Falcon Oil & Gas Australia Ltd.’s shareholders have approved the sale of the company to Tamboran Resources Corp., in a move that will give Tamboran a dominant position in Australia’s Beetaloo basin.
Tamboran will acquire 98.1 per cent and will provide the company with the option of acquiring the remaining 1.9 per cent stake held by minority shareholders.
Tamboran plans to proceed with the compulsory acquisition of the 1.9 per cent stake.
Philip O’Quigley, CEO of Falcon said: “While the broader transaction is still subject to regulatory and shareholder approvals, this approval by Falcon Australia shareholders eliminates one of the key conditions precedents allowing Tamboran group to proceed with the broader transaction, which is still on track to close in the first quarter of this year.”
The deal is expected to create a 2.9 million net Beetaloo Basin leader across the majority of the Beetaloo basin.
Tamboran agreed to acquire Falcon in exchange for 6,537,503 shares and a cash consideration of US$23.7 million.
Tamboran interim CEO Dick Stoneburner thanked Falcon’s minority shareholders for their support and said the company is continuing to progress to complete the necessary items for completion of the deal, which is expected to close by the end of February.