Falcon Oil & Gas

What Falcon Oil & Gas does

Falcon Oil & Gas Ltd. was an international oil and gas company focused on the exploration and development of unconventional oil and gas resources, principally in the Beetaloo Sub-Basin of Australia's Northern Territory, with additional acreage positions in South Africa's Karoo Basin and Hungary's Makó Trough, collectively covering approximately 12.3 million gross acres. The company's core technology centered on horizontal drilling and hydraulic fracturing in the Amungee Member B-Shale formation, including the Shenandoah South Pilot Project, where wells were drilled with approximately 3,000-metre horizontal sections and achieved an average 20-day initial production flow rate of 10.3 MMcf/d. Falcon was incorporated in British Columbia, Canada, headquartered in Dublin, Ireland, and publicly traded on the TSX Venture Exchange (FO.V) and AIM (FOG) prior to its 2026 acquisition.

The company's business model was pre-revenue and capital-intensive: no oil and natural gas revenue was generated during 2025, with a net loss of $2.596 million (down from $2.965 million in 2024) and a cash position that declined to $1.3 million by year-end 2025 from $6.8 million a year earlier. Future revenue was contractually anchored to a long-term Gas Sales Agreement with the Northern Territory Government for initial contracted volumes of 40 MMcf/d through mid-2041, with delivery via the APA Group-funded Sturt Plateau Pipeline and Sturt Plateau Compression Facility (A$210 million total investment). On May 28, 2026, Falcon sold all subsidiaries to Tamboran Resources Corporation in a C$239 million (US$172.9 million) plan of arrangement, was delisted from both exchanges, and ceased independent upstream operations, with NorthHelm Advisory Ltd. becoming the sole shareholder of the residual shell entity.

Name

Falcon Oil & Gas

Legal name

Falcon Oil & Gas Ltd.

Website

https://falconoilandgas.com

Company type

Public

Founded year

1980

Operating status

Acquired

Headcount range

1–10 employees

Short description

Falcon Oil & Gas was a Dublin-headquartered unconventional oil and gas explorer holding ~12.3 million gross acres across Australia, South Africa, and Hungary; it was acquired by Tamboran Resources in May 2026.

Ownership category

akta.pro rank

Product category

Upstream Oil & Gas Exploration

NAICS

Natural Gas Extraction (21113), Natural Gas Extraction (211130), Oil and Gas Extraction (2111)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382), Drilling Oil & Gas Wells (1381), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)

akta.pro secondary industry

Unconventional Gas E&P (Shale/Tight Gas) (EUAAAAAC)

Keywords

• Unconventional oil gas
• Shale gas exploration
• Upstream oil gas
• Energy exploration development
• Natural gas resources

Headquarters

HQ city

Dublin

HQ country

Ireland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Others

Revenue model

1. Gas Sales (Future): The company is pre-revenue with no oil and natural gas revenue generated as of December 2025. Upon commencement of gas sales expected in Q3 2026, revenue will be generated through long-term gas supply agreements with the Northern Territory Government, with contracted initial volumes of 40 MMcf/d for supply until mid-2041.

Distribution channels1 record

Marketing channels4 records

Core offering

Falcon Oil & Gas is an international oil and gas exploration and development company focused on unconventional oil and gas assets. Its principal interests cover approximately 12.3 million gross acres across three major underexplored basins: the Beetaloo Sub-Basin in Australia, the Karoo Basin in South Africa, and the Makó Trough in Hungary. The company is pre-revenue and primarily conducts horizontal drilling and hydraulic fracturing programs targeting shale gas formations, with future gas sales contracted to the Northern Territory Government.

Product overview

Falcon Oil & Gas is an international oil and gas company engaged in the exploration and development of unconventional oil and gas assets. The company operates primarily in the Beetaloo Sub-Basin in Australia's Northern Territory, with additional interests in the Karoo Basin (South Africa) and Makó Trough (Hungary). The company's principal assets consist of exploration permits and working interests in these basins, totaling approximately 12.3 million gross acres. Following the completion of its transaction with Tamboran Resources Corporation in May 2026, Falcon transferred its subsidiary companies to Tamboran, resulting in the company effectively ceasing its independent upstream oil and gas operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Shenandoah South Pilot Project
• Beetaloo Sub-Basin Asset (Australia)
• Karoo Basin Asset (South Africa)
• Makó Trough Asset (Hungary)

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core, major and supporting.

• Tamboran Resources CorporationcoreStrategic or Co-development Partner · 30 September 2025Tamboran Resources Corporation, a NYSE and ASX listed natural gas company (TBN), entered into a definitive agreement to acquire Falcon Oil & Gas for approximately C$239 million (US$172.9 million). The transaction involved issuance of 6,537,503 shares of Tamboran common stock plus US$23.7 million in cash, creating a combined company with approximately 2.9 million net prospective acres. The transaction was completed on May 28, 2026, following court approval and shareholder votes.
• Daly Waters Energy, LPcoreStrategic or Co-development Partner · 30 September 2025Daly Waters Energy, LP (DWE) is a 50:50 joint venture partner with Tamboran Resources Corporation in Tamboran (B1) Pty Limited, which holds 100% of Tamboran (B2) Pty Limited. DWE brings extensive experience in US unconventional energy sector, having been founded by Bryan Sheffield who previously founded Parsley Energy Inc., acquired for over US$7 billion.
• Northern Land CouncilmajorStrategic or Co-development PartnerThe Northern Land Council represents Native Title Holders and provided consent for the sale of appraisal gas from the Beetaloo Sub-basin under the Beneficial Use of Gas legislation. This partnership is essential for obtaining approvals to sell gas from the Shenandoah South Pilot Project.
• Borden Ladner Gervais LLPsupportingImplementation/ SI/ Consulting PartnerLegal advisor to Falcon and Falcon Oil & Gas Australia Limited in the Tamboran transaction, providing corporate and securities law counsel.
• APA GroupmajorStrategic or Co-development PartnerAPA Group is investing A$140 million in the Sturt Plateau Compression Facility and A$70 million in the 37-kilometre Sturt Plateau Pipeline to enable gas transportation from the Beetaloo Sub-basin development to market.
• Liberty EnergysupportingTechnology or IntegrationLiberty Energy (NYSE: LBRT) provided modern stimulation equipment for the Shenandoah South well stimulation program, including 80,000 horsepower stimulation equipment for multi-well fracture stimulation operations.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Origin Energy: Origin Energy is a major Australian integrated energy company with significant upstream operations in the Beetaloo region via its APLNG partnership and exploration acreage. Comparable as a domestic Australian gas E&P operator pursuing unconventional resources and supplying the East Coast gas market.
• Range Resources: Range Resources is an AIM-listed upstream oil and gas company with conventional and unconventional interests including in Australia. Comparable as a small-cap, multi-jurisdiction upstream operator pursuing exploration-stage gas resources and using AIM as a primary listing venue.
• Empire Energy Group: Empire Energy is an ASX-listed unconventional gas explorer focused on the Beetaloo Sub-Basin in the Northern Territory, directly overlapping with Falcon's acreage. Comparable as a Beetaloo-focused junior pursuing horizontal appraisal and pilot development of the same formations.
• Santos Limited: Santos is an Australian oil and gas producer with substantial unconventional and conventional operations, including interests in Northern Territory acreage and the Barossa/Moomba infrastructure. Comparable as a Beetaloo/Cooper Basin operator pursuing natural gas development for both domestic and LNG markets.
• Tamboran Resources Corporation: Tamboran is the NYSE/ASX-listed operator of the Beetaloo Sub-Basin joint venture that acquired all of Falcon's subsidiaries in May 2026 for C$239 million. Tamboran and Falcon shared acreage, joint venture interests, and the Daly Waters Energy partnership, and Tamboran continues the Beetaloo development that Falcon initiated.

Broad incumbents

• EQT Corporation: EQT is the largest US natural gas producer and a leading Marcellus/Utica shale operator, with expertise in horizontal drilling and large-scale pad development analogous to what Daly Waters/Tamboran are pursuing in the Beetaloo. Comparable as an established unconventional gas pure-play whose operational playbook Falcon's JV partners are importing.
• Chesapeake Energy: Chesapeake Energy is a major US shale operator historically focused on natural gas (Marcellus/Haynesville) before its 2025 acquisition by Expand Energy. Comparable as a precedent for unconventional gas pure-plays whose exploration and appraisal methods inform Beetaloo-style development.
• Pioneer Natural Resources: Pioneer Natural Resources was a major US unconventional operator (Permian Basin) acquired by ExxonMobil in 2024 for ~US$60 billion. Comparable as a large-scale horizontal drilling and hydraulic fracturing specialist whose operational template informs Falcon's JV partners (notably Bryan Sheffield's Parsley Energy background).
• ConocoPhillips: ConocoPhillips is a major global E&P with significant unconventional operations (Permian, Eagle Ford, Montney, Australia-Pacific LNG stake). Comparable as a global supermajor with unconventional gas expertise and existing Australian LNG exposure that competes for capital and partners in the Beetaloo region.

Regional players

• Inpex Corporation: Inpex is a Japanese E&P and the operator of the Ichthys LNG project in Australia, with significant domestic Australian gas market exposure. Comparable as a foreign operator with material Australian LNG/offtake interests that creates competitive demand for Beetaloo gas supply and could serve as a future offtaker for Tamboran.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/FalconOilandGas

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Falcon Oil & Gas