Tamboran completes acquisition of Beetaloo assets from Origin

Sydney-listed Tamboran Resources has completed the acquisition of Beetaloo assets from Origin Energy, it said on November 10.

The conditions precedent required under the sale and purchase agreement have been satisfied and operatorship of EPs 98, 117, and 76 has transferred to Tamboran. Origin on September 19 announced it will divest its interest in the Northern Territory’s Beetaloo sub-basin, and exit its upstream exploration permits not related to Australia Pacific LNG.

Tamboran CEO, Joel Riddle, said: “Tamboran now holds the largest consolidated position in the deepest section of the Beetaloo basin. The company raised approximately A$195mn ($125.3mn) to fund the purchase and assist in the commercialisation of these world class assets.”

Tamboran and its substantial shareholder, Bryan Sheffield, have bought a 77.5% stake in the Beetaloo joint venture from Origin for A$60mn and a royalty on future production over the life of the field across the interest being acquired.