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.
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