Falcon, Tamboran to extend deadline as court asks buyout terms changes

(Alliance News) - Falcon Oil & Gas Ltd on Friday said that the deadline of its buyout by Tamboran Resources Corp will be extended, as delays will likely push the sanctioning past the original March 30 date.

Shares in Falcon Oil & Gas were up 13% at 17.00 pence on Friday afternoon in London.

Falcon Oil said that Panama-based Lamesa Holding SA, a shareholder with a 14% stake in the company, appeared at the final court hearing before the Supreme Court of British Columbia in Canada on Thursday. Lamesa opposed the granting of the final order to allow the shares-and-cash deal agreed in September, valuing Falcon at CAD239 million or around GBP207.0 million, to go ahead.

The Australia, Hungary, and South Africa-focused oil and gas explorer said the court approved the final order, subject to amendments relating to the treatment of sanctioned Falcon shareholders.

Lamesa Holdings is controlled by a foundation of which Russian businessman Viktor Vekselberg is a beneficiary, according to earlier statements by Falcon. Vekselberg is sanctioned by multiple countries, including the US and the UK, on suspicion that he is close to the Russian government.

As the amendments request adds to a delay of the hearing due to a court backlog, Falcon said that it plans to extend the original deal deadline to satisfy the deal's revised conditions along with Tamboran.

The original terms of the deal allowed either party to walk away after March 30.

Falcon Oil & Gas plans to stop trading in both London and Toronto after the completion of the buyout.

By Martin Miraglia, Alliance News reporter

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