Natural gas company Tamboran Resources is set to acquire Falcon Oil & Gas, creating a major presence in Australia’s Beetaloo basin with 2.9 million net prospective acres. The deal involves 6.5 million Tamboran shares, $23.7m in cash, valuing Falcon at $172m. Shareholders will have a 26.8% stake in the combined entity.

The boards of both companies have approved the transaction, which is expected to close in Q1 2026 pending shareholder approval. Tamboran’s footprint in the Beetaloo depocentre will increase to 80.62%, with plans for a farmout process in the phase two development area to attract a new partner while maintaining a significant working interest.

Falcon CEO Philip O’Quigley highlighted the benefits for shareholders, including exposure to ongoing pilot development in the Beetaloo. Tamboran chairman Richard Stoneburner described the deal as a logical consolidation in the basin. Upon completion, Tamboran will control nearly 2.9 million net prospective acres, including interests in blocks held by Daly Waters Energy.

In November 2024, Falcon announced the spudding of the Shenandoah S2‑4H well in the Beetaloo sub-basin. The acquisition of Falcon by Tamboran signifies a strategic move in the Beetaloo Basin.

Read more at Yahoo Finance: Tamboran signs agreement to buy Falcon Oil & Gas