Tamboran to acquire Falcon Oil & Gas, strengthening Beetaloo Basin position

Tamboran Resources Corporation announced a definitive agreement to acquire Falcon Oil & Gas Ltd., aiming to establish a ~2.9-million-net-prospective-acre Beetaloo Basin leader. The transaction, valued at C$239m for Falcon's subsidiaries, involves an exchange of 6,537,503 shares of Tamboran NYSE Common Stock and a cash consideration of $23.7m. This represents a 19.7% premium over Falcon’s TSX closing price on September 29, 2025, and a 53.2% premium to its 90-day VWAP.

Upon completion, Falcon shareholders will receive Tamboran shares at an exchange ratio of 0.00687 Tamboran NYSE Common Stock per Falcon Common Stock, resulting in Falcon shareholders owning ~26.8% of the pro forma business. The acquisition is expected to boost Tamboran's Beetaloo Basin acreage by over 50% to ~2.9m net prospective acres. It will also increase Tamboran's working interest in the Phase 2 Development Area to 80.62% pre-farmout.

The acquisition has been unanimously approved by both Boards of Directors and is anticipated to close in 1Q 2026, subject to shareholder and court approvals. Tamboran's pro forma market capitalization is projected to exceed $500m, consolidating its position across the majority of the Beetaloo depocenter. The combined entity is expected to have over 40,000 gross drilling locations across its Beetaloo Basin acreage position.