Tamboran Resources has entered into a definitive agreement to acquire Falcon Oil & Gas Ltd., creating one of the largest acreage holders in Australia’s Beetaloo basin with roughly 2.9 million net prospective acres.

Under the transaction, Tamboran will acquire all Falcon subsidiaries in exchange for 6.5 million shares of Tamboran common stock and $23.7 million in cash. The deal values Falcon at about $172 million and will give Falcon shareholders a 26.8% stake in the combined company. Tamboran shareholders will hold the remaining 73.2%. The transaction has been unanimously approved by both companies’ boards and is expected to close in the first quarter of 2026, pending shareholder approval.

The acquisition strengthens Tamboran’s position in the Beetaloo depocenter and boosts its working interest in the Phase 2 Development Area to more than 80%. That acreage is currently the focus of a farmout process led by RBC Capital Markets, which aims to attract a new development partner while allowing Tamboran to maintain a material stake.

Tamboran Chairman and interim CEO Richard Stoneburner said the deal represents a “logical consolidation” of two of the basin’s most active operators, enabling Tamboran to expand its scale and maintain flexibility in future farmout negotiations.

Falcon CEO Philip O’Quigley noted that the transaction removes uncertainty around Falcon’s participation in the Phase 2 farmout and provides shareholders with direct exposure to Tamboran’s ongoing pilot development activities in the Beetaloo.

The Beetaloo basin is regarded as one of Australia’s most prospective shale gas plays. By consolidating operations, Tamboran aims to enhance efficiency, streamline decision-making, and accelerate development across its expanded footprint. The company said the transaction is accretive to its shareholders, with the implied acreage value representing a slight discount to Tamboran’s current valuation.

Upon completion, Tamboran will hold approximately 2.9 million net prospective acres in the basin, including non-operating interests in Daly Waters Energy acreage. The company expects the enlarged position to better support future development, capital efficiency, and long-term production growth.