Falcon Oil & Gas to waive pre-emptive rights on Tamboran’s purchase of Origin’s Beetaloo Basin assets

• The 50/50 Joint Venture (JV) between Tamboran 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.

Click here to read the full announcement.