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

Imperial Brands has an 8.3% dividend yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% dividend yield – but what’s the catch?

With an impressive dividend yield of 8.3%, Imperial Brands looks to be one of the most attractive income stocks in the FTSE 100 . But investors should…
6 Jul 2022
Can Royal Mail continue to deliver its 7.6% yield?
Share tips

Can Royal Mail continue to deliver its 7.6% yield?

Royal Mail shares are yielding 7.6% this year. But it’s facing some huge challenges, says Rupert Hargreaves. So is Royal Mail’s dividend sustainable?
6 Jul 2022
Saga’s figures are heading in the right direction – so should you buy?
Share tips

Saga’s figures are heading in the right direction – so should you buy?

Saga the over-50s travel and financial services specialist, has been struggling for years. But now, with the pandemic behind, it it is planning for fu…
5 Jul 2022
Director dealings w/e 1 July: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 1 July: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
5 Jul 2022

Most Popular

Is inflation about to drop as recession takes hold?
UK Economy

Is inflation about to drop as recession takes hold?

Central banks are raising interest rates in an attempt to curb soaring inflation. But will that push the economy into recession? John Stepek looks at …
5 Jul 2022
Ray Dalio’s shrewd $10bn bet on the collapse of European stocks
European stockmarkets

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks

Ray Dalio’s Bridgewater hedge fund is putting its money on a collapse in European stocks. It’s likely to pay off, says Matthew Lynn.
3 Jul 2022
Is it OK to buy Scottish Mortgage investment trust again?
Investment trusts

Is it OK to buy Scottish Mortgage investment trust again?

Scottish Mortgage investment was hit hard by the tech-stock crash, and it is still being buffeted by headwinds. Should new investors wait for those to…
5 Jul 2022