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.

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

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Of course bitcoin is a bubble – a bubble you can’t ignore
Bitcoin

Of course bitcoin is a bubble – a bubble you can’t ignore

Bitcoin’s wild ride is being called a bubble by many. And it is, says Dominic Frisby. But that’s not necessarily a bad thing. And it’s a bubble in whi…
13 Jan 2021
A simple way to profit from the next big trend change in the markets
Investment strategy

A simple way to profit from the next big trend change in the markets

Change is coming to the markets as the tech-stock bull market of the 2010s is replaced by a new cycle of rising commodity prices. John Stepek explains…
14 Jan 2021
I wish I knew what a SPAC was, but I’m too embarrassed to ask
Too embarrassed to ask

I wish I knew what a SPAC was, but I’m too embarrassed to ask

A financial instrument called a “special purpose acquisition company”, or SPAC for short, is growing increasingly popular in the US stockmarkets. But …
12 Jan 2021