Highlights

  • Acquisition of Falcon Oil & Gas subsidiaries completed following final court approval from the Supreme Court of British Columbia, creating a combined entity with approximately 2.8 million net prospective acres in the Beetaloo Basin.
  • Tamboran now has 34,856,412 shares of Common Stock issued with a pro forma Market Capitalisation of approximately US$1.2 billion based on NYSE closing price on 27 May 2026.
  • 2026 operating program targets drilling at least four wells and stimulating at least five; first gas sales from the Pilot Project remain on track for Q3 2026.

 

Tamboran Resources Corporation (NYSE:TBN) (ASX:TBN), the Natural Gas developer focused on Australia's Beetaloo Basin in the Northern Territory, announced on 29 May 2026 the completion of its acquisition of the subsidiaries of Falcon Oil & Gas Ltd. following receipt of final court approval from the Supreme Court of British Columbia. The transaction establishes Tamboran as the dominant acreage holder in the Beetaloo Basin depocenter, with approximately 2.8 million net prospective acres — a position that management described as covering the majority of the basin's core.

Transaction Completion and Share Structure

Completion of the transaction resulted in Tamboran issuing 6,537,503 shares of Common Stock to eligible Falcon shareholders, bringing the total issued share count to 34,856,412 shares including equivalent CHESS Depositary Interests (CDIs) on the ASX. At the NYSE closing price on 27 May 2026, the pro forma market capitalisation is approximately US$1.2 billion.

The acquisition required court approval in British Columbia because Falcon Oil & Gas was a Canadian-incorporated company. One Falcon Shareholder exercised a right to dissent the transaction — a standard legal recourse available to minority shareholders in Canadian corporate law who believe the consideration offered undervalues their shares. That shareholder is entitled to receive the greater of the cash consideration or the Fair Value of their Falcon shares as determined by the court, with the cash consideration placed into a blocked account at a US financial institution in accordance with applicable sanctions laws.

The dissenting shareholder's exercise of this right does not affect the broader completion of the acquisition or Tamboran's operational plans, though Tamboran and Falcon will be responsible for any fair value determination that exceeds the cash consideration.

Strategic Rationale: The Beetaloo Consolidation Thesis

The Beetaloo Basin is one of Australia's most closely watched natural gas frontier plays. It sits in the Northern Territory and is believed to contain significant quantities of natural gas in shale and tight formations. Previous independent assessments have attributed substantial contingent and prospective resources to Beetaloo tenements, though commercial development has been constrained by infrastructure, Capital requirements, and regulatory processes.

CEO Todd Abbott described the combination as a 'logical consolidation' between two companies whose acreage positions were adjacent and complementary. By combining Tamboran's existing tenure with Falcon's adjacent holdings, the merged entity now holds the largest single acreage block in the basin's depocenter — an outcome that improves the Economics of shared infrastructure Investment and reduces the coordination costs that fragmented ownership imposes on basin-level development.

For a gas basin that requires multi-billion dollar infrastructure to commercialise, having one company control the majority of the core acreage is significantly more capital-efficient than multiple smaller players trying to independently develop overlapping resource bases.

2026 Operational Program: The Most Active Year Yet

Abbott indicated that Tamboran's 2026 operating program is planned to be the most active year of operations in the Beetaloo Basin since the company's inception. The program targets drilling at least four wells and stimulating at least five — a commitment level that reflects the company's confidence in the geological thesis and the availability of capital to execute.

Tamboran has already commenced a three-well stimulation program on the SS2 well pad, with those wells expected to be tied into the Sturt Plateau Compression Facility during the third quarter of 2026. First gas sales from the Pilot Project remain on track for Q3 2026 — a milestone that would represent the transition from exploration and appraisal activity to initial commercial production, a fundamental value inflection point for any resource development company.

The Sturt Plateau Compression Facility is a critical piece of enabling infrastructure. Without processing and compression capacity, gas cannot be transported to market, and the facility's commissioning timeline is therefore directly linked to the first gas sales guidance.

Capital Markets Context

Tamboran holds a dual listing on both the NYSE and the ASX, providing access to the deep capital markets of the United States alongside the Australian resource investment community. At a US$1.2 billion market capitalisation, the company is at a scale that attracts institutional investor attention from both geographies.

The Beetaloo Basin's strategic relevance has been enhanced by Australia's domestic gas Supply outlook. East coast Australia faces a potential gas supply shortfall in coming years as existing fields mature, and Northern Territory gas that can be brought to market via a pipeline connection to the east coast grid represents a nationally significant supply option.

Conclusion

The completion of the Falcon acquisition and the approaching first gas milestone from the Pilot Project make the second half of 2026 a consequential period for Tamboran Resources. The company now holds the foundational acreage position required to develop the Beetaloo Basin at scale, and the operational program underway provides near-term catalysts — stimulation results, well ties, and ultimately first gas sales — that will allow the market to progressively validate the geological and commercial thesis that underpins the company's valuation.