Tamboran Resources Corporation (ASX:TBN, NYSE:TBN, OTC:TBNRL) has moved a step closer to consolidating full ownership of Falcon Oil & Gas Australia Ltd (FOGA) after FOGA shareholders approved the sale of Falcon Oil & Gas Ltd (AIM:FOG, TSX-V:FO)’s 98.1% stake in the Australian subsidiary.
If completed, the acquisition of Falcon’s 98.1% interest would give Tamboran the ability to compulsorily acquire the remaining 1.9% of FOGA held by minority shareholders, effectively allowing Tamboran to take full control of the entity.
Tamboran said it intends to proceed with a compulsory acquisition of the minority interest following completion of the broader Falcon transaction. The company added that the compulsory acquisition price would be no less than the price being paid to Falcon for its interest as part of the wider deal.
Tamboran chairman and interim chief executive officer Dick Stoneburner acknowledged the shareholder decision and pointed to the work still required to close the transaction.
“We thank FOGA’s minority shareholders for their support in approving the acquisition of the 98.1%,” Stoneburner said. “We continue to progress remaining items necessary for the completion of the transaction anticipated to close by the end of February 2026.”
February approval looms
Shareholder meetings for both Tamboran and Falcon to approve the broader transaction are expected to be held in February 2026. Tamboran has indicated the wider deal is expected to be completed by the end of February 2026, subject to Falcon obtaining a final court order in British Columbia, Canada, alongside other remaining approvals.
The latest vote relates specifically to Falcon’s interest in FOGA, but Tamboran framed it as part of a coordinated process to complete the wider acquisition of Falcon’s subsidiary portfolio. If the broader transaction closes as anticipated, Tamboran would then be positioned to move to 100% ownership of FOGA via compulsory acquisition of the minority holding, finalising the consolidation at a price floor linked to the consideration Falcon receives.
The outcome leaves the timetable for the wider deal in focus, with February 2026 now the key month for the remaining shareholder votes and final legal steps required to complete the transaction.
