Tamboran Resources Limited and Bryan Sheffield, the Founder, Chairman and CEO of US unconventional E&P Parsley Energy agreed to acquire 77.5 per cent interest in three Beetaloo Basin permits (EP 98, 117 and 76) from Origin Energy Limited for AUD 60 million.

Tamboran Resources Limited (ASX:TBN) and Bryan Sheffield, the Founder, Chairman and CEO of US unconventional E&P Parsley Energy agreed to acquire 77.5% interest in three Beetaloo Basin permits (EP 98, 117 and 76) from Origin Energy Limited (ASX:ORG) for AUD 60 million on September 20, 2022. The acquisition made through a joint venture entity (the JV) for an upfront cash consideration of AUD 60 million plus a future production royalty. 5.5% revenue royalty on production on a 77.5% working interest basis.

The acquisition and drilling program to be funded through AUD138 million equity raising. Post-completion, Tamboran to hold 38.75% interest and operatorship, Sheffield 38.75% non-operating interest and Falcon Oil & Gas (Falcon) to retain 22.5% non-operating interest in the three permits. The acquisition of Origin EnergyÆs Beetaloo assets is subject to regulatory approval, waiving of pre-emptive rights and other customary conditions.

TamboranÆs Board of Directors have unanimously approved the transaction. Akin Gump Strauss Hauer & Feld LLP acted as legal advisor to Tamboran Resources Limited. As on October 12, 2022 Falcon Oil & Gas waived off its waive pre-emptive rights on TamboranÆs purchase.