Falcon Oil & Gas Ltd. Announces the Completion of the Acquisition of Sweetpea's 24% Minority Interest in Subsidiary Falcon Oil & Gas Australia Limited
(firmenpresse) - DUBLIN, IRELAND -- (Marketwired) -- 07/18/13 -- Falcon Oil & Gas Ltd. (TSX VENTURE: FO)(AIM: FOG)(ESM: FAC) ("Falcon" or the "Company"), announces that, further to its press release dated the 11th July 2013, it has now completed the acquisition of Sweetpea Petroleum Pty Ltd's ("Sweetpea") 50 million shares or 24.22% interest in Falcon Oil & Gas Australia Limited ("FOGA") (the "Share Purchase").
FOGA is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin, Northern Territory, Australia. Following the completion of the Share Purchase, Falcon owns 200 million shares in FOGA representing 96.90% of the issued share capital of FOGA.
The terms of the Agreement, as announced on the 24th May, 2013, included a cash consideration of US$3 million together with the issue of 97.86 million Falcon shares ("New Falcon Shares") to Sweetpea. Based on Falcon's share price at the time the Share Purchase was agreed between the parties of CAD 0.20, the total value of the consideration is CAD 22.6 million. Sweetpea, a wholly-owned subsidiary of PetroHunter Energy Corporation, now owns 10.7% of the issued share capital of Falcon.
The New Falcon Shares will be held in an Escrow account with the New Falcon Shares locked up for three years commencing on the July 17th, 2013, with Sweetpea being permitted to sell 15% each year during the lock up period, commencing on July 17th 2013.
About Falcon Oil & Gas Ltd.
Falcon is an international oil & gas company engaged in the acquisition, exploration and development of conventional and unconventional oil and gas assets, with the current portfolio spread between Australia, South Africa and Hungary. Falcon is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.
For further information on Falcon Oil & Gas Ltd. please visit .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon's filings with the Canadian securities regulators, which filings are available at .
Contacts:
Falcon Oil and Gas Ltd.
+353 1 417 1900
Falcon Oil and Gas Ltd.
Philip O'Quigley
CEO
+353 87 814 7042
Falcon Oil and Gas Ltd.
John Craven
Non-Executive Chairman
+353 1 417 1900
FTI Consulting
Edward Westropp
+44 207 269 7230
FTI Consulting
Natalia Erikssen
+44 207 269 9348
Davy (NOMAD & Joint Broker)
John Frain
+353 1 679 6363
Davy (NOMAD & Joint Broker)
Anthony Farrell
+353 1 679 6363
GMP Securities Europe LLP (Joint Broker)
Rob Collins
+44 20 7647 2800
GMP Securities Europe LLP (Joint Broker)
Alexandra Carse
+44 20 7647 2800
Cantor Fitzgerald Europe (Joint Broker)
Stewart Dickson
+44 207 894 7000
Cantor Fitzgerald Europe (Joint Broker)
Richard Redmayne
+44 207 894 7000
Cantor Fitzgerald Europe (Joint Broker)
Julian Erleigh
+44 207 894 7000
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Unternehmensinformation / Kurzprofil:
Datum: 18.07.2013 - 06:00 Uhr
Sprache: Deutsch
News-ID 279502
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contact information:
Town:
DUBLIN, IRELAND
Kategorie:
Oil & Gas
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