Falcon Oil & Gas Ltd.: Falcon Announces Closing of Transaction with Tamboran
Beetaloo consolidation finalized: Falcon shareholders to receive Tamboran stock after long-awaited transaction closes.
The most recent news release (2026-05-28) announces that Falcon Oil & Gas Ltd. has completed the sale of all its subsidiaries to Tamboran Resources Corporation. The transaction received final court approval from the Supreme Court of British Columbia and closed under the previously approved plan of arrangement. Eligible shareholders will receive 0.00687 Tamboran common shares per Falcon share, with a sanctioned shareholder receiving either US$23.7 million cash or fair value consideration at the court’s determination. Trading on AIM is suspended and the TSX Venture Exchange delisting is in progress. Falcon’s management has resigned, and Doug Bailey has been appointed Sole Director & CEO.
The closing of the Tamboran transaction is the anticipated final step of an acquisition process that began in September 2025. The market had already priced in the deal’s consummation (shares traded around C$0.30–0.34 in the preceding weeks). No new or surprising terms are introduced; the only minor friction was the sanctioned shareholder’s treatment, which was resolved in the court order. For Falcon shareholders, the news confirms they will receive Tamboran shares and the company will cease to be publicly traded. This is a positive outcome because it removes any residual deal-closing uncertainty, but it is entirely expected. Therefore, the news has routine positive materiality.
Falcon Oil & Gas Ltd. is an exploration company that holds a 98.1% interest (now 100% after Tamboran’s acquisition of minority interests) in Falcon Oil & Gas Australia Limited. Its flagship asset is the Beetaloo Sub‑basin in the Northern Territory, Australia, where it participates in the Shenandoah South Pilot Project through a joint venture with Tamboran (B2) Pty Ltd (the operator). The project targets the Amungee Member B Shale with long‑reach horizontal wells (3,000‑m laterals) and multi‑stage hydraulic fracturing. The overarching goal is to deliver 40 MMcf/d under a Gas Sales Agreement with the Northern Territory Government. Initial gas sales are expected in Q3 2026, subject to infrastructure completion and final stakeholder approvals. Falcon also held non‑core assets in Hungary and South Africa, but the Beetaloo represents essentially all of its value.