Tamboran Resources has completed its acquisition of subsidiaries of Falcon Oil & Gas following final court approval from the Supreme Court of British Columbia. The transaction significantly expands Tamboran’s footprint in Australia’s Beetaloo Basin, resulting in approximately 2.8 million net prospective acres and establishing the company as the largest acreage holder in the basin’s depocenter.
As part of the transaction, Tamboran issued 6,537,503 shares of common stock to eligible Falcon shareholders. Following completion, the company has 34,856,412 shares of common stock outstanding, including equivalent CHESS Depositary Interests (CDIs). Based on the closing share price on the New York Stock Exchange on May 27, 2026, Tamboran’s pro forma market capitalization is approximately $1.2 billion.
The acquisition consolidates ownership across a significant portion of the Beetaloo Basin, a key natural gas development region in Australia’s Northern Territory. Tamboran said the combined acreage position covers the majority of the basin’s depocenter and strengthens its position as it advances development activities.
Looking ahead, the company plans what it describes as its most active operating year in the Beetaloo Basin. The 2026 program is expected to include drilling at least four wells and stimulating at least five wells. Tamboran has already commenced a three-well stimulation program on the SS2 well pad, with the wells expected to connect to the Sturt Plateau Compression Facility during the third quarter of 2026. First gas sales from the company’s Pilot Project remain on schedule for the third quarter of 2026.
As required under the court’s final order, one Falcon shareholder exercised dissent rights and will receive either the transaction’s cash consideration or the fair value of their shares as determined by the court. The shareholder will not become a Tamboran shareholder. Funds associated with the payment will be held in a blocked account at a U.S. financial institution in accordance with applicable sanctions laws.
Tamboran is a growth-focused independent natural gas exploration and production company. Through its subsidiaries, the company is pursuing the commercial development of natural gas resources in the Beetaloo Basin using an integrated development strategy.
KEY QUOTES:
“I would like to thank both Falcon and Tamboran shareholders for their strong support and approval of the transaction. This acquisition represents a logical consolidation between the two companies and provides the combined company with the largest acreage position in the Beetaloo Basin with approximately 2.8 million net prospective acres, which covers the majority of the Beetaloo depocenter.
Our focus now turns to the 2026 operating program, which is planned to be our most active year of operations in the Beetaloo Basin, including the drilling of at least four wells and stimulation of at least five.
Tamboran has commenced the three-well stimulation program on the SS2 well pad, with the wells expected to be tied into the Sturt Plateau Compression Facility during the third quarter of 2026. First gas sales from the commissioning of the Pilot Project remain on track for 3Q 2026.”
Todd Abbott, Chief Executive Officer, Tamboran Resources Corporation
