Tamboran Resources Ltd (ASX:TBN) has completed the acquisition of Origin Energy’s gas assets in the prolific Beetaloo Basin of the Northern Territory in Australia.
The company has satisfied the conditions precedent required under the sale and purchase agreement with Origin and operatorship of EPs 98, 117, and 76 has transferred to Tamboran.
Largest consolidated position
The company’s managing director and CEO Joel Riddle said: "We have successfully completed the acquisition of EPs 98, 117 and 76 from Origin Energy.
"Tamboran now holds the largest consolidated position in the deepest section of the Beetaloo Basin.
"The company raised approximately $195 million to fund the purchase and assist in the commercialisation of these world-class assets."
Team increased
Completion of this acquisition means that Tamboran’s team has been increased with the addition of 10 staff from the Origin team who are set to play a key role in unlocking the commercial potential of the Beetaloo Basin.
“We welcome the experienced team of professionals from Origin that have joined Tamboran. The team will provide valuable operational and technical expertise, having served in senior operational roles with Origin in the drilling of key wells in the Beetaloo over the last few years,” Riddle said.
Tamboran Resources is the largest acreage holder with ~1.9 million net prospective net acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia.
Tamboran’s Beetaloo Basin asset location map.
Role in energy transition
The company is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the basin.
Within EP 98, Tamboran will focus on the development of the proposed Amungee Pilot Development, targeting first production by the end of 2025.
“We also look forward to working closely with our local NT communities, to generate further jobs and opportunities for all Territorians,” Riddle added.
"Tamboran is very excited to be at the forefront of the development of the significant low-CO2 unconventional gas resource in the Beetaloo Basin, which is expected to bring significant employment and royalties to the Northern Territory, as well as support Australia’s national energy security and energy transition.”