• Tamboran Resources Corporation and Formentera Partners (Formentera), the owner of Daly Waters Energy, LP (DWE), have executed a Farm-in Agreement (Farm-in Agreement) to advance development of the Beetaloo Basin in Australia’s Northern Territory.

• Under the Farm-in Agreement, Tamboran will farm down approximately 10,000 acres of its working interest across the Shenandoah North Pilot Area and the Shenandoah South Pilot Area (collectively the Pilot Area) and the Beetaloo Central Development Area (BCDA) to DWE.

• The Farm-in Agreement provides for a staged earn-in, up to ~US$28.5 million, subject to structured off-ramp provisions.

• The agreement follows DWE announcing a strategic joint venture with INPEX Corporation (JPX: 1605, market capitalization of US$35 billion) (INPEX), Japan’s largest E&P and operator of the 8.9 MTPA (~1.2 Bcf/d) Ichthys LNG project in Darwin.

• The transaction recognizes the value premium that can be realised on Beetaloo acreage as it is defined and matured, like the Pilot Area, as well as the value that can be realised for adjacent appraisal areas, like the BCDA. It is an important step towards commercialization.

• Completion of the transaction is subject to certain conditions precedent in the farm-in between DWE and INPEX along with closure of Tamboran’s Falcon acquisition.

#TBN Chief Executive Officer, Todd Abbott, said:

“This transaction represents a significant validation of the underlying value of our Beetaloo acreage with an implied valuation well above our recent traded metrics. Importantly, it allows us to accelerate activity while preserving balance sheet strength and maintaining operatorship of our core assets.

“The INPEX investment in the Beetaloo Basin via its farm-in to the DWE interest in the North and South Pilot Area and BCDA position is a strong sign of confidence and has the potential to provide Tamboran with an additional pathway to gas commercialization.

“Our Phase 2 Development Area farm-out process is continuing, and we look forward to providing additional updates in due course. Our process will benefit from this and the other recent positive developments in the Basin.

“The additional investment supports local jobs, infrastructure development and long‑term energy security for the Northern Territory, while keeping us firmly on track for first gas in the third quarter of 2026. We are pleased to be progressing the project alongside DWE and remain excited about the scale of the opportunity ahead.”

Read the announcement: https://loom.ly/8749rgg

#TamboranResources #ASX #BeetalooBasin