Falcon Oil & Gas has received shareholder approval to sell its 98.1% interest in Falcon Oil & Gas Australia (Falcon Australia) to Tamboran Resources.
The approval was secured at a general meeting held by Falcon Australia in December 2025. It marks a key step towards the planned consolidation of acreage in Australia’s Beetaloo Basin by Tamboran Resources and Falcon Oil & Gas.
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Falcon Oil & Gas and its affiliates were not permitted to vote on the resolutions concerning the transaction.
In September 2025, Tamboran Resources entered into a deal to acquire all of Falcon Oil & Gas’ subsidiary companies, subject to various regulatory and shareholder approvals.
The deal aims to create one of the largest acreage positions in the Beetaloo Basin, covering around 2.9 million net prospective acres.
Under the terms of the deal, Tamboran Resources will provide consideration of 6.53 million of the company’s shares on the New York Stock Exchange (NYSE), plus $23.7m (A$35.53m) in cash.
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By GlobalDataThe agreement values Falcon Oil & Gas’ subsidiaries at C$239m ($172m). This implies an offer price of C$0.2154 per Falcon Oil & Gas share.
Closing of the deal is contingent on shareholder approval, which has now been obtained for the Falcon Australia interest.
Following its acquisition of a 98.1% stake in Falcon Australia, Tamboran Resources will be entitled to compulsorily purchase the remaining shares held by minority shareholders.
Tamboran Resources has also committed to carry out this compulsory acquisition at a price at least equal to the amount paid to Falcon Oil & Gas for its stake.
Falcon Oil & Gas CEO Philip O’Quigley said: “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”.
In February, Falcon Oil & Gas completed the Shenandoah SS-2H ST1 well stimulation in the Beetaloo Sub-basin, Northern Territory, Australia.
