RE:ORG exits Beetalooaahhh, finaly sombody at FOG has read the Joint Operating Agreement.
Falcon Oil & Gas Ltd.
(“Falcon” or “Company”)
Origin Energy Announces Divestment of Beetaloo Sub-Basin Interests
19 September 2022 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) (“Falcon” or the “Company”) notes the media release issued today by its c. 98% subsidiary, Falcon Oil & Gas Australia Limited’s joint venture partner, Origin Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited (“Origin”) relating to the divestment of their 77.5% interest in the Beetaloo Sub-basin exploration permits.
Under the terms of the Joint Operating Agreement entered into with Origin and announced on 2 May 2014 (as amended), Falcon Australia has a right of first refusal which allows it to notify Origin (within 30 days of any proposed change of control) of Falcon’s intention to acquire Origin’s 77.5% interest in the Beetaloo joint venture. The Board is reserving its legal position in respect of those rights. In the event that the Company seeks to exercise its rights under the Joint Operating Agreement, this would be classified as a reverse takeover pursuant to Rule 14 of the AIM Rules for Companies. The Board will now consider the impact of the decision by Origin on Falcon and will then decide what, if any, actions it intends to take. There is no guarantee that the Company will exercise such rights or that any transaction will occur.