Tamboran sanctions Shenandoah South Pilot, acquires Falcon Oil & Gas, raises US$56M

Tamboran Resources Corp

Shenandoah South Pilot Project sanctioned; first gas to NT market expected mid-2026; three 10,000-ft horizontal wells drilled ahead of schedule.
Tamboran to acquire Falcon Oil & Gas for ~US$172M (C$239M) in shares and cash; Falcon shareholders to own ~26.8% of pro forma; expected close 1Q 2026.
Completed US$56.1M public offering at $21.00/share; Baker Hughes invested US$10M as strategic partner; PIPE up to US$32.0M also announced.
Cash balance US$39.6M at Sep 30, 2025; expected near-term inflows of ~US$100M; no debt.
Dick Stoneburner appointed interim CEO; Scott Sheffield and Phillip Pace join board; Joel Riddle and John Bell Sr. depart.

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