Falcon Oil & Gas Ltd. announced the acquisition of Sweetpea Petroleum Pty Ltd's shares in Falcon Oil & Gas Australia Limited (FOGA). The acquisition was for the 50 million shares or 24.22% interest in FOGA. The agreement included a cash consideration of US$3 million, as well as 97.86 million shares in Falcon.
FOGA, a subsidiary of Falcon, is the registered owner of four exploration permits for sites located in the Beetaloo Basin, Australia. With the completion of the acquisition, Falcon will own 200 million shares in Falcon Oil & Gas Australia Limited. The share represent 96.90% issued share capital of FOGA.
Falcon Oil & Gas Ltd, with headquarters in Dublin, is an oil & gas company engaged in exploration, acquisition and development of unconventional and conventional oil and gas assets. The company's the current portfolio is spread out between South Africa, Australia and Hungary. The company is incorporated in Ireland, British Columbia and Canada.
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