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Falcon Oil & Gas Nears Completion Of Australia Deal

Falcon Oil & Gas (CVE:FO) (LON:FOG) said investors in the Australian company that owns its exploration permits in the Beetaloo Basin, Northern Territory, have signed off Falcon's acquisition of a further 24.22% of the business.

The C$22.6mln deal with Sweetpea Petroleum will give London and Toronto-listed group 96.9% of Falcon Oil & Gas Australia.

The purchase is expected to close in the next five days.

Falcon chief executive, Philip O'Quigley, said: "We look forward to completing this successful consolidation of our interest in this high potential asset in the Beetaloo Basin, Northern Territory, Australia.

"The extensive seismic programme carried out and funded byHess over the past two years added to our confidence in the resource potential of this very prolific basin."

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.