Tamboran completes Falcon subsidiaries acquisition to build Beetaloo Basin position
Tamboran Resources Corporation (NYSE:TBN, ASX:TBN, OTC:TBNRL, FRA:O8R) has completed the acquisition of Falcon Oil & Gas Ltd’s subsidiaries, following final...
Tamboran Resources Q3 Earnings Call Highlights
Tamboran Resources NYSE: TBN said it remains on track to deliver first gas from its Beetaloo Basin pilot project in the third quarter of the calendar year, as the company highlighted farm-out activity, recent financing and upcoming drilling and stimulation work during its fiscal 2026 third-quarter earnings call.
Tamboran Resources: Well Cost Reductions Play A Key Role In Unlocking Beetaloo Basin
Tamboran is aiming to start commercial production in Australia's Beetaloo Basin later this year. This is considered a key future supply source for Australia's natural gas needs (including LNG exports). It is aiming to drive its well costs down significantly over time, going from $26 million currently to a 2030 target of $15 million for a 10,000-foot lateral.
Tamboran Resources CEO shares insights into the company's Falcon Oil and Gas acquisition – ICYMI
Tamboran Resources Corporation (ASX:TBN, NYSE:TBN, OTC:TBNRL) Chair and CEO Dick Stoneburner spoke with Proactive about the company's definitive agreement to acquire Falcon Oil and Gas in a strategic move to consolidate its position in the Beetaloo Basin. Stoneburner explained that the Beetaloo Basin is “the largest, scalable, drill ready basin in the world to develop a large scale shale gas resource,” covering around 5 million acres.
Falcon Oil & Gas agrees £128m shares-plus-cash sale to partner Tamboran
Falcon Oil & Gas Ltd (AIM:FOG, TSX-V:FO) shares traded higher after it agreed to be bought out by exploration partner Tamboran Resources Corporation (ASX:TBN, NYSE:TBN, OTC:TBNRL) for £128 million (C$239.00 million), mostly in shares plus US$23.7 million in cash. It comes as the Beetaloo project in Australia is again advancing, and after the capital 'carry' that Falcon previously secured via farm-out had been spent - the AIM-quoted firm has self-funded its participation in the project since mid-2024.
Tamboran closes first tranche of PIPE to fund SS Pilot Project
Tamboran Resources Corporation has successfully closed the first tranche of its previously announced Private Investment in Public Equity (PIPE) of Common Stock. Proceeds will fund ongoing drilling activity towards plateau production from the proposed Shenandoah South (SS) Pilot Project. The second tranche, if completed, is expected to bring total gross proceeds to approximately US$55.4 million (AU$84.5M). Under the first tranche, Tamboran issued 2,180,515 shares of Common Stock at US$17.74 per share, raising approximately US$38.7 million before placement agent fees and other offering expenses. Bank of America acted as the sole placement agent. Proceeds from the first tranche will be directed towards development and drilling work necessary for Tamboran to achieve plateau production from the SS Pilot Project. This project represents a critical step in advancing the company's operations in the Beetaloo Sub-basin, Northern Territory. Tamboran is targeting an efficient transition into early production, leveraging its current exploration and appraisal activities. The company expects these developments to significantly de-risk the commercialisation of its substantial unconventional gas resources. The second tranche of the PIPE, anticipated to close pending regulatory approvals and customary closing conditions, will further strengthen the company’s financial capacity to meet these goals. As part of the first tranche closing, Tamboran issued 2,180,515 shares of Common Stock to investors at a price of US$17.74 per share. This resulted in gross proceeds of approximately US$38.7 million. Bank of America acted as the sole placement agent for the offering. The second tranche, if executed as planned on or around August 18, 2025, will provide additional funding of US$16.7 million. Both tranches were offered under Tamboran’s previously filed registration statement with the US Securities and Exchange Commission (SEC). Finalisation of the second tranche remains subject to applicable conditions. Supermarket Income REIT PLC (LSE:SUPR, OTC:SUPIF) has announced plans to transfer its listing category from the closed-ended investment funds category to the equity shares (commercial companies) category of the Official List. “The board has concluded that generating attractive shareholder returns also arguably requires a more commercial/active asset management approach and having the flexibility to pursue new strategies will be a key element of its ongoing success,” the company said in a statement. The move follows the internalisation of its management function in March. It believes the new listing category better reflects its internalised structure and strategic direction. The proposed transfer is expected to improve comparability with peers, increase operational flexibility and efficiency, and reduce costs associated with its current listing structure. The company also anticipates broader investor appeal and enhanced analyst coverage.
Tamboran Resources appoints Jeff Bellman to board ahead of Beetaloo gas production
Tamboran Resource Corporation has appointed seasoned investment manager Jeff Bellman as a non-executive director, bolstering its board as the company progresses towards first gas production from the Beetaloo Basin in the Northern Territory. Bellman brings more than three decades of experience in the investment management industry, with a core focus on the global oil and gas sector. He has managed equity portfolios across a broad range of market capitalisations, developing enduring relationships with energy sector management teams over a 33-year career. The appointment, effective May 2, 2025, follows Bellman’s most recent role as managing director in the equities and fixed income group at Nuveen Investments, where he served for 12 years. “We are delighted to welcome Jeff at this important phase in the business, as we move towards first production from our Beetaloo Basin assets,” Tamboran chairman Dick Stoneburner said in a statement welcoming the appointment. “His background will enhance our board’s capabilities in supporting the financing of our phased asset commercialization.” Bellman will also serve on Tamboran’s audit & risk and sustainability committees, bolstering the company’s oversight as it advances development of its Northern Territory assets. Tamboran is the largest acreage holder and operator in the Beetaloo sub-basin, with about 1.9 million net prospective acres. The Beetaloo Basin is regarded as one of Australia’s most promising shale gas provinces, with Tamboran aiming to deliver low-carbon dioxide gas to both domestic and export markets. Bellman’s appointment adds financial and energy market depth to Tamboran’s boardroom as the company focuses on securing funding, finalising engineering plans and progressing towards initial production. Following a positive Definitive Feasibility Study (DFS) in the March quarter, Lithium Universe Ltd confirmed its decision to proceed with funding for the Bécancour Lithium Refinery in Québec, Canada, The project has been assessed as economically viable, delivering a strong pre-tax net present value (NPV) at an 8% discount rate of approximately US$718 million. A pre-tax internal rate of return (IRR) of 21.0% and a payback period of 3.9 years are based on key pricing assumptions of US$1,170 per tonne for spodumene concentrate (SC6) and US$20,970 per tonne for battery-grade lithium carbonate (Li₂CO₃). The project is expected to generate annual revenues of around US$383 million and deliver earnings before interest, tax, depreciation and amortisation (EBITDA) of approximately US$148 million. Breakeven prices are estimated at approximately US$740 per tonne for SC6 and US$14,000 per tonne for Li₂CO₃. Operating costs are forecast at approximately US$3,931 per tonne, with total capital expenditure estimated at US$549 million. This represents an 11% increase on the previous pre-feasibility study (PFS), attributed primarily to the inclusion of a Zero Liquid Discharge (ZLD) system and cost escalation. Lithium Universe Bécancour Refinery Estimated Pre-tax Cashflows. Spodumene SC6 historical prices vs LU7 Forecast and BG Lithium Carbonate historical prices vs LU7 Forecast. The facility will use proven Jiangsu refinery technology to produce up to 18,270 tonnes per year of battery-grade lithium carbonate, primarily for lithium iron phosphate (LFP) battery markets. Over 90% of lithium iron phosphate (LFP) battery manufacturing currently takes place outside North America, yet the region is undergoing rapid expansion. By 2028, almost 1,000 gigawatt-hours (GWh) of battery production capacity is expected to come online across North America, translating to a demand of approximately 850,000 tonnes of lithium carbonate equivalent (LCE) per year. However, with no domestic lithium conversion facilities currently operational, significant efforts are now underway to localise supply chains and reduce dependence on overseas processing. Design, location and operational economics Modelled on the successful Jiangsu plant, the Bécancour facility is designed to process 140,000 tonnes per annum (tpa) of spodumene concentrate with lithium recovery of 88% and plant availability of 86%. Québec was selected for its access to low-cost hydroelectric power (US$0.04/kWh), logistics infrastructure, and proximity to North American and trans-Atlantic end markets. Operating costs are projected at US$3,931 per tonne of lithium carbonate—well below the US$4,525/t cost for conversion in China using Canadian feedstock. Offtake discussions are underway with original equipment manufacturers (OEMs), particularly those with EV supply chain exposure in North America and Europe. Lithium Universe’s model includes take-or-pay pricing mechanisms and risk-sharing features, ensuring stability for both parties while supporting localisation of lithium conversion capacity. Two strategic partnerships were also announced. The first is a non-binding memorandum of understanding (MOU) with Lafarge Canada Inc. for the exclusive offtake of aluminosilicate by-product, an additive to cement that enhances strength and sustainability. The second is a collaboration with Polytechnique Montréal to develop lithium processing capabilities and educational programs supporting critical minerals expertise in Canada. Lithium Universe intends to bring in one or two strategic equity partners at the project level (up to 49%) and is appointing a debt advisor to secure financing. The company will also continue environmental and permitting assessments in coordination with government and local First Nations stakeholders. Given its current cash balance of A$0.2 million at March 31, 2025, the company anticipates requiring up to US$550 million to fund development. To conserve capital and focus on the Bécancour project, the company relinquished its remaining Canadian exploration tenements during the quarter. Cash outflows totalled A$727,000, with an end-of-quarter cash position of A$165,000. Lithium Universe is monitoring its financial position and will look for further funding to support ongoing activities when required.
Tamboran Resources drills Shenandoah South-3H to total depth in just 25 days
Tamboran Resources Corporation (NYSE:TBN, ASX:TBN) has successfully drilled, cased and cemented the Shenandoah South 3H (SS-3H) well's 5-½-inch casing, achieving a total depth of 21,169 feet (6,452 metres) within Beetaloo Basin exploration permit EP 98 in Australia's Northern Territory. The well was drilled in just 25 days with an average drilling rate of 843 feet per day, 10 days and 43% faster than the SS-2H well, the only other well drilled to more than 20,000 feet.
