Tamboran

Overview:

Tamboran is a privately held global unconventional oil and gas explorer and producer. The company holds permits and applications for over 27 million acres of rights prospective for unconventional oil and gas in Ireland, Northern Ireland, Australia and Botswana.

Tamboran’s world-class management team has significant expertise in most US and Canada basins as well as many global basins.

The team’s commitment, to ensure environmentally safe and socially responsible operations, is to bring world-class operating practices and the use of advanced technologies to all of its operations.

Republic of Ireland

In the Republic of Ireland, Tamboran currently holds a Licensing Option, granted by the Petroleum Affairs Division (PAD ) of the Department of Communication, Energy, and Natural Resources, which provides a period of two years (into early 2013) to fulfill their work commitment of analysing and reprocessing existing data (collected by prior operators over the past 50 years) as well as drilling additional test boreholes (similar to those utilized by the mining industry to collect additional rock chippings and core for laboratory analysis).

Tamboran is also currently scoping all requirements for an Environmental Impact Assessment and expects to proceed with a 12 month assessment by the end of September 2012. While not required for the Licensing Option, EIA is necessary to request permission to drill.

Once the company fulfills its work commitment, it can prepare an application in combination with the EIA to move to an exploration permit and seek permission to drill on a specific wellpad in a specific area by early 2013.

Tamboran has announced that initial studies have confirmed that a substantial natural gas field is present in north County Leitrim and has identified a potential for ultimate production of up to 2.2 trillion cubic feet (tcf) of shale gas.

Northern Ireland

In Northern Ireland, Tamboran holds a 5-year Petroleum Licence granted by the Department of Enterprise, Trade, and Investment (DETI). For details, please refer to http://www.detini.gov.uk/deti-energy-index/minerals-and-petroleum/petroleum_licensing_2.htm.

Environmental Impact Assessment work will proceed with a 12 month assessment by the end of September 2012. 

Australia

Tamboran has sites at Beetaloo, Pedirka, and Ngalia. The Beetaloo site has a prospective acreage of approximately 6,344,925 acres and is located adjacent to the Falcon/Hess joint venture property. The prospective indicators include: general fluorescence in core samples, reported live oil and gas acreage west of EP(A) 161, common oil bleeds, hydrocarbon fluorescence, and bitumen. There was live oil in several wells, including Urapunga #4 and Alexander #1 (EP(A) 161 and 162.  There was also continuing gas emanations reported in Urapunga #5 (EP(A) 162). Tamboran speculates that Beetaloo has the potential for gas-in-place of 7 to 18 TCF. The McArthur Mine gas pipeline is located nearby.

The indicators for the Ngalia Basin include: gas shows in many wells, minor oil in BMR Napperby #5 (both EP(A) 165), gas flow in DDH-DAV #1 in EP(A) 164, and significant gas flow (flared for several hours) in Davis #1 in EP(A) 164. Tamboran speculates the site has gas-in-place potential of 50 to 100 TCF. A gas pipeline to Darwin is located just east of EP(A) 166

The indicators in the Pedirka-Eromanga Basin include: minor gas show in Thomas #1, total organic carbon values in range 2% to 6% in 3 shale horizons, and early maturity, increasing downwards. Tamboran speculates a possible gas-in-place ranging from 12 to 25 TCF. The site is located 350 kilometres from Moomba – Sydney pipeline infrastructure.

Botswana

The indicators in the Gemsbok Basin include inconclusive gas indicators from the Permian lower Karoo Super Group. High total organic carbon values in marginal marine settings. Early stage maturation established. Tamboran speculates that the gas-in-place ranges from 70 to 150 TCF.  There exists LNG export market potential.

Board of Directors:

Mr. Patrick Elliott, Chairman

The Chairman of Tamboran, Mr. Patrick Elliott has a B.Comm. (Accounting and Financial Systems) from the University of New South Wales and a M.B.A. (Mineral Economics) from Macquarie University. He is also Chairman, Meerkat Energy Pty Ltd (coal seam gas and underground coal gasification exploration activities in Botswana; from 2008) and a number of other operating mineral exploration companies.

His previous positions have included:

• Director of SAPEX Limited (2000-2008), involved in oil & gas exploration in the Arckaringa Basin, South Australia;
• Director of Eastern Star Limited (2001-2005), responsible for structuring and raising pre-IPO seed capital and subsequent IPO, raising $10 million;
• Formerly Managing Director of Carrington Equity Limited (1992-1998);
• Managing Director, Natcorp Holdings Limited (1986-1992);
• Executive Director (Corporate Finance), Morgan Grenfell (Aust.) Limited (1982-1986);
• Executive Director, Bancorp Holdings Limited (1979-1982); and
• Group Economist/Corporate Development/Portfolio Manager for Consolidated Goldfields Australia Limited (1971-1979).

Mr. Richard Lane, Deputy Chairman

Richard Lane is President, CEO, Founder, and Chairman of the Board of Directors of Virtruvian Exploration LLC in The Woodlands, Texas. Virtruvian is a successful explorer and developer of unconventional oil and gas resource projects in the United States and has grown rapidly to over 60 employees since inception 18 months ago.

Prior to founding Vitruvian, Richard retired in 2008 as President of Exploration and Production with Southwestern Energy Company ("Southwestern"), an industry leading NYSE corporation. As President of the Exploration and Production Company, Richard helped Southwestern achieve industry leading financial returns and record growth in production, reserves and income over a ten year period. Under Richard’s leadership, the company’s market capitalization grew from less than $200 Million to approximately $15 Billion.

Richard has more than 26 years of exploration and production experience, including other technical and leadership roles at Tenneco, Fina Oil and Gas and American Exploration Company. He holds BS and MS degrees in geology, and attended the Anderson School of Business at UCLA. Richard is widely recognized in the energy business as a value adding creative leader.

Mr. Richard Moorman, CEO

The Chief Executive Officer of Tamboran is Richard Moorman. Richard has been active in financial, operational, and managerial capacities in unconventional resource plays across North America since 2004. Richard worked alongside many of the early contributors to and leaders of the unconventional gas and oil technology revolution. He is a frequent presenter at financial and technical conferences on unconventional resource plays in the US and Canada. He holds a BSc and MBA and has worked for several US and Canada-based companies over the past 20 years.

His previous positions have included:

• Manager, Strategic Analysis, Economic Planning & Acquisitions at Southwestern Energy (NYSE:SWN), one of North America’s leading independent unconventional resource companies (2008-2011);
• Vice-President, Corporate Development, Leor Energy LLC, a private US-based unconventional resource company (sold to Encana in 2007);
• Vice-President, Energy Equity Research, Capital One Southcoast, a specialized energy investment advisory firm (2006-2007); and
• Professional Engineer, working in positions of increasing responsibility in various aspects of Reservoir Engineering, Business Development, Acquisitions and Divestitures, Operations, Facilities, and Production Engineering in a wide variety of oil and gas work environments including unconventional gas (shale, tight, and coalbed methane), critical sour deep gas, light and heavy oil, and enhanced oil recovery projects (including water, nitrogen, and CO2 floods) across North America (from 1991 through 2006)

Mr. Andrew Bursill, Company Secretary

Mr. Andrew Bursill is the Company Secretary of Tamboran. He is an associate with Franks & Associates Pty Ltd (from 1999), working with public companies listed on the Australian Securities Exchange Limited and other unlisted public companies in areas such as capital raising activities, financial management reports and budgets, liaising auditors and with potential investors during due diligence process, and provision of company secretarial services.

His previous positions have included:

• Systems Accountant, ABN Amro Bank (1998);
• Senior Manager, Williams Allan (Chartered Accountants – UK; 1997-1998);
• Business Development Accountant, Threadneedle Asset Management (UK) (1997);
• US Convertible Notes, SBC Warburg (UK) (1996-1997); and
• Accountant, PricewaterhouseCoopers (formerly Price Waterhouse 1993-1996).

Dr. David King, Principal Adviser

Assisting the Board of Tamboran, Dr. David King is Principal Adviser. He is also the Chairman of Robust Resources, an ASX listed company (from Feb 2010) and non Executive Director, Eastern Star Gas Ltd (since 2007), as well as founder and director of ASX listed Gas2Grid Ltd (since 2004; acting Managing Director from 2006), and founder (in 2000) and non-executive director (from 2007) of ASX-listed oil and gas explorer, SAPEX Ltd.

His previous positions have included:

Executive Director, Eastern Star Gas Ltd (2000 – 2006; Chairman in 2007);

• Director (non executive), Southern Equity Holdings Ltd (1998 – 2002; listed investment company;
• Chairman, Molopo Australia NL (1991 – 2001) – diversified resources;
• President and CEO, Hedong Energy, Inc. (erstwhile Lowell Petroleum; 1996 – 2001) – Canadian listed oil and gas exploration company;
• Director (non executive), Minerals Corporation Ltd (1998 – 2001) – industrial minerals production;
• Director (non executive), Elmina NL (1995 – 1998), gold and fluorspar exploration;
• Director (non-executive), Hillgrove Gold Limited (1994 – 1995);
• Director (1991 – 2006) and CEO (1991 – 1995), Beach Petroleum NL and Claremont Petroleum NL;
• Managing Director, North Flinders Mines Ltd (1988 – 1989);
• General Manager Gold operations, Genoa Resources & Investments Ltd (1987 – 1988);
• Co-Manager, Exploration, and Chief Geophysicist, Hartogen Energy Ltd (1982 – 1987);
• Exploration Manager and Chief Geophysicist, Offshore Oil NL (1980 – 1982);
• Senior Research Fellow, Department of Geology and Geophysics, University of Sydney (1976 – 1980); and
• Research Fellow, Royal Norwegian Council for Scientific and Industrial Research (1974 – 1976).