       
Equity attributable to owners of the parent      
Share capital   402,120 402,120
Contributed surplus   47,200 47,063
Deficit   (404,518) (403,860)
    44,802 45,323
Non-controlling interests   699 701
Total equity   45,501 46,024
       
Liabilities       
Non-current liabilities      
Decommissioning provision   15,677 15,602
    15,677 15,602
       
Current liabilities      
Accounts payable and accrued expenses   382 332
    382 332
       
Total liabilities   16,059 15,934
       
Total equity and liabilities   61,560 61,958

Interim Condensed Consolidated Statement of Cash Flows(Unaudited)

    Three months ended 31 March
    2023$’000 2022$’000
       
Cash flows from operating activities      
Net loss for the period   (660) (750)
Adjustments for:      
Share based compensation   137 136
Depreciation   1 2
Net finance expense   66 57
Effect of exchange rates on operating activities   (56) 45
Change in non-cash working capital:      
Increase in trade and other receivables   (61) (89)
Increase in accounts payable and accrued expenses   51 30
Net cash used in operating activities   (522) (569)
       
Cash flows from investing activities      
Interest received   78 3
Exploration and evaluation assets   (2) (29)
Net cash generated by (used in) investing activities   76 (26)
       
Change in cash and cash equivalents   (446) (595)
Effect of exchange rates on cash and cash equivalents   (70) 2
       
Cash and cash equivalents at beginning of period   16,785 8,894
       
Cash and cash equivalents at end of period   16,269 8,301

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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