Falcon Oil & Gas gains shareholder approval to sell 98.1% of Falcon Australia to Tamboran Resources, a move towards consolidating acreage in Australia’s Beetaloo Basin. Deal includes Tamboran acquiring all of Falcon’s subsidiary companies, aiming to create one of the largest acreage positions in the Beetaloo Basin covering 2.9 million net prospective acres.

Tamboran Resources to pay 6.53 million shares on NYSE and $23.7m in cash for Falcon Oil & Gas’ subsidiaries, valuing the deal at C$239m ($172m). Shareholders have approved the Falcon Australia interest sale, allowing Tamboran to proceed with acquiring the remaining shares from minority shareholders.

CEO Philip O’Quigley notes the importance of Falcon Australia shareholders’ approval in the broader transaction with Tamboran, scheduled to close in the first quarter. In February, Falcon completed Shenandoah SS-2H ST1 well stimulation in the Beetaloo Sub-basin, Northern Territory, Australia.

Read more at Yahoo Finance: Falcon secures approval to sell 98.1% of Falcon Australia to Tamboran