Tamboran completes Falcon acquisition, expands Beetaloo basin position

(WO) — Falcon Oil & Gas Ltd. has completed the previously announced sale of its subsidiaries to Tamboran Resources Corp., following final court approval of the transaction. 

The acquisition consolidates Tamboran's position in Australia's Beetaloo basin, one of the country's most closely watched unconventional gas development regions. Under the arrangement, Falcon shareholders will receive Tamboran shares in exchange for their holdings, while Falcon will continue as a wholly owned subsidiary of Tamboran.

The transaction received final approval from the Supreme Court of British Columbia and is expected to be fully implemented in the coming weeks. Following completion, Falcon's existing directors and officers resigned, and Doug Bailey was appointed sole director and chief executive officer of the company.

Falcon has also requested the suspension of trading of its shares on AIM, with delisting expected to take effect June 1. The company's shares are also expected to be delisted from the TSX Venture Exchange.

The deal marks another step in Tamboran's strategy to advance development of Beetaloo Basin natural gas resources, where the company has been pursuing appraisal and commercialization activities aimed at supplying future domestic and export gas demand.