Falcon Oil & Gas (LON:FOG) (CVE:FO) has confirmed it has now purchased 2.46 mln shares in its majority owned subsidiary Falcon Oil & Gas Australia (FOGA).
It now owns 98.1% of FOGA after the share-based deal, which sees the sellers receive 2.25 listed Falcon Oil & Gasshares for each FOGA share they own.
The deal was done on the same terms as the group’s earlier purchase of a 24.2% stake in FOGA from Sweetpea Petroleum.
FOGA is the registered holder of four exploration permits in the Beetaloo basin, in Australia’s Northern Territory.
Falcon is currently working to bring in a new partner into the Beetaloo exploration project after a deal with Hess Corp was terminated by the company earlier this month.
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