Falcon Oil & Gas to waive pre-emptive rights on Tamboran's purchase of Origin's Beetaloo Basin assets
Update on the Acquisition of Origin's Beetaloo Assets
Sydney, Oct 12, 2022 AEST (ABN Newswire) - The 50/50 Joint Venture (JV) between Tamboran Resources Limited (
ASX:TBN) (TBNRF:OTCMKTS) 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 Joint Operating Agreement (JOA) and the existing Farm-in Agreement (FIA) with respect to Origin Energy's Beetaloo Basin assets.
Under the LOI, Falcon, owner of 22.5% non-operating interest in Origin's Beetaloo assets, will not exercise its pre-emptive rights in relation to the JV's purchase of Origin's 77.5 per cent operated interest in exchange for a partial extension to the carry consideration under the FIA, to be borne equally by Tamboran and Bryan Sheffield.
Subject to completion of the Origin transaction, Tamboran will be the largest acreage holder in the Beetaloo, with approximately 1.9 million net prospective resources and hold ~1.8 trillion cubic feet (TCF) of net 2C contingent gas resources.
The 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.
Tamboran Resources Limited Managing Director and CEO, Joel Riddle, said:
"Subject to final Northern Territory Government approval of the Origin transaction, we look forward to working closely with our new Joint Venture partner, Falcon Oil & Gas, in accelerating the commercialisation of the significant, low CO2 natural gas within the Beetaloo Basin. The amendments to the JOA and FIA pave a way forward for all parties to benefit from collaboration as we work towards sanctioning of the proposed Amungee Pilot Development in EP 98."
About Tamboran Resources Corporation
Tamboran Resources Corporation (ASX:TBN) is a natural gas company that intends to play a constructive role in the global energy transition towards a lower carbon future by developing low CO2 unconventional natural gas resources in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key 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.
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