Tamboran Secures Largest Beetaloo Acreage with Falcon Acquisition

Largest Beetaloo Acreage Consolidation Completed

Tamboran Resources (ASX:TBN) has officially wrapped up its acquisition of Falcon Oil & Gas Ltd subsidiaries, cementing its position as the largest acreage holder in the Beetaloo Basin with approximately 2.8 million net prospective acres. This move follows final court approval from the Supreme Court of British Columbia, marking a significant consolidation in one of Australia's most promising natural gas basins.

In exchange for Falcon's assets, Tamboran issued 6,537,503 shares to Falcon shareholders, pushing its total shares on issue to 34,856,412, including CHESS Depositary Interests. The combined entity now boasts a pro forma market capitalisation near US$1.2 billion based on the NYSE close on May 27, 2026.

Active 2026 Drilling and Stimulation Program Underway

Chief Executive Todd Abbott emphasised the strategic value of the acquisition, highlighting the company's focus on an ambitious 2026 operating program. Tamboran plans to drill at least four wells and stimulate five or more, with operations already underway at the SS2 well pad. The three-well stimulation program is expected to tie into the Sturt Plateau Compression Facility by Q3 2026, aligning with the targeted first gas sales from the Pilot Project during the same quarter.

This operational momentum builds on recent progress, including a substantial capital raise earlier this year that has supported Tamboran's accelerated development plans in the Beetaloo Basin. The company’s efforts to expand drilling and resource delineation activities are well documented, reflecting a clear push towards commercialising its natural gas resources $188M capital raise.

Legal Nuances and Shareholder Dissent

The transaction was not without its legal complexities. One Falcon shareholder exercised dissent rights, opting out of becoming a Tamboran shareholder. This individual is entitled to receive either the cash consideration or the court-determined fair value of their Falcon shares. The related funds will be held in a blocked account in the U.S., complying with applicable sanctions laws. Both Tamboran and Falcon remain responsible for any fair value adjustments as adjudicated by the court.

Tamboran engaged a suite of legal advisors, including Latham & Watkins LLP and White & Case LLP, to navigate the transaction. Forward-looking statements caution investors about the risks inherent in integrating Falcon's operations and realising projected synergies, underscoring the uncertainties that lie ahead despite the clear strategic rationale.

Positioning for Beetaloo Basin Growth

With the acquisition complete, Tamboran now commands a dominant position across the Beetaloo Basin depocenter, a region critical to Australia's natural gas future. The company's integrated approach to exploration and development aims to unlock value from this vast acreage, which covers the majority of the basin's core area.

Investors will be watching how the combined entity executes its 2026 program, especially as it ramps up drilling and stimulation activities that underpin the Pilot Project's gas production goals. The stakes are high, and the next few quarters will be telling for Tamboran’s ability to convert its expanded footprint into commercial success retail entitlement offer.