Falcon Oil shareholders approve sale of Australian unit stake

Falcon Oil & Gas Ltd on Monday said shareholders of its Australian subsidiary have approved the sale of Falcon’s 98.1% stake in Falcon Oil & Gas Australia Ltd to Tamboran Resources Corp, clearing a condition for a wider takeover of Falcon’s assets.

The Dublin-based fuel company, registered in Canada, said the approval was granted at a general meeting of Falcon Oil & Gas Australia shareholders held in Brisbane on December 30. Falcon and its associates were excluded from voting on the resolutions.

The transaction forms part of a broader deal under which the Tamboran group is set to acquire all of Falcon’s subsidiary companies, subject to remaining regulatory and shareholder approvals.

Falcon said the acquisition of its 98.1% interest will give Tamboran the option to compulsorily acquire the remaining shares in Falcon Australia held by minority shareholders. Tamboran has committed to proceed with any compulsory acquisition at a price no less than that paid to Falcon for its stake.

Falcon Chief Executive Officer Philip O’Quigley said the approval removes one of the key conditions precedent for the wider transaction.

‘While the broader transaction is still subject to regulatory and shareholder approvals, this approval by Falcon Australia shareholders eliminates one of the key conditions precedent allowing Tamboran group to proceed with the broader transaction, which is still on track to close in the first quarter of this year,’ he said.

Falcon shares were up 2.2% at 11.50 pence in London on Monday afternoon.

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