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FALCON OIL & GAS LTD.
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(“Falcon”)
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Full Year Results
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29 April 2026 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2025.
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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 2025.
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2025 Financial Highlights and other financial updates
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- The definitive agreement entered into between Falcon and Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) is progressing and is expected to close in the second quarter of 2026.
- Cash of $1.3 million at 31 December 2025 (31 December 2024: $6.8 million).
- Continued focus on strict cost management and efficient operation of the portfolio.
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Filing of Financial Statements, MD&A, AIF and Reserves Data
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By signing up you consent to receive the above newsletter from Postmedia Network Inc.
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Falcon has filed its audited financial statements for the year ended 31 December 2025, the accompanying MD&A for year ended 31 December 2025 dated 28 April 2026, its Annual Information Form (“AIF”) dated 28 April 2026 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.
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Ends.
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CONTACT DETAILS:
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| 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 & Broker) | |
| Neil McDonald | +44 131 220 9771 |
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Falcon Oil & Gas Ltd.
Consolidated Statement of Operations and Comprehensive Loss
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| Year Ended 31 December 2025 $’000 | Year Ended 31 December 2024 $’000 | |||
| Revenue | ||||
| Oil and natural gas revenue | – | – | ||
| – | – | |||
| Other income | ||||
| Other income | 63 | – | ||
| Expenses | ||||
| Exploration and evaluation expenses | (187) | (196) | ||
| General and administrative expenses | (2,351) | (2,031) | ||
| Decommissioning provision | 26 | – | ||
| Foreign exchange gain | 151 | 256 | ||
| (2,361) | (1,971) | |||
| Results from operating activities | (2,298) | (1,971) | ||
| Finance income | 302 | 42 | ||
| Finance expense | (573) | (1,036) | ||
| Net finance expense | (271) | (994) | ||
| Loss before tax | (2,569) | (2,965) | ||
| Taxation | (27) | – | ||
| Loss and comprehensive loss for the year | (2,596) | (2,965) | ||
| Loss and comprehensive loss attributable to: | ||||
| Equity holders of the company | (2,587) | (2,958) | ||
| Non-controlling interests | (9) | (7) | ||
| Loss and comprehensive loss for the year | (2,596) | (2,965) | ||
| Loss per share attributable to equity holders of the company: | ||||
| Basic and diluted | ($0.002) | ($0.003) |
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Falcon Oil & Gas Ltd.
Consolidated Statement of Financial Position
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| At 31 December 2025 $’000 | At 31 December 2024 $’000 | ||
| Assets | |||
| Non-current assets | |||
| Exploration and evaluation assets | 56,797 | 50,291 | |
| Right of use assets | 4 | – | |
| Decommissioning deposits | 2,798 | 56 | |
| Restricted cash | 35 | 2,040 | |
| 59,634 | 52,387 | ||
| Current assets | |||
| Cash and cash equivalents | 1,282 | 6,823 | |
| Accounts receivable | 173 | 3,031 | |
| 1,455 | 9,854 | ||
| Total assets | 61,089 | 62,241 | |
| Equity and liabilities | |||
| Equity attributable to owners of the parent | |||
| Share capital | 406,684 | 406,684 | |
| Contributed surplus | 47,446 | 47,446 | |
| Deficit | (412,742) | (410,155) | |
| 41,388 | 43,975 | ||
| Non-controlling interests | 681 | 690 | |
| Total equity | 42,069 | 44,665 | |
| Liabilities | |||
| Non-current liabilities | |||
| Decommissioning provision | 17,261 | 16,587 | |
| 17,261 | 16,587 | ||
| Current liabilities | |||
| Accounts payable and accrued expenses | 1,753 | 989 | |
| Lease liability | 6 | – | |
| 1,759 | 989 | ||
| Total liabilities | 19,020 | 17,576 | |
| Total equity and liabilities | 61,089 | 62,241 |
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Falcon Oil & Gas Ltd.
Consolidated Statement of Cash Flows
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| Year Ended 31 December | ||
| 2025 $’000 | 2024 $’000 | |
| Cash flows from operating activities | ||
| Net loss for the year | (2,596) | (2,965) |
| Adjustments for: | ||
| Share based compensation | – | 67 |
| Depreciation | – | 2 |
| Amortisation of right of use assets | 35 | – |
| Proceeds from sale of fixed assets | (63) | – |
| Net finance loss | 273 | 994 |
| Foreign exchange gain | (151) | (256) |
| Decommissioning provision | (26) | – |
| Change in non-cash working capital | ||
| Increase in accounts receivable | (50) | (16) |
| Increase in accounts payable | 175 | 66 |
| Net cash used in operating activities | (2,403) | (2,108) |
| Cash flows from investing activities | ||
| Interest received | 24 | 42 |
| Decommissioning provision deposits | (2,651) | – |
| Repayment of restricted cash – decommissioning provision | 2,265 | – |
| Legacy exploration permit bonds refunded | 19 | |
| R&D tax incentive refunded | 2,962 | – |
| Proceeds from sale of fixed assets | 63 | – |
| Exploration and evaluation assets additions | (6,075) | (7,110) |
| Granting of ORRIs | – | 4,000 |
| Net cash used in investing activities | (3,393) | (3,068) |
| Cash flows from financing activities | ||
| Principal paid on lease liabilities | (20) | – |
| Interest paid on lease liabilities | (3) | – |
| Proceeds from equity raise | – | 4,564 |
| Net cash generated from financing activities | (23) | 4,564 |
| Change in cash and cash equivalents | (5,819) | (612) |
| Effect of exchange rates on cash & cash equivalents | 278 | (557) |
| Cash and cash equivalents at beginning of year | 6,823 | 7,992 |
| Cash and cash equivalents at end of year | 1,282 | 6,823 |
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