Tamboran signs agreement to buy Falcon Oil & Gas

Core Viewpoint - Tamboran Resources has agreed to acquire Falcon Oil & Gas, creating one of the largest acreage holders in Australia's Beetaloo basin with approximately 2.9 million net prospective acres [1][4] Transaction Details - The acquisition involves Tamboran taking ownership of all Falcon subsidiaries in exchange for 6.5 million shares of its common stock and $23.7 million in cash, valuing Falcon at around $172 million (€146.33 million) [1][2] - Falcon's investors will hold a 26.8% stake in the combined entity, while Tamboran shareholders will hold 73.2% [2] - The deal has received unanimous approval from both companies' boards and is expected to close in the first quarter of 2026, pending shareholder approval [2] Strategic Implications - This acquisition extends Tamboran's footprint in the Beetaloo depocentre, increasing its working interest in the phase two development area to 80.62% [2] - Tamboran is currently engaged in a farmout process with RBC Capital Markets to identify a new development partner while maintaining a significant working interest [3] - Falcon's CEO stated that the transaction will provide shareholders with increased exposure to the ongoing pilot development in the Beetaloo, eliminating uncertainties regarding Falcon's involvement in the phase two farmout [3] Company Statements - Tamboran's chairman and interim CEO described the transaction as a logical consolidation of two of the Beetaloo Basin's most active companies [4] - Following the completion of the deal, Tamboran will control approximately 2.9 million net prospective acres, including non-operating stakes in blocks held by Daly Waters Energy [4]