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FALCON OIL & GAS LTD.
(“Falcon” or “Company”))
Filing of Interim Financial Statements
16 November 2023 – 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 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 and nine months ended 30 September 2023, 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
2023 financial highlights and other financial updates
- Debt free with cash of US$14.1 million at 30 September 2023 (31 December 2022: US$16.8 million).
- Continued focus on cost management and the efficient operation of the portfolio.
Related Party Transaction
The Company has amended the employment contract of Philip O’Quigley, Falcon’s Chief Executive Officer, to increase the payment due under the change of control provision from one year to three years base salary (the “Transaction”). The Remuneration Committee believes this change will more align Mr. O ’Quigley’s remuneration with the strategic objectives and the shareholders’ interests.
The Transaction is deemed to be a related party transaction for the purposes of the AIM Rules for Companies. The independent Directors (being all directors other than Mr. O’Quigley) consider, having consulted with the Company’s nominated adviser, Cavendish Capital Markets Limited, that the terms of the Transaction are fair and reasonable insofar as the Company’s shareholders are concerned.
Ends.
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 |
| Cavendish Capital Markets Limited (NOMAD & Joint Broker) | |
| Neil McDonald / Derrick Lee | +44 131 220 9771 |
| Tennyson Securities (Joint Broker) | |
| Peter Krens | +44 20 7186 9033 |
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.sedarplus.ca
