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Falcon Oil & Gas Ltd. - Tamboran to acquire Falcon Oil & Gas Ltd. to create ~2.9-million-acre Beetaloo Basin business
Falcon Oil & Gas Ltd. Tamboran to acquire Falcon Oil & Gas Ltd. to create ~2.9-mi...
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"Falcon Oil & Gas Ltd. - Tamboran to acquire Falcon Oil & Gas Ltd. to create ~2.9-million-acre Beetaloo Basin business\n\n\n\n\n Falcon Oil & Gas Ltd.\n \n\n\n\n Tamboran to acquire Falcon Oil & Gas Ltd. to create ~2.9-million-acre Beetaloo Basin business\n \n\n\n 30 September 2025\n \n\n\n Highlights\n \n\n\n\n Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) (\n \n Falcon\n \n ) and Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) (\n \n Tamboran\n \n ) have entered into a definitive agreement to create an ~2.9 million net prospective acre business across the majority of the Beetaloo depocenter (\n \n Transaction\n \n ).\n \n\n The combination of Tamboran and Falcon is a logical consolidation of two leading Beetaloo Basin businesses and creates a company with a pro forma market capitalization of >US$500 million.\n \n\n Under the Transaction, Tamboran will acquire Falcon via the acquisition of all its subsidiaries in exchange for 6,537,503 shares of Tamboran NYSE Common Stock and cash consideration of US$23.7 million.\n \n\n On completion, Falcon will distribute Tamboran shares to eligible shareholders at an exchange ratio of 0.00687 shares of Tamboran NYSE Common Stock for each Falcon Common Stock. These shareholders are expected to own ~26.8% of the pro forma business.\n \n\n The Transaction values Falcon’s subsidiaries at C$239 million (Stg£128 million), at an implied offer price of C$0.2154 (Stg£0.1152) per share. This reflects a 19.7% premium of the closing price of Falcon on the TSX on September 29, 2025 and a 53.2% premium to the 90-day traded VWAP.\n \n\n The Transaction aims to strengthen Tamboran’s working interest in the Phase 2 Development Area to 80.62% ahead of the previously announced farmout process and creates further alignment with Daly Waters Energy, LP (DWE) across the entire EP 76, 98 and 117 acreage following completion of the previously announced checkerboard process.\n \n\n The Transaction has been unanimously approved by the Board of Directors of Tamboran and Falcon.\n \n\n The Transaction is expected to close by the first quarter of 2026, subject to satisfaction of closing conditions, including the approval by Falcon shareholders of the Transaction pursuant to Rule 15 of the AIM Rules for Companies and applicable Canadian corporate and securities laws and the approva...