Completion of acquisition of Beetaloo assets from Origin
Sydney, Nov 9, 2022 AEST (ABN Newswire) - Tamboran Resources Limited (
ASX:TBN) (TBNRF:OTCMKTS) announce the completion of acquisition of Beetaloo assets from Origin Energy Ltd (ASX:ORG).
Highlights
- Tamboran has completed the acquisition of Origin Energy's Beetaloo basin assets.
- The conditions precedent required under the sale and purchase agreement have been satisfied and operatorship of EPs 98, 117, and 76 has transferred to Tamboran.
- Tamboran welcomes ten staff from the Origin team who will play a key role in unlocking the commercial potential of the Beetaloo Basin.
Tamboran Resources Limited Managing Director and CEO, Joel Riddle, said:
"We have successfully completed the acquisition of EPs 98, 117 and 76 from Origin Energy. Tamboran now holds the largest consolidated position in the deepest section of the Beetaloo Basin. The Company raised approximately $195 million to fund the purchase and assist in the commercialisation of these world class assets.
"We welcome the experienced team of professionals from Origin that have joined Tamboran. The team will provide valuable operational and technical expertise, having served in senior operational roles with Origin in the drilling of key wells in the Beetaloo over the last few years.
"We also look forward to working closely with our local NT communities, to generate further jobs and opportunities for all Territorians. Tamboran is very excited to be at the forefront of the development of the significant low-CO2 unconventional gas resource in the Beetaloo Basin, which is expected to bring significant employment and royalties to the Northern Territory, as well as support Australia's national energy security and energy transition."
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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