Falcon Oil agrees CAD239 million takeover by Tamboran Resources

(Alliance News) - Falcon Oil & Gas Ltd on Tuesday said it has agreed to be acquired by Tamboran Resources Corp in a deal valuing its subsidiaries at CAD239 million, or around GBP128 million.

Tamboran, listed in New York and Sydney, will acquire Falcon in exchange for 6.5 million Tamboran shares and cash consideration of USD23.7 million. Falcon shareholders are expected to own about 27% of the combined company once the transaction closes, which is targeted for the first quarter of 2026.

Shares in Falcon Oil & Gas were up 7.1% at 10.50 pence in London on Tuesday afternoon. Shares in Tamboran jumped 18% to USD26.80 in New York.

The companies said the deal will create a 2.9 million net prospective acre business across the Beetaloo Basin in Australia, with a pro forma market capitalisation above USD500 million.

Falcon will delist its shares from trading in London and Toronto following completion of the transaction.

Chief Executive Officer Philip O'Quigley said: "This transaction brings Falcon's shareholders' interests in the Beetaloo directly to the centre of operations and provides our shareholders with greater exposure to all activities carried out by Tamboran. Upon closing of the transaction Falcon shareholders will benefit from the increased exposure to the critically important pilot development currently underway in the Beetaloo."

Tamboran Chair & Interim CEO Richard Stoneburner called the combination "a logical consolidation" that strengthens its acreage position across the basin.

Falcon noted that Tamboran is executing its 2025 drilling campaign to plan, with the first two wells drilled and cased. Three remaining wells are expected to be stimulated in the second quarter of 2026 ahead of the planned start of gas sales later that year.

By Eva Castanedo, Alliance News reporter

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