Tamboran Resources Corporation (NYSE:TBN, ASX:TBN, OTC:TBNRL, FRA:O8R) on Friday announced it has received court approval for its proposed acquisition of Falcon Oil & Gas Ltd (AIM:FOG, TSX-V:FO), with the Supreme Court of British Columbia signing off on the transaction subject to amendments to the Plan of Arrangement.
The Final Order clears a key step in the process to acquire all of Falcon’s subsidiaries, although the court has required changes relating to the treatment of certain Falcon shareholders subject to sanctions.
Tamboran and Falcon are now reviewing those amendments and assessing their impact on the implementation of the transaction.
Amendments prompt timing extension
The required changes centre on how sanctioned shareholders are handled under the arrangement — an issue that has become more prominent in cross-border transactions involving multiple jurisdictions. Tamboran said both companies are now considering how best to incorporate the court’s conditions.
To allow time to address these requirements, Tamboran and Falcon plan to extend the “outside date” under the agreement while they work toward satisfying the remaining conditions.
The transaction therefore remains subject to finalisation of the amended terms and completion of the remaining steps.
Beetaloo consolidation strategy continues
The Falcon acquisition forms part of Tamboran’s broader push to consolidate its position in the Beetaloo Basin in the Northern Territory.
Tamboran is already the largest acreage holder in the basin, with about 1.9 million net prospective acres, and has been progressing pilot development and infrastructure planning in recent months.
Taking full control of Falcon’s interests is expected to simplify the ownership structure across key assets and support the company’s longer-term development plans in the region. Recent company updates have pointed to growing activity in the basin, including ongoing work programs.
With court approval in place, Tamboran said the parties are now working through the required amendments and what they mean for the timing and structure of the transaction.