Tamboran Resources Corporation announced that shareholders of Falcon Oil & Gas Australia Limited (FOGA) approved the sale of Falcon’s 98.1 % interest in its Australian subsidiary on 6 January 2026. The vote, held on 30 December 2025, removed a key condition precedent for the broader transaction and allows Tamboran to move forward with a compulsory acquisition of the remaining 1.9 % held by minority shareholders.
The transaction is valued at approximately $172 million, comprising 6.5 million shares of Tamboran common stock and $23.7 million in cash. By acquiring Falcon’s Australian assets, Tamboran will add acreage and operational assets that complement its existing pilot project, accelerating the company’s path to first gas sales. The deal is expected to close in the first quarter of 2026, subject to regulatory and court approvals.
Strategically, the acquisition consolidates Tamboran’s position in the Beetaloo Basin, bringing the company to roughly 2.9 million net prospective acres and streamlining decision‑making across the portfolio. The move is intended to accelerate development, enhance operational efficiency, and position Tamboran as a leading low‑carbon gas operator in Australia’s energy market.
Falcon CEO Philip O’Quigley noted that the shareholder approval “eliminates one of the key conditions precedent allowing the Tamboran group to proceed with the broader transaction.” Tamboran’s interim CEO Dick Stoneburner described the merger as a “natural consolidation” that would create a large‑scale, drill‑ready basin capable of meeting Northern Territory energy security, supplying the East Coast gas market, and eventually exporting LNG to Asia Pacific markets.
The Beetaloo Basin is one of the world’s largest undeveloped shale gas basins, comparable to the U.S. Marcellus Shale. Tamboran’s strategy is to use proven U.S. shale technologies to achieve net‑zero operations upon commercial production, while regulatory certainty in the Northern Territory has attracted capital to large‑scale gas development.
The transaction’s completion will bring Tamboran closer to realizing its phased development plan, with the first quarter 2026 close marking a critical milestone in the company’s pursuit of a dominant position in Australia’s low‑carbon gas sector.
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