Falcon Oil & Gas completes purchase of Sweetpea stake

Falcon Oil & Gas (CVE:FO) (LON:FOG) has completed its purchase of Sweetpea Petroleum's  24.22% stake in its (Falcon's) Australian subsidiary.

Falcon Oil & Gas Australia owns four exploration permits in the Beetaloo Basin, Northern Territory, Australia.

The C$22.6mln deal with Sweetpea gives London and Toronto-listed Falcon 200mln shares or 96.9% of Falcon Oil & GasAustralia.

As announcecd in May, the terms of the deal included a cash consideration of US$3 million together with the issue of 97.86 million Falcon shares to Sweetpea. 

Sweetpea, a wholly-owned subsidiary of PetroHunter Energy Corporation, now owns 10.7% of Falcon's capital.

Last week, Falcon chief executive Philip O'Quigley, said he looked forward to completing this successful consolidation of its interest in this high potential asset.

“The extensive seismic programme carried out and funded by Hess over the past two years added to our confidence in the resource potential of this very prolific basin," he said.