Tamboran to Acquire Falcon Oil & Gas in Beetaloo Basin Consolidation
The deal creates a dominant player in Australia's highly prospective natural gas region with a combined 2.9 million net acres.
Tamboran Resources (TBN) has entered into a definitive agreement to acquire Falcon Oil & Gas (FOLGF), a strategic move that consolidates a commanding position in Australia's highly prospective Beetaloo Basin. The transaction creates a natural gas powerhouse with approximately 2.9 million net prospective acres, uniting two of the region's leading explorers.
The deal, which has been unanimously approved by both companies' boards, represents a logical consolidation of their extensive holdings in the basin's natural gas depocenter. The combination is set to accelerate the development and commercialization of the significant, low-CO2 natural gas resources located in the region. , the move aims to create a business with a pro forma market capitalization exceeding US$500 million.
Under the terms of the agreement, Tamboran will acquire all of Falcon's subsidiaries. Falcon shareholders are expected to own approximately 26.8% of the combined entity, receiving Tamboran shares at a significant premium to the recent volume-weighted average price. Philip O'Quigley, CEO of Falcon Oil & Gas, noted that the transaction brings shareholder interests “directly to the centre of operations,” providing direct exposure to the ongoing pilot development projects in the Beetaloo.
This acquisition strengthens Tamboran's working interest across its key development areas ahead of planned farmout processes. The strategic consolidation is expected to create operational synergies and streamline the path to commercialization. Tamboran, which operates the existing joint venture assets, has emphasized its commitment to developing the basin's resources with net-zero equity Scope 1 and 2 emissions, leveraging advanced North American shale extraction technologies. to play a key role in the global energy transition by developing reliable natural gas sources. The joint venture has already secured offtake agreements for appraisal gas from its Shenandoah South Pilot Project, signaling a clear path to market.
The transaction is expected to close in the first quarter of 2026, pending shareholder and regulatory approvals. Following the completion, Falcon intends to delist its shares from the AIM market and the TSX Venture Exchange, .