Tamboran Resources will partner with Daly Waters Energy to advance exploration and development of the Beetaloo Basin in Northern Territory as a key step toward commercialisation.
Under the Farm-In agreement with Formentera Partners who own Daly Waters Energy, the plan is to develop approximately 10,000 acres across the Shenandoah North Pilot Area and the Shenandoah South Pilot Area and the Beetaloo Central Development Area.
In a statement to the ASX, Tamboran said the Farm -in Agreement provides for a staged earn -in, up to approx. $41million (USD $28.5 million) subject to structured off – ramp provisions.
Tamboran maintained the transaction recognised 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.
“This transaction represents a significant validation of the underlying value of our Beetaloo acreage with an implied valuation well above our recent traded metrics,” Tamboran Resources Corporation CEO Todd Abbott said.
“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 BCD A position is a strong sign of confidence and has the potential to provide Tamboran with a n 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.
The agreement follows DWE announcing a strategic joint venture with INPEX Corporation, Japan’s largest E&P and operator of the 8.9 MTPA (~1.2 Bcf/d) Ichthys LNG project in Darwin.
.