Tamboran farms down Beetaloo acreage in US$28.5m deal with Daly Waters Energy

Core Viewpoint - Tamboran Resources Corporation has entered into a farm-down agreement with Daly Waters Energy, valuing its Beetaloo Basin assets at a premium and securing up to US$28.5 million in funding support [2][3]. Group 1: Agreement Details - The agreement covers approximately 10,000 acres in the Shenandoah North and South Pilot Areas and the Beetaloo Central Development Area (BCDA) [3]. - The deal allows for a staged earn-in by Daly Waters Energy, with total potential funding of up to US$28.5 million linked to development milestones [3][4]. - Under Phase 1, Daly Waters Energy will fund US$11.6 million of Tamboran's future work programs, with an additional US$11.6 million available in Phase 2, contingent on progress [4]. Group 2: Financial Implications - An additional US$5.3 million may be payable based on milestone achievements, with provisions for acreage ownership adjustments depending on the progression of Daly Waters Energy [5]. - The transaction is seen as a validation of the value of Tamboran's Beetaloo acreage, indicating a valuation above recent trading metrics while maintaining operatorship of core assets [6][9]. Group 3: Strategic Context - The deal aligns with a broader strategic initiative involving INPEX, which has partnered with Daly Waters Energy, indicating increasing international interest in the Beetaloo Basin [8]. - The investment from INPEX is viewed as a strong sign of confidence and may provide Tamboran with additional pathways to gas commercialization [8].