Mr. Philip O'Quigley reports
FALCON OIL & GAS LTD. - FILING OF INTERIM FINANCIAL STATEMENTS
Falcon Oil & Gas Ltd. has filed its interim financial statements for the three and nine months ended Sept. 30, 2023, and the accompanying management's discussion and analysis (MD&A).
All dollar amounts in this document are in United States dollars, except as otherwise indicated.
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 Sept. 30, 2023, which are available on SEDAR+ and on Falcon's website.
2023 financial highlights and other financial updates:
Debt-free with cash of $14.1-million at Sept. 30, 2023 (Dec. 31, 2022: $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 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 alternative investment market 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 Ltd., that the terms of the transaction are fair and reasonable insofar as the company's shareholders are concerned.
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas is an international oil and 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 is incorporated in British Columbia, Canada, and headquartered in Dublin, Ireland, with a technical team based in Budapest, Hungary.
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