FALCON OIL & GAS LTD.
(“Falcon”)
Full Year Results
29 April 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2024.
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 2024.
2024 Financial Highlights
Debt free with cash of $6.8 million at 31 December 2024 (31 December 2023: $8 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 2024, the accompanying MD&A for year ended 31 December 2024 dated 28 April 2025, its Annual Information Form (“AIF”) dated 28 April 2025 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.sedarplus.ca. The audited financial statements, MD&A and AIF are also available on Falcon’s website www.falconoilandgas.com.
Ends.
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702Philip O’Quigley, CEO+353 87 814 7042Anne Flynn, CFO+353 1 676 9162 Cavendish Capital Markets Limited (NOMAD & Broker) Neil McDonald / Adam Rae+44 131 220 9771
Falcon Oil & Gas Ltd.
Consolidated Statement of Operations and Comprehensive Loss
Year Ended
31 December 2024
$’000Year Ended
31 December 2023
$’000 Revenue Oil and natural gas revenue –– –– Expenses Exploration and evaluation expenses (196)(197)General and administrative expenses (2,031)(2,470)Decommissioning provision –(480)Foreign exchange gain / (loss) 256(63) (1,971)(3,210) Results from operating activities (1,971)(3,210) Finance income 42322Finance expense (1,036)(453)Net finance expense (994)(131) Loss before tax (2,965)(3,341) Taxation –– Loss and comprehensive loss for the year (2,965)(3,341) Loss and comprehensive loss attributable to: Equity holders of the company (2,958)(3,337)Non-controlling interests (7)(4) Loss and comprehensive loss for the year (2,965)(3,341) Loss per share attributable to equity holders of the company:
Basic and diluted ($0.003)($0.003)
Falcon Oil & Gas Ltd.
Consolidated Statement of Financial Position
At 31 December
2024
$’000At 31 December
2023
$’000 Assets Non-current assets Exploration and evaluation assets 50,29151,287Property, plant and equipment –2Accounts receivable 5626Restricted cash 2,0402,176 52,38753,491 Current assets Cash and cash equivalents 6,8237,992Accounts receivable 3,03154 9,8548,046 Total assets 62,24161,537 Equity and liabilities Equity attributable to owners of the parent Share capital 406,684402,120Contributed surplus 47,44647,379Deficit (410,155)(407,197) 43,97542,302Non-controlling interests 690697Total equity 44,66542,999 Liabilities Non-current liabilities Decommissioning provision 16,58716,204 16,58716,204 Current liabilities Accounts payable and accrued expenses 9892,334 9892,334 Total liabilities 17,57618,538 Total equity and liabilities 62,24161,537
Falcon Oil & Gas Ltd.
Consolidated Statement of Cash Flows
Year Ended 31 December 2024
$’0002023
$’000 Cash flows from operating activities Net loss for the year (2,965)(3,341)Adjustments for: Share based compensation 67316Depreciation 25Net finance loss 994120Foreign exchange (gain) / loss (256)63Decommissioning provision –480Change in non-cash working capital (Increase) / decrease in accounts receivable (16)19Increase / (decrease) in accounts payable 66(63)Net cash used in operating activities (2,108)(2,401) Cash flows from investing activities Interest received 42180Exploration and evaluation assets additions (7,110)(6,723)Granting of ORRIs 4,000–Net cash used in investing activities (3,068)(6,543) Cash flows from financing activities Proceeds from equity raise 4,865-Costs related to equity raise (301)–Net cash generated from financing activities 4,564– Change in cash and cash equivalents (612)(8,944)Effect of exchange rates on cash and cash equivalents (557)151Cash and cash equivalents at beginning of year 7,99216,785 Cash and cash equivalents at end of year 6,8237,992
All dollar amounts in this document are in United States dollars “$”, 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. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.
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.sedarplus.ca
