Falcon Oil & Gas Ltd (AIM:FOG, TSX-V:FO) has revealed plans to take flight, with the Australia-focussed gas explorer intending to leave London next year in favour of a listing in the United States.
But, first, it will rebrand the company and restructure its equity.
The explorer, led by Philip O'Quigley, today told investors it will rebrand as Beetaloo Resources Corp, reflecting its ‘strategic focus on appraisal and development activities in the Beetaloo Sub-basin’ located in Australia’s Northern Territory.
It also intends to undertake a 250-for-1 share reconsolidation to shrink its current 1.1 billion share register down to around 4.4 million shares.
The changes prepare the rebooted entity for a targeted US float in the first half of 2025.
The company reckons these efforts will “expand awareness of the company among US-based investors and potentially provide the company with additional sources of capital".
Falcon Oil & Gas holds interests in significant hydrocarbon basins globally, including a 22.5% stake in Australia’s Beetaloo Basin – here, the project spans some 4.6 million acres (gross) where a campaign of exploration and appraisal drilling began nearly a decade ago.
The wells are (broadly) similar to North America’s vast onshore shale, where horizontal drilling and fracking is required to unlock resources over large areas.
In Australia, Falcon is partnered with Delaware headquartered and NYSE-listed Tamboran Resources Corp.
Falcon also holds a 100% interest in South Africa's Karoo Basin, and a 100% stake in Hungary's Makó Trough.