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Falcon Oil & Gas consolidates interest in Beetaloo Basin

AIM-listed Falcon Oil & Gas has executed a conditional agreement with Sweetpea Petroleum Pty, a wholly-owned subsidiary of PetroHunter Energy Corporation, to acquire its 50m shares (or 24.2 per cent interest) in Falcon Oil & Gas Australia(FOGA).

AIM-listed Falcon Oil & Gas has executed a conditional agreement with Sweetpea Petroleum Pty, a wholly-owned subsidiary of PetroHunter Energy Corporation, to acquire its 50m shares (or 24.2 per cent interest) in Falcon Oil & Gas Australia(FOGA).

FOGA is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin in the Northern Territory of Australia.

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Falcon currently owns 150m shares in FOGA representing 72.68% of the issued share capital of FOGA.

Upon completion of the agreement, Falcon's shareholding in FOGA will increase to 200m shares, representing 96.90% of the issued share capital of FOGA.

The terms of the agreement include a cash consideration of $3.0m, together with the issue of 97.86m Falcon shares to Sweetpea.

Philip O'Quigley, Chief Executive Officer of Falcon, commented: "We are delighted with this opportunity to consolidate further our interest in our significant asset in the Beetaloo Basin, Northern Territory, Australia.

He added: "We remain absolutely confident and excited by the resource potential of the Beetaloo Basin and are hopeful that Hess will make a positive election to participate in the planned drilling campaign."

MF

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