Falcon Boosts Its Stake In Australia

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
23MM
Description

Purchased an additional 24.22% stake in its Australian subsidiary.

Falcon Oil & Gas (LON: FOG) has bought purchased an additional 24.22% stake in its Australian subsidiary from Sweetpea Petroleum for $C22.6 million in cash and shares.

The subsidiary, Falcon Oil & Gas Australia, owns four exploration permits in the Beetaloo Basin, Northern Territory, Australia. The deal with Sweetpea gives Falcon 200 million shares, or 96.9% of its Australian subsidiary.

As announced in May, the terms of the deal included $3 million in cash and 97.86 million Falcon shares to Sweetpea.

Falcon chief executive Philip O'Quigley, said the deal was an important step forward for the company.

“The extensive seismic program carried out and funded by Hess over the past two years added to our confidence in the resource potential of this very prolific basin," he said.

Falcon Oil & Gas is an upstream independent based in Dublin, Ireland. It is listed on the Toronto and London stock exchanges.