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Falcon Oil & Gas Bids To Increase Majority Stake In Australian Unit

Falcon Oil & Gas (CVE:FO) (LON:FOG) has made an offer to buy more of its majority owned Australian subsidiary.

The explorer currently owns 96.9% of Falcon Oil & GasAustralia (FOGA), following its recently completed acquisition of Sweetpea Petroleum, which gave it an extra 24.2% of the business unit.

The offer to certain FOGA shareholders is on the same terms as the Sweatpea deal: 2.25 Falcon Oil & Gas shares for each share in FOGA.

The deadline for the offer is August 22.

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.

The company had already received unsolicited interest in the project from four major oil companies that have actively been looking to invest in the basin.

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