Thursday, PetroHunter Energy Corp. (PHUN.OB) said it closed the sale of 50% interest in the Beetaloo Basin in the Northern Territory of Australia to Falcon Oil & Gas Ltd. As per the agreement, Falcon Oil & Gas issued PetroHunter securities worth US$20 million, that is convertible into common shares of Falcon stock. In addition to the issuance of the securities Falcon paid PetroHunter US$5 million in cash.
PetroHunter said it retains an undivided 50% working interest and will remain operator of the Beetaloo Basin project.
PetroHunter also said that it received a temporary bridge loan of US$5 million from Falcon that will mature in 120 days and bears interest at a rate of 10% per annum.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.