Falcon Now under Tamboran

Tamboran Resources Corp has completed the acquisition of Falcon Oil & Gas Ltd, consolidating Tamboran's position in the Beetaloo Basin onshore Australia's Northern Territory into a leading 2.8 million net prospective acres.

"Our focus now turns to the 2026 operating program, 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", chief executive Todd Abbott said in an online statement.

"Tamboran has commenced the three‑well stimulation program on the SS2 well pad, with the wells expected to be tied into the Sturt Plateau Compression Facility during the third quarter of 2026. First gas sales from the commissioning of the Pilot Project remain on track for 3Q 2026".

Tamboran, previously legally registered in Australia but now in the United States, took over Canada-incorporated Falcon by acquiring the latter's subsidiaries. The process involved the issuance of about 6.54 million Tamboran shares to Falcon shareholders. The agreement had entitled Falcon shareholders to 0.00687 common shares of Tamboran per common share they held at Falcon.

Falcon confirmed separately, "As Completion has now occurred, the existing directors and officers of Falcon have resigned from their respective positions and Doug Bailey has been appointed as the Sole Director & Chief Executive Officer of Falcon, effective immediately".

In the Shenandoah South Pilot Project, Tamboran expects to produce 40 million cubic feet of gas a day.

Last year Tamboran said it had received approval from the Northern Territory government to sell appraisal gas from the Pilot Project, after the Beetaloo Joint Venture and the authorities signed an agreement for the 40 terajoules per day supply from the project to the Northern Territory for an initial term of nine years starting in the first half of 2026.

"This is the first approval granted by the NTG through the new BUG [Beneficial Use of Gas] legislation and follows the recent consent from Native Title Holders for the sale of up to 60 tJ per day from the Shenandoah South Pilot Project over a three-year period", Tamboran said in a statement September 1, 2025.

"The Beetaloo Joint Venture now holds all necessary approvals to sell gas from the SS Pilot Project".

Earlier in 2026 Tamboran said the latest well to be stimulated in the Pilot Project yielded a record average 20-day initial production flow rate of 10.3 million cubic feet a day (MMcfd). The gas in the Shenandoah South 6H (SS-6H) well came from an 8,635-foot horizontal section within the Mid Velkerri B Shale.

"On a normalized basis, SS-6H achieved a flow rate of 11.9 MMcfd per 10,000 feet, which compares favorably to the average performance of more than 11,000 producing wells in the Marcellus Shale dry gas fairway with over 12 months of production history", Tamboran said April 2.

"The flow test has now been concluded, with the well delivering a stable rate of 8.8 MMcfd (normalized to 10.2 MMcfd per 10,000 feet) at a flowing wellhead pressure of approximately 580 psi.

"At the conclusion of the flow test, water was continuing to unload at a rate of ~270 barrels per day, indicating the well was still in the process of cleaning up.

"All key technical objectives of the flow test have been achieved, with the well demonstrating sustained, stable rates over the last five days of testing, similar to that observed at the SS-2H ST1 well".

Tamboran and Daly Waters Energy LP equally own the company that owns a 77.5 percent stake in the Beetaloo JV. Before the Tamboran-Falcon merger, Falcon Oil & Gas Australia Ltd owned the remaining 22.5 percent.

To contact the author, email jov.onsat@rigzone.com