Falcon Oil & Gas Ltd. (LSE:FOG) has obtained shareholder approval at a general meeting held in Brisbane for the disposal of its 98.1% interest in its Australian subsidiary to Tamboran Resources Corporation. The decision clears a key hurdle in Tamboran’s plan to consolidate Falcon’s Australian assets.
The transaction involves the sale of Falcon’s majority holding in Falcon Oil & Gas Australia Limited and forms part of a broader arrangement under which Tamboran aims to acquire all of Falcon’s subsidiary businesses. Following the approval, Tamboran’s enlarged ownership position will allow it to proceed with the compulsory acquisition of the remaining minority shares in the Australian unit on terms that are no less favourable than those agreed with Falcon. With this condition now satisfied, the parties remain on course to complete the overall transaction in the first quarter of the year.
More about Falcon Oil & Gas
Falcon Oil & Gas Ltd. is an international oil and gas exploration and development company focused on unconventional resources. Its asset base is primarily located in Australia, South Africa and Hungary. The company is incorporated in British Columbia, Canada, and has its headquarters in Dublin, Ireland.
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