Falcon Oil & Gas Ltd on Tuesday said it plans to change its name to Beetaloo Resources Corp, ahead of its plans to pursue a US listing.
The Australia, Hungary and South Africa-focused oil and gas company said this is to align its name with its strategic focus, on its activities in the Beetaloo Sub-basin of Australia’s Northern Territory.
Falcon Oil also announced plans to consolidate its share capital, with up to 250 shares being compressed into one. This would leave it with up to around 4.4 million common outstanding shares, compared with the 1.11 billion issued and outstanding shares it currently has.
It noted that this, along with the name change to Beetaloo, is subject to regulatory go-aheads as well as shareholder approval at a special meeting scheduled for October 29.
Falcon Oil wishes to proceed with the consolidation so it can pursue a listing in the US during the first half of 2025. This, it said, should expand awareness among US-based investors and may provide additional sources of capital.
Shares in Falcon Oil & Gas were trading 1.6% lower at 5.51 pence each in London, late on Tuesday morning.
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