Core Viewpoint - Tamboran Resources Corporation is acquiring Falcon Oil & Gas Ltd. to consolidate their positions in the Beetaloo Basin, creating a leader with approximately 2.9 million net prospective acres and a pro forma market capitalization exceeding US$500 million [2][4][10]. Transaction Details - The acquisition involves Tamboran acquiring all subsidiaries of Falcon in exchange for 6,537,503 shares of Tamboran NYSE Common Stock and US$23.7 million in cash [4][7]. - Falcon shareholders will receive shares of Tamboran at an exchange ratio of 0.00687 shares for each Falcon Common Stock, resulting in Falcon shareholders owning approximately 26.8% of the combined entity [4][8]. - The transaction values Falcon's subsidiaries at C$239 million (US$172 million), reflecting a 19.7% premium over Falcon's closing price on September 29, 2025, and a 53.2% premium to the 90-day traded VWAP [4][10]. Strategic Implications - The acquisition is expected to enhance Tamboran's working interest in the Phase 2 Development Area to 80.62%, aligning further with Daly Waters Energy, LP across the entire EP 76, 98, and 117 acreage [3][4]. - The transaction is seen as a logical consolidation of two leading companies in the Beetaloo Basin, strengthening Tamboran's position in the region [2][4]. Approval and Timeline - The transaction has been unanimously approved by the Boards of Directors of both companies and is anticipated to close in the first quarter of 2026, pending shareholder approvals and other closing conditions [10][11]. - An indicative timeline for the transaction includes key dates such as the filing of the preliminary proxy statement with the SEC on October 30, 2025, and the expected closing date on February 1, 2026 [12][13].
Tamboran to Acquire Falcon Oil & Gas Ltd. to Create ~2.9-million-acre Beetaloo Basin Leader