Tamboran Resources Announces Strategic Farmout to Daly Waters Energy and INPEX Partnership: Significant Value Uplift for Beetaloo Acreage

Key Highlights

• Tamboran Resources (NYSE: TBN, ASX: TBN) has executed a Farm-in Agreement with Formentera Partners (owner of Daly Waters Energy, LP, “DWE”) to farm down approximately 10,000 acres of its working interest across the Shenandoah North and South Pilot Areas and the Beetaloo Central Development Area (BCDA).
• The agreement includes a staged earn-in structure worth up to approximately US\$28.5 million, with structured off-ramp provisions, providing both immediate and contingent value to Tamboran.
• DWE recently entered a strategic joint venture with INPEX Corporation (JPX: 1605), Japan’s largest E&P and operator of the 8.9 MTPA Ichthys LNG project in Darwin, further validating the strategic value of the Beetaloo Basin.
• The transaction recognizes a value premium for Tamboran’s Beetaloo acreage, with an implied valuation well above recent traded metrics, and provides a pathway toward accelerated development and commercialization.
• Completion of the transaction is subject to certain conditions, including closure of Tamboran’s Falcon acquisition and the DWE-INPEX farm-in.

Detailed Transaction Overview

Under the Farm-in Agreement, Tamboran will farm down its interests in the Shenandoah North Pilot Area, Shenandoah South Pilot Area, and the BCDA. The agreement is structured into two phases:

• Phase 1: DWE will provide a US\$11.6 million carry commitment for future work program spend in the Pilot Area.
• Phase 2: If DWE elects to proceed, it will carry Tamboran for an additional US\$11.6 million in the BCDA.
• Additional Milestone: Upon certain conditions being met, a further US\$5.3 million milestone carry may be provided to Tamboran.
• Reassignment/Assignment: If DWE does not proceed with Phase 2, Tamboran will receive 50% of the post-acreage ownership in the Pilot Area and assign 50% of the BCDA post-acreage ownership to DWE.

Ownership Structure (Pre- and Post-Transaction)

Strategic and Price Sensitive Implications for Investors

• This transaction is a strong validation of Tamboran’s acreage value, with the implied transaction metrics exceeding recent market valuations—potentially driving a re-rating of Tamboran’s shares.
• The partnership with INPEX, a major global LNG operator, significantly enhances the credibility of Beetaloo’s commercialisation prospects and may attract further investment interest in Tamboran and the region.
• The staged farm-in structure de-risks Tamboran’s balance sheet, provides non-dilutive funding for near-term development, and preserves operatorship of core assets—key positives for shareholders concerned about dilution and capital constraints.
• The transaction accelerates the timeline towards first gas production, with the company reaffirming its target for commercial gas in the third quarter of 2026. This could be a major inflection point for cash flows and valuation.
• Additional farm-out processes are ongoing, and the company has stated that further updates will follow, suggesting further potential catalysts.

Risks and Considerations

The transaction remains subject to several closing conditions, including completion of Tamboran’s Falcon acquisition and the DWE-INPEX joint venture. Investors should note the company’s candid disclosure of risks, including:

• Early stage of development and limited operating history, with no material revenue expected until 2026.
• Significant capital expenditure requirements and risks tied to securing additional funding.
• Operational, regulatory, and community risks specific to the Beetaloo Basin.
• Requirement to achieve Scope 1 net zero upon commencement of commercial production, which could increase costs and complexity.
• Potential volatility in natural gas prices and the need for infrastructure to access key markets.

About Tamboran Resources

Tamboran Resources Corporation is a growth-driven independent natural gas exploration and production company focused on the commercial development of the Beetaloo Basin in Australia’s Northern Territory. Tamboran is the largest acreage holder in the Basin with approximately 1.9 million net prospective acres.

Conclusion

This farm-out transaction is highly significant for Tamboran Resources, materially enhancing its financial flexibility, operational momentum, and strategic positioning within the Beetaloo Basin. The association with INPEX and the value uplift implied by the transaction are likely to be viewed positively by the market, potentially driving share price appreciation. However, investors should remain attentive to the risks around execution, funding, and regulatory approvals.

Disclaimer: This article is for information purposes only and does not constitute financial advice or a recommendation to buy or sell securities. Investors should conduct their own due diligence and seek independent professional advice before making investment decisions. Information presented herein is based on company disclosures as of March 31, 2026, and may be subject to change. No warranty is given as to the accuracy or completeness of the information.

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