Tamboran progresses Beetaloo basin buy
PERTH (miningweekly.com) – ASX-listed Tamboran Resource’s A$60-million buy of fellow listed Origin Energy’s interest in the the Beetaloo basin, in the Northern Territory, is a step closer, after joint venture partner Falcon Oil & Gas agreed not to exercise its pre-emptive rights.
Falcon owns a 22.5% interest in the Beetaloo basin assets.
Under a letter of intent signed with Tamboran Resources which was joint venturing with shareholder Bryan Sheffield in the Beetaloo basin purchase, Falcon will receive a partial extension to the carry consideration under the existing farm-in agreement, which will be borne equally by Tamboran and Sheffield.
“Subject to final Northern Territory government approval of the Origin transaction, we look forward to working closely with our new joint venture partner, Falcon Oil & Gas, in accelerating the commercialisation of the significant, low carbon dioxide natural gas within the Beetaloo basin,” said Tamboran MD and CEO Joel Riddle.
“The amendments to the joint operating agreement and farm-in agreement pave a way forward for all parties to benefit from collaboration as we work towards sanctioning of the proposed Amungee pilot development in EP 98.”
The acquisition of Origin’s stake in the Beetaloo basin permits will make Tamboran the largest acreage holder in the region, with 1.9-million net prospective acres, resulting in a 270% increase in its estimate of net 2C contingent gas resource to nearly 1.5-trillion cubic feet.
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