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Falcon Oil
2:00 AM ET 4/28/23 | GlobeNewswire
Falcon Oil & Gas Ltd. - Full Year Results
FALCON OIL & GAS LTD.
("Falcon")
Full Year Results
28 April 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2022.
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 2022.
2022 Financial Highlights
-- Strong financial position, debt free with cash of US$16.8 million at 31
December 2022 (31 December 2021: US$8.9 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 2022, the accompanying MD&A for year ended 31 December 2022 dated 27 April 2023, its Annual Information Form ("AIF") dated 27 April 2023 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.
Beetaloo Operational Update - Amungee NW-2H ("A2H") well
-- Following the successful completion of a 25-stage stimulation programme
at the A2H well announced on 22 March 2023, and after an initial period
of stimulation fluid flow back, Falcon Oil & Gas Australia Limited's
joint venture partner, Tamboran B2 Pty Limited, contracted Silver City
Drilling to undertake completion operations at A2H. Operations to install
production tubing were completed in late-April and the well was re-opened
in preparation to commence flow testing.
-- 30-day initial production (IP30) rates are expected during the second
quarter of 2023.
-- Drilling locations for the forward program are expected to be announced
following the release of the A2H well IP30 flow results, subject to joint
venture approval.
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
This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd's Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.
Consolidated Statement of Operations and Comprehensive Loss
Year Ended Year Ended
31 December 31 December
2022 2021
$'000 $'000
Revenue
Oil and natural gas revenue - 2
- 2
Expenses
Exploration and evaluation
expenses (151) (196)
General and administrative
expenses (2,865) (3,031)
Decommissioning provision (825) (991)
Foreign exchange loss (138) (238)
(3,979) (4,456)
----------------------------------- ------------ ------------
Results from operating activities (3,979) (4,454)
Finance income 298 7
Finance expense (310) (249)
Net finance expense (12) (242)
Loss before tax (3,991) (4,696)
Taxation - -
Loss and comprehensive loss
for the year (3,991) (4,696)
Loss and comprehensive loss
attributable to:
Equity holders of the company (3,994) (4,693)
Non-controlling interests 3 (3)
Loss and comprehensive loss
for the year (3,991) (4,696)
------------------------------------- ------------ ------------
Loss per share attributable
to equity holders of the company:
Basic and diluted ($0.004) ($0.005)
------------------------------------- ------------ ------------
Consolidated Statement of Financial Position
At 31 December At 31 December
2022 2021
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 42,977 40,197
Property, plant and equipment 7 13
Trade and other receivables 20 22
Restricted cash 2,090 2,239
45,094 42,471
---------------------------------- -------------- --------------
Current assets
Cash and cash equivalents 16,785 8,894
Trade and other receivables 79 74
16,864 8,968
---------------------------------- -------------- --------------
Total assets 61,958 51,439
----------------------------------- -------------- --------------
Equity and liabilities
Equity attributable to owners
of the parent
Share capital 402,120 392,170
Contributed surplus 47,063 46,254
Deficit (403,860) (399,866)
45,323 38,558
Non-controlling interests 701 698
Total equity 46,024 39,256
----------------------------------- -------------- --------------
Liabilities
Non-current liabilities
Decommissioning provision 15,602 11,775
15,602 11,775
---------------------------------- -------------- --------------
Current liabilities
Accounts payable and accrued
expenses 332 408
332 408
Total liabilities 15,934 12,183
----------------------------------- -------------- --------------
Total equity and liabilities 61,958 51,439
----------------------------------- -------------- --------------
Consolidated Statement of Cash Flows
Year Ended 31 December
2022 2021
$'000 $'000
Cash flows from operating activities
Net loss for the year (3,991) (4,696)
Adjustments for:
Share based compensation 809 1,179
Depreciation 5 4
Net finance loss 22 242
Foreign exchange loss 138 238
Transfer of Canadian working interests - (28)
Decommissioning provision 825 991
Change in non-cash working capital
(Increase) / decrease in trade and other
receivables (5) 44
(Decrease) / increase in accounts payable
and accrued expenses (64) 67
Net cash used in operating activities (2,261) (1,959)
Cash flows from investing activities
Interest received 33 7
Exploration and evaluation assets additions (88) (163)
Granting of ORRI to Sheffield Holdings
LP 6,000 -
Exercising of TOG Group call option (6,000) -
Property plant and equipment - (13)
Net cash used in investing activities (55) (169)
Cash flows from financing activities
Proceeds from private placement 10,000 -
Costs related to private placement (50) -
Net cash generated from financing activities 9,950 -
Change in cash and cash equivalents 7,634 (2,128)
Effect of exchange rates on cash and
cash equivalents 257 (14)
Cash and cash equivalents at beginning
of year 8,894 11,036
Cash and cash equivalents at end of
year 16,785 8,894
---------------------------------------------- ----------- -----------
All dollar amounts in this document are in United States dollars "$", except as otherwise indicated.
About Falcon Oil & Gas Ltd.
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