Tamboran Resources Corp. and Falcon Oil & Gas Ltd. agreed to merge operations in Australia’s Beetaloo Basin, creating a company with 2.9 million net acres and a market capitalization over $500 million. Tamboran will buy Falcon’s subsidiaries for 6.54 million shares and $23.7 million, with Falcon shareholders holding 27% of the combined company.

The deal values Falcon’s subsidiaries at 239 million Canadian dollars, a 20% premium to its closing price. Tamboran’s working interest in Beetaloo’s Phase 2 Development Area will exceed 80%. The merger aligns Tamboran with Daly Waters Energy across EP 76, 98, and 117 after a checkerboarding agreement.

Both companies’ boards approved the deal, expected to close by Q1 2026 pending shareholder and regulatory approvals. Falcon will delist from the TSX Venture Exchange and AIM post-merger. The acquired assets in Hungary, Ireland, South Africa, and Australia reported $60.7 million in assets and a $2.2 million loss in 2024.

Tamboran’s final investment decision on its Shenandoah South pilot project complements its strategy in advancing drilling and commercialization. The merger aims to strengthen the company’s position in farmout negotiations while maintaining significant ownership in key development areas. TBN shares rose 21.11% to $27.42, and FOLGF was up 6.42% in trading.

Read more at Yahoo Finance: Tamboran Acquires Falcon, Consolidating Australia’s Busy Oil Basin