Tamboran completes Falcon subsidiaries acquisition to build Beetaloo Basin position

Tamboran Resources Corporation (NYSE:TBN, ASX:TBN, OTC:TBNRL, FRA:O8R) has completed the acquisition of Falcon Oil & Gas Ltd’s subsidiaries, following final court approval from the Supreme Court of British Columbia.

The acquisition gives Tamboran about 2.8 million net prospective acres in the Beetaloo Basin depocenter, making it the largest acreage holder in the key Northern Territory gas region.

Under the transaction, Tamboran issued 6,537,503 shares of common stock to eligible Falcon shareholders.

Following the issue, Tamboran has 34,856,412 shares of common stock on issue, including equivalent CHESS Depositary Interests (CDIs).

The company said this equated to a pro forma market capitalisation of about US$1.2 billion, based on the close of trading on the New York Stock Exchange on Wednesday, May 27, 2026.

The acquisition consolidates Tamboran’s exposure across the Beetaloo Basin and simplifies the ownership structure around key assets as the company advances its broader development plans.

Tamboran had previously been progressing the transaction after receiving court approval for the Plan of Arrangement, subject to amendments relating to the treatment of certain Falcon shareholders subject to sanctions.

With the acquisition now complete, the company has strengthened its position in one of Australia’s most closely watched onshore gas basins.

Strongest flow test to date

Meanwhile, with a total of A$282.6 million to fund Beetaloo drilling and development, Tamboran recently recorded its strongest Beetaloo Basin flow test to date, with the Shenandoah South 6H well delivering a record initial production rate ahead of planned first gas sales.

The SS-6H well achieved an average 20-day initial production flow rate of 10.3 million cubic feet per day from the Mid Velkerri B Shale, rising to 11.9 MMcf/d when normalised over a 10,000-foot horizontal section.

Tamboran said the result compared favourably with more than 11,000 producing wells in the Marcellus Shale in the United States, one of the world’s leading shale gas development regions.

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