Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
FALCON OIL & GAS LTD.
(“Falcon” or “Company”)
Filing of Interim Financial Statements
27 November 2025 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three and nine months ended 30 September 2025 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 and nine months ended 30 September 2025, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and on Falcon’s website at www.falconoilandgas.com
2025 financial highlights and other financial updates
- The definitive agreement entered into between Falcon and Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) is progressing and is expected to close in the first quarter of 2026.
- Cash of $2 million at 30 September 2025 (31 December 2024: $6.8 million).
- Continued focus on cost management and the efficient operation of the portfolio.
Ends.
CONTACT DETAILS:
| Falcon Oil & Gas Ltd. | |
| Philip O'Quigley, CEO | +353 87 814 7042 |
| Anne Flynn, CFO | +353 1 676 9162 |
Cavendish Capital Markets Limited (NOMAD & Broker)
| Neil McDonald | +44 131 220 9771 |
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
|
Three months ended 30 September 2025 $’000 |
Three months ended 30 September 2024 $’000 |
Nine months ended 30 September 2025 $’000 |
Nine months ended 30 September 2024 $’000 |
|
| Revenue | ||||
| Oil and natural gas revenue | - | - | - | - |
| - | - | - | - | |
| Other income | ||||
| Other income | - | - | 63 | - |
| - | - | 63 | - | |
| Expenses | ||||
| Exploration and evaluation expenses | (51) | (44) | (136) | (130) |
| General and administrative expenses | (666) | (523) | (1,669) | (1,601) |
| Foreign exchange gain | 34 | 91 | 207 | 133 |
| (683) | (476) | (1,598) | (1,598) | |
| Results from operating activities | (683) | (476) | (1,535) | (1,598) |
| Finance income | 10 | 365 | 280 | 193 |
| Finance expense | (142) | (132) | (432) | (393) |
| Net finance (expense) / income | (132) | 233 | (152) | (200) |
| Loss and comprehensive loss for the period | (815) | (243) | (1,687) | (1,798) |
| Loss and comprehensive loss attributable to: | ||||
| Equity holders of the company | (813) | (247) | (1,684) | (1,798) |
| Non-controlling interests | (2) | 4 | (3) | - |
| Loss and comprehensive loss for the period | (815) | (243) | (1,687) | (1,798) |
| Loss per share attributable to equity holders | ||||
| of the company: | ||||
| Basic and diluted | (0.001 cent) | (0.000 cent) | (0.002 cent) | (0.002 cent) |
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
|
At 30 September 2025 $’000 |
At 31 December 2024 $’000 |
||
| Assets | |||
| Non-current assets | |||
| Exploration and evaluation assets | 56,178 | 50,291 | |
| Right of use assets | 8 | - | |
| Accounts receivable | 2,741 | 56 | |
| Restricted cash | 35 | 2,040 | |
| 58,962 | 52,387 | ||
| Current assets | |||
| Cash and cash equivalents | 1,973 | 6,823 | |
| Accounts receivables | 99 | 3,031 | |
| 2,072 | 9,854 | ||
| Total assets | 61,034 | 62,241 | |
| Equity and liabilities | |||
| Equity attributable to owners of the parent | |||
| Share capital | 406,684 | 406,684 | |
| Contributed surplus | 47,446 | 47,446 | |
| Retained deficit | (411,839) | (410,155) | |
| 42,291 | 43,975 | ||
| Non-controlling interests | 687 | 690 | |
| Total equity | 42,978 | 44,665 | |
| Liabilities | |||
| Non-current liabilities | |||
| Decommissioning provision | 17,151 | 16,587 | |
| 17,151 | 16,587 | ||
| Current liabilities | |||
| Accounts payable and accrued expenses | 894 | 989 | |
| Lease liabilities | 11 | - | |
| 905 | 989 | ||
| Total liabilities | 18,056 | 17,576 | |
| Total equity and liabilities | 61,034 | 62,241 |
Falcon Oil & Gas Ltd.
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
| Nine months ended 30 September | |||
|
2025 $’000 |
2024 $’000 |
||
| Cash flows from operating activities | |||
| Net loss for the period | (1,687) | (1,798) | |
| Adjustments for: | |||
| Share based compensation | - | 65 | |
| Depreciation | - | 2 | |
| Amortisation of right of use assets | 31 | - | |
| Proceeds from sale of fixed assets | (63) | - | |
| Net finance expense | 152 | 200 | |
| Effect of exchange rates on operating activities | (203) | (133) | |
| Change in non-cash working capital: | |||
| Increase in accounts receivable | (71) | (893) | |
| Increase in accounts payable and accrued expenses | 143 | 920 | |
| Net cash used in operating activities | (1,698) | (1,637) | |
| Cash flows from investing activities | |||
| Interest received | 20 | 31 | |
| Legacy exploration permit bonds refunded | 19 | - | |
| R&D tax incentive refunded | 2,962 | - | |
| Proceeds from sale of ORRIs | - | 4,000 | |
| Proceeds from sale of fixed assets | 63 | - | |
| Repayment of restricted cash – Hungarian decommissioning obligations | 2,265 | - | |
| Deposit paid re. Hungarian decommissioning obligations | (2,300) | - | |
| Deposit paid re. Australian decommissioning obligations | (333) | - | |
| Exploration and evaluation assets | (6,070) | (5,153) | |
| Net cash used in investing activities | (3,374) | (1,122) | |
| Cash flows from financing activities | |||
| Principal paid on lease liabilities | (31) | - | |
| Interest paid on lease liabilities | (7) | - | |
| Net proceeds from private placement | - | 4,570 | |
| Net cash generated from financing activities | (38) | 4,570 | |
| Change in cash and cash equivalents | (5,110) | 1,811 | |
| Effect of exchange rates on cash and cash equivalents | 260 | 162 | |
| Cash and cash equivalents at beginning of period | 6,823 | 7,992 | |
| Cash and cash equivalents at end of period | 1,973 | 9,965 | |
All dollar amounts in this document are in United States dollars “$”, 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 with a registered office at 1200 Waterfront Centre, 200 Burrard Street, Vancouver BC, V7X 1T2, 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
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