Falcon Oil & Gas remains loss-making as takeover date approaches

(Alliance News) - Falcon Oil & Gas Ltd on Thursday said it had remained loss-making in the year to date, ahead of a planned takeover by Australian peer Tamboran Resources Corp.

The Dublin-based fuel company, registered in Canada, booked no revenue in the nine months to the end of September, unchanged from a year prior, though it brought in other revenue worth USD63,000, up from none.

Loss attributable to equity holders narrowed slightly to USD1.7 million from USD1.8 million, while loss per share held steady on-year at 0.002 US cents.

For the third quarter ended September 30, attributable loss widened to USD815,000 from USD243,000. Per share, the loss was 0.001c, compared to none the previous year.

Falcon's cash balance amounted to USD2.0 million at the end of September, reduced from GBP10.0 million on-year.

The firm said its acquisition by Tamboran, which is listed in Sydney and New York, is expected to close in the first quarter of 2026.

The joint venture partners both operate in Australia's Beetaloo Basin. Back in September, they inked a definitive deal for Tamboran to buy Falcon through the acquisition of its subsidiaries.

Tamboran is paying USD23.7 million in cash, combined with 6.5 million Tamboran shares, in a deal which values Falcon's subsidiaries at about CAD239 million, or USD172 million. Current Falcon shareholders are expected to own roughly 27% of the enlarged business.

In the meantime, Falcon's focus remains on "cost management" and operational efficiency, it said.

The company's shares traded 1.5% lower at 9.70 pence on Tuesday morning in London. They closed down 2.6% at CAD0.19 on Monday in Toronto, the stock's primary listing venue.

By Holly Munks, Alliance News reporter

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