Natural gas company Tamboran Resources has completed the previously announced C$239m ($172.9m) acquisition of Falcon Oil & Gas following final approval by a Canadian court.
With this transaction, Tamboran now holds roughly 2.8 million net prospective acres, the largest position in the Beetaloo Basin in Australia’s Northern Territory.
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The deal was signed in September 2025.
When the acquisition was announced, Tamboran said combining with Falcon was a logical consolidation of two leading Beetaloo Basin businesses. Furthermore, Tamboran said that it would create a company with a pro forma market capitalisation of more than $500m.
Under the transaction terms, Tamboran agreed to acquire Falcon by purchasing all of the latter’s subsidiaries in exchange for nearly 6.54 million shares of Tamboran common stock listed on the New York Stock Exchange and $23.7m in cash.
Tamboran CEO Todd Abbott said: “This acquisition represents a logical consolidation between the two companies.
“Our focus now turns to the 2026 operating programme, which is planned to be our most active year of operations in the Beetaloo Basin, including the drilling of at least four wells and stimulation of at least five.”
The company has begun a three-well stimulation campaign on the Shenandoah South 2 (SS2) well pad in the Beetaloo Basin. These wells are set to be connected to the Sturt Plateau Compression Facility in the third quarter of 2026.
The stimulation campaign is being delivered in partnership with Tamboran’s joint venture (JV) partner, Daly Waters Energy. Tamboran said that this represents a further key milestone in progressing the Beetaloo JV.
The work will use Liberty Energy’s stimulation and wireline equipment.
Tamboran said that these are the final wells needed to fulfil the Beetaloo JV’s obligation to supply gas under the Northern Territory Government’s 40 terajoules of energy per day gas sales agreement. Initial gas sales from commissioning of the pilot project are also scheduled for the same period.
