Tamboran Resources Chair and Interim CEO Dick Stoneburner joined Steve Darling to announce a landmark transaction that will reshape the future of Australia’s Beetaloo Basin. Tamboran has entered into a definitive agreement to acquire Falcon Oil & Gas, a move that will create a Beetaloo Basin leader with approximately 2.9 million net prospective acres spanning the majority of the Beetaloo depocenter.
The strategic combination represents the consolidation of two of the most advanced and active operators in the Beetaloo, forming a single entity with a pro forma market capitalization exceeding US$500 million. Both companies’ Boards of Directors have unanimously approved the transaction, which is expected to close in the first quarter of 2026, pending customary regulatory approvals and closing conditions.
Stoneburner explained that the acquisition will significantly bolster Tamboran’s working interest in the Phase 2 Development Area, increasing its stake to 80.62%. This strengthened position will provide Tamboran with enhanced leverage and alignment as it advances toward its previously announced farmout process, a critical step in accelerating the development timeline for the basin.
Additionally, the transaction will deliver further alignment with Daly Waters Energy, LP (DWE) across the entire EP 76, EP 98, and EP 117 acreage blocks, following the completion of the checkerboard process earlier this year. The move ensures a unified and streamlined development strategy across some of the most prospective areas of the basin.
Under the terms of the agreement, Tamboran will acquire Falcon by purchasing all of its subsidiaries in exchange for 6,537,503 shares of Tamboran’s NYSE-listed common stock along with a cash consideration of US$23.7 million.
The enlarged Tamboran will emerge as a clear leader in the Beetaloo, with the technical capability, financial flexibility, and asset scale to advance commercialization and help meet growing demand for cleaner-burning natural gas both domestically and internationally.
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