Update from Tamboran Resources Limited on Acquisition of Beetaloo Assets from Origin

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Sydney, Australia (ABN Newswire) – The 50/50 joint venture (JV) between Tamboran Resources Limited (ASX:TBN) (OTCMKTS:TBNRF) and Bryan Sheffield (Sheffield) has entered into a binding letter of intent (LOI) with Falcon Oil & Gas Australia Limited (Falcon) to amend the terms of the existing Joint Operating Agreement (JOA) and Farming Agreement (FIA) in respect of Origin Energy’s Beetaloo Basin assets.

Under the letter of intent, Falcon, owner of a 22.5% non-operating stake in Origin’s Beetaloo assets, will not exercise its preemptive rights with respect to the joint venture’s purchase of the operated stake of 77.5% of Origin in exchange for a partial extension of the carry consideration under the FIA, at the equal expense of Tamboran and Bryan Sheffield.

Subject to completion of the Origin Transaction, Tamboran will be the largest acreage holder of the Beetaloo, with approximately 1.9 million net potential resources and will hold approximately 1.8 trillion cubic feet (TCF) of net contingent gas resources. 2C.

Completion of the acquisition of Origin’s Beetaloo assets remains subject to Northern Territory Government approval, which is expected by the end of October 2022.

Managing Director and CEO of Tamboran Resources Limited, Joel Riddle said:

“Subject to final approval of the Origin transaction by the Northern Territory Government, we look forward to working closely with our new joint venture partner, Falcon Oil & Gas, to accelerate the commercialization of the important natural gas low CO2 in the Beetaloo Basin Changes to the JOA and FIA pave the way for all parties to benefit from collaboration as we work towards approval of Amungee’s pilot development project in EP 98.”

About Tamboran Resources Limited:

Tamboran Resources Ltd (ASX:TBN) is a natural gas company that intends to play a constructive role in the global energy transition to a low carbon future by developing low carbon unconventional natural gas resources. CO2 in the Beetaloo sub-basin in the Greater McArthur Basin in the Northern Territory of Australia. Tamboran’s principal assets are a 25% working interest in EP 161 and a 100% working interest in EP 136, EP 143 and EP(A) 197 which are located in the Beetaloo sub-basin.

Source:
Tamboran Resources Limited

Contact:

Investor enquiries:
Chris Morbey
Vice President - Investor Relations
+61-2-8330-6626
[email protected]

Media enquiries:
+61 2 8330 6626
[email protected]
 
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