Industry News

Highlights:

• Tamboran Resources and Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) (Falcon) have entered into a definitive agreement to create a ~2.9 million net prospective acre Beetaloo Basin leader across the majority of the Beetaloo depocenter.
• The combination of Tamboran and Falcon is a logical consolidation of two leading Beetaloo Basin businesses and creates a company with a pro forma market capitalization of >US$500 million.
• Under the transaction, Tamboran will acquire Falcon via the acquisition of all its subsidiaries in exchange for 6,537,503 shares of Tamboran NYSE Common Stock and a cash consideration of US$23.7 million.
• On completion, Falcon will distribute Tamboran shares to eligible shareholders of Falcon at an exchange ratio of 0.00687 shares of Tamboran NYSE Common Stock for each Falcon Common Stock. Falcon shareholders will own ~26.8% of the pro forma business. Tamboran stockholders will own the remaining 73.2%.
• The transaction values Falcon’s subsidiaries at C$239 million (US$172 million), at an implied offer price of C$0.2154 per share. This reflects a 19.7% premium of the closing price of Falcon on the TSX on September 29, 2025 and a 53.2% premium to the 90-day traded VWAP.
• The acquisition is accretive to Tamboran stockholders given the implied acreage value of US$169 per acre reflects a 4% discount to Tamboran’s current implied acreage value of US$176 per acre.
• The transaction aims to strengthen Tamboran’s working interest in the Phase 2 Development Area to 80.62% ahead of the previously announced farmout process and creates further alignment with Daly Waters Energy, LP (DWE) across the entire EP 76, 98 and 117 acreage following completion of the previously announced checkerboard process.
• The transaction has been unanimously approved by the Board of Directors of Tamboran and Falcon and is expected to close in 1Q 2026, subject to satisfaction of closing conditions, including the approval by Falcon shareholders of the transaction and the approval by Tamboran stockholders of the issuance of the Tamboran NYSE Common Stock. 

Source: Tamboran Resources Corporation

Highlights:

• The Beetaloo Joint Venture (BJV) has made a Final Investment Decision (FID) for the Shenandoah South Pilot Project, which is currently on track to commence first gas sales from mid-2026.
• The decision by the BJV to take FID follows the execution of key commercial documents with APA Group and the SPCF Trust. This follows the signing of agreements with Native Title Holders, the Northern Land Council and the Northern Territory Government to secure approvals required to commence sales of appraisal gas under the Beneficial Use of Gas (BUG) legislation.
• Tamboran and Daly Waters Infrastructure, LP (DWI) have also secured up to A$179.8 million (~US$118 million) via a three-tranche financing facility with a consortium of lenders for the construction of the Sturt Plateau Compression Facility (SPCF).
• Tamboran is now in a position to fund its share of the upstream drilling and stimulation of the remaining Pilot Project wells required to reach plateau production and construction of the SPCF, subject to successful completion of the remaining wells, and receiving the US$15 million from DWE for the recent acreage sale and a research and development (R&D) tax incentive payment in respect of eligible expenditure for FY25.
• The Pilot Project has been designed to provide long-term production testing of multiple wells that has, alongside additional resource delineation, the potential to sanction a large-scale development to the East Coast gas market.
• Tamboran expects to complete the current three well drilling program in early 4Q 2025. This will be followed by the stimulation of the Shenandoah South 4H (SS-4H) well, which is planned to be flow tested over 30-days in early 2026. The remaining three wells are expected to be stimulated in 1H 2026 after the wet season and ahead of commencement of gas sales in mid-2026.

Source: Tamboran Resources Corporation 

 29 September 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to give an update on current drilling and future planned stimulation in the Beetaloo Sub-basin. Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner Tamboran (B2) Pty Limited (collectively the “BJV partners”) continues the drilling campaign.

 Drilling Campaign

• The first two wells of the 2025 drilling campaign are drilled and cased, each with a 3,000m horizontal section (10,000-foot). The rig will now rig up on the third and final well to drill the production hole and horizontal section.
• The campaign is the first multi-well drilling program implementing batch drilling in the Beetaloo Sub-basin and is currently in line with timeline and budget.
• Up to a 60-stage stimulation across the full 3,000m horizontal section of one of the 2025 drilled wells is planned and is expected to be flow tested for 30 days in early 2026 prior to being shut-in ahead of the commencement of gas sales, which are expected to commence in mid-2026.
• In Q2 2026, following the wet season, the remaining three wells (which includes the second well of the 2024 drilling campaign) are expected to be stimulated ahead of the commencement of gas sales.
• All wells included in the Shenandoah South Pilot Project (“Pilot Project”) are expected to deliver the contracted 40 MMcf/d volume required under the Gas Sales Agreement (“GSA”) with the Northern Territory Government (“NTG”) subject to weather conditions and final stakeholder approvals.
• As previously announced, Falcon Australia opted to reduce its participating interest in the three wells drilled in 2025 to 0%, with no cost exposure.

Other recent highlights

• The BJV partners agreed terms with Native Title Holders to avoid flaring and received consent to sell appraisal gas from the proposed Pilot Project over a three-year period. Subsequently, the Northern Territory Government approved the sale of appraisal gas under the Beneficial Use of Gas (BUG) Legislation.
• The construction of the A$140 million Sturt Plateau Compression Facility (“SPCF”) commenced this month with earthworks and piling completed. Falcon has no cost exposure in the construction of the
• Work also commenced this month on the Northern Territory’s first-ever Beetaloo pipeline, with APA Group investing A$70 million to deliver the 37-kilometre Sturt Plateau Pipeline.

Source: Flacon Oil & Gas

Highlights

• During the quarter, Tamboran delivered record Beetaloo Basin IP30, 60 and 90 flow testing from the Shenandoah South 2H sidetrack (SS-2H ST1) over a 5,483-foot stimulated horizontal within the Mid Velkerri B Shale.
• Over the last 30 days of the production test, flow rates from the SS-2H ST1 well increased by ~2% without any downhole intervention and maintaining a 44/64” choke.
• In July 2025, Tamboran commenced the largest drilling program in the Beetaloo Basin to date. The program includes three batch drilled wells (SS-4H, -5H and -6H), each with a 10,000-foot horizontal section.
• The SS-4H and -5H wells have been successfully drilled to target depth (TD), while the SS-6H well is preparing to commence building the curve and drilling the horizontal section. The program is currently in line with timeline and budget.
• Tamboran agreed terms with Native Title Holders to avoid flaring and received consent to sell appraisal gas from the proposed Shenandoah South Pilot Project over a three-year period. Subsequently, the Northern Territory Government (NTG) approved the sale of appraisal gas under the Beneficial Use of Gas (BUG) Legislation.
• Tamboran commenced the formal farmout process of the ~400,000-acre Phase 2 Development Area with RBC Capital Markets. Updates will be provided to the market at the appropriate time.
• In July 2025, Mr. Dick Stoneburner was appointed interim CEO and will serve as Chair and interim CEO until a new successor is named. This follows former CEO and Managing Director, Mr. Joel Riddle stepping down.
• Mr. Scott Sheffield and Mr. Phillip Pace were appointed as Non-Executive Directors of Tamboran. Mr. John Bell Sr. stepped down from Tamboran’s Board of Directors.
• As of June 30, 2025, the Company had a cash balance of US$45.2 million, with expected future receivables of ~US$26 million from proceeds from Tranche 2 of PIPE Transaction and DWE acreage sale.

Source : Tamboran Resources Corporation

View 4Q Activity Report

View 4Q FY25 Result Presentation

The Territory’s energy future takes a major step forward, as the Finocchiaro CLP Government signs off on the Sturt Plateau Pipeline – the first to carry gas directly from the Beetaloo Sub-basin.

Acting Chief Minister and Minister for Mining and Energy, Gerard Maley, said the approvals demonstrate the Government’s commitment to delivering its year of action, certainty and security.

“Earlier this month, we announced the granting of the pipeline licence for the SPP, and approval for Tamboran to begin work on its $140 million Sturt Plateau Compression Facility (SPCF).

“Today we’re laying down the pipelines that will rebuild the economy, create more than 200 jobs, and strengthen energy supply for Territorians,” Mr Maley said.

“It’s full steam ahead for APA Group, which has already invested $2.25 million into local businesses and contractors engaged in works.”

The APA Group will fully own and operate the Sturt Plateau Pipeline, which is expected to be completed in early 2026.

The 12-inch diameter pipeline will transport up to 40 terajoules of gas per day from Tamboran’s Pilot Project, powering Territory homes and businesses from mid-2026. The pipeline will be located in the Roper Gulf Region, about 50 km south of Daly Waters, and has an expected operational life of around 40 years.

Looking ahead, APA is planning for the SPP to carry additional volumes to the east coast, while also progressing early works on the proposed North to East Australia Pipeline.

Together, these projects would enable large-scale commercial gas development in the Beetaloo to directly supply both domestic and export markets.

APA Group welcomed the approvals, CEO and Managing Director Adam Watson said:

“This pipeline is a critical first step in developing the Beetaloo Basin and strengthening energy security, transporting gas to power generation assets in Darwin via APA’s existing Amadeus Gas Pipeline.

“The project will generate about 150 jobs during peak construction over the next year. It also lays the foundation for future development, with the potential to deliver Beetaloo gas at scale to support Territory growth, east coast energy security, and global decarbonisation.”

Source: Northern Territory Government Newsroom

The Northern Endeavour floating production, storage and offloading (FPSO) vessel is finally on its way from the Timor Sea, ENB can exclusively reveal this evening.

The vessel - a shadow of the former gleaming facility it once was - is now enroute to Singapore before it will go on to Denmark where it will be dismantled and recycled. 

The news brings to an end the long running saga of the dilapidated vessel which for the last five years has been something of an albatross around the neck of the government after it fell in to their hands when its last owner went into liquidation.

As reported, last week the final one of its nine anchor chains were cut. Now two tug boats – the Skandi Emerald and the Normand Sirius - are starting the 18-day journey to a dry dock in Singapore where it will undergo some repairs and given a repaint.

After that it will be loaded on to Cosco's Hua Rui Long for its final journey to Modern American Recycling Services (MARS)'s shipyard in Denmark where it will be dismantled and recycled.

However, the Maritime Union of Australia has launched a last-ditch attempt to stop the Northern Endeavour floating production, storage and offloading (FPSO) vessel being sent overseas for its decommissioning.

The union says the government needs to close loopholes that have allowed offshore oil facilities to be exported for dismantling overseas without the hazardous waste permits normally required.

"Australia is a global citizen and has international obligations under the Basel Convention, yet we run no permit system on the disposal of FPSOs. We are sending hazardous waste offshore under a legal vacuum and missing the chance to build local industry capacity," said MUA assistant national secretary Thomas Mayo.

"FPSOs contain toxic materials that must be responsibly dealt with as we do in Australia. When they are sent overseas without proper permits, foreign workers and communities are left to face the health and environmental risks.

"At the same time, Australia loses the opportunity to develop a safe and skilled decommissioning industry at home. Closing the loophole would mean these vessels are dismantled responsibly, protecting people and the environment while creating local jobs and economic opportunities," Mayo added.

The MUA says in order to allow the Northern Endeavour to be recycled abroad, the Commonwealth has invoked the OECD Control System for the first time in relation to an FPSO.

This follows the Ningaloo Vision, which was sent to Indonesia last month with no permit whatsoever. The MUA believe others may have also been exported under this permitting gap and says there are more in the pipeline.

The MUA has officially called for the Northern Endeavour to be prevented from leaving the Timor Sea until the permitting requirements are met, explain why FPSOs have been allowed to leave without checks and balances, and amend the Hazardous Waste Act to close the loophole and bring FPSOs within Australia's permitting framework.

A spokesperson for the resources minister Madeleine King told ENB the Department of Industry, Science & Resources is satisfied that the MARS proposal will comply with international conventions and agreements, including the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal.

"The Australian Government is committed to protecting the marine environment, ensuring the safety of offshore resources sector workers, and complying with all legal requirements and international treaties as part of our efforts to decommission the Northern Endeavour FPSO.

"There will be ongoing opportunities for domestic industry involvement in the Northern Endeavour decommissioning program. The Government will be releasing procurement opportunities for future decommissioning phases on AusTender. 

"The Australian Government is committed to supporting the growth of a decommissioning industry in Australia and supporting the creation of new jobs in Australia's decommissioning industry."

Source: Energy News Bulletin

As part of the Finocchiaro CLP Government’s year of action, certainty and security, the Northern Territory will be showcased on the global stage at World Expo 2025 Osaka this week. The event is expected to attract more than 28 million visitors from 150 countries.

Japan is the Territory’s largest trading partner, with exports worth more than $1.5 billion annually, and the Expo offers a powerful platform to strengthen this relationship while opening new pathways for Territory businesses.

Minister for Trade, Business and Asian Relations, Robyn Cahill, will lead a 20-member Territory delegation from 18 organisations across industries including hospitality, agriculture, art and culture, energy, digital and AI.

“This isn’t just about showcasing the Territory – it’s about securing trade deals, opening new markets, and attracting investment that creates jobs for Territorians,” Ms Cahill said.

In the Australia Pavilion, the NT will showcase its world-class produce, including Humpty Doo saltwater barramundi, Hewitt Foods beef, Rum Jungle buffalo, Austral prawns, Greenview Farm melons and Territory gin from Darwin Distilling.

Cultural highlights will feature artwork from Merrepen Arts Centre and Marrawuddi Arts and Culture, supported by the Darwin Aboriginal Art Fair Foundation, along with a performance by Arnhem Land Songman and ceremony leader Ngulmiya.

The Northern Territory Government will also host a signature energy event in the Pavilion: Australia’s Northern Territory – Globally Significant Gas Resources Set to Drive Cleaner Energy Production.

The event will include a keynote from Mr Tetsu Murayama, Managing Director and Country Chair Australia, INPEX, and a panel discussion with:

• Mr Dick Stoneburner, Chair and Interim CEO, Tamboran
• Mr Peter Cleary, Chairman / Non-Executive Director, Beetaloo Energy Australia
• Mr Sean Pitt, EVP – Marketing, Trading & Shipping, Santos

“On and offshore gas is important, and we are working with industry to increase their local workforce and minimise their reliance on FIFO,” Ms Cahill said.

The session will highlight downstream value-adding opportunities and position the NT as a leader in Asia’s clean-energy transition.

The delegation will promote local businesses and Indigenous enterprises, helping them access international markets and attract investment that supports Territory jobs and regional communities.

“Every Territory business we showcase is another opportunity to grow exports, create jobs and strengthen our economy. This delegation ensures Territorians benefit directly from global trade opportunities. 

"While in Japan, I'll also be pursuing high-level meetings with Japanese partners to strengthen ties in clean energy, mining, resources and digital technology,” said Ms Cahill.

The estimated costs for the Minister and one staff member are approximately $19,000 with final costs to be reported after the trip in line with standard reporting processes.

Source: Northern Territory Government Newsroom

Santos announces that the BW Opal FPSO (floating production, storage and offloading vessel) has successfully received first gas into the facility to commence production operations. This follows the BW Opal achieving ready for start-up status on 16 September 2025, and the commencement of flow from the subsea wells. This is a major milestone for Santos and its Barossa joint venture partners, PRISM Energy Australia1 and JERA Australia, in delivering the Barossa LNG project.

Santos is also pleased to report that all six wells drilled in the Barossa gas field have intersected excellent reservoir quality. Testing has been completed on five of the six wells, demonstrating outstanding flow capacity that exceeds pre-drill estimates, with expected average potential well deliverability of around 300 million standard cubic feet per day. This success underscores the robust capacity of the Barossa field to sustain long-term production.

Further, the Northern Territory Environment Protection Authority has renewed the Environment Protection Licence for Darwin LNG, commencing 19 September 2025. This paves the way for first gas into, and start-up of, the Darwin LNG plant.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said, “RFSU for the BW Opal marked the formal transition from project execution to production operations, following RFSU for the Darwin LNG plant upon completion of the life extension work scope and the commencement of production from the offshore subsea wells.

“First gas into the FPSO is an important step for the project and a credit to the hard work of our people and support from our partners. It puts us on track to deliver reliable energy to our customers and longterm value to our shareholders from Barossa LNG,” said Mr Gallagher.

The BW Opal is among the largest and most technically advanced FPSOs ever built, featuring a 358-metre hull and accommodation for up to 140 personnel. It has gas handling capacity of 850 million standard cubic feet per day and condensate handling capacity of 11,000 barrels per day. Industryleading combined-cycle power generation, incorporating waste heat recovery and steam turbine technology, was used to maximise energy efficiency and is expected to reduce non-reservoir emissions by more than 50 percent (over 0.75 million tonnes of CO2e per year) compared to the Offshore Project Proposal accepted by the regulator NOPSEMA.

The FPSO is the production centrepiece of Santos’ Barossa LNG project and will be permanently located in the Barossa gas field approximately 285 kilometres offshore from Darwin in the Northern Territory of Australia. It will feed the Darwin LNG plant for the next two decades.

With RFSU of the BW Opal, Santos will recognise a lease liability of ~US$665 million and a right-of-use asset value of ~US$1.4 billion comprising the lease liability, FPSO pre-payment and other direct costs. The impact of the operating lease liability is expected to increase gearing ~2.4 percentage points2.

Source : Barossa LNG FPSO receives first gas following RFSU

The Northern Territory Environment Protection Authority (NT EPA) met to consider an application from Santos NA Darwin Pipeline Pty Ltd (Santos) to renew Environment Protection Licence 217-04 under the Waste Management and Pollution Control Act 1998 for the Darwin LNG facility, located at Wickham Point.

The NT EPA decided to amend and renew the licence for a 5-year period.   In reviewing the licence renewal application, the NT EPA considered the need to improve oversight of fugitive emissions management, community engagement and transparency.  The licence renewal includes new conditions that require Santos to:

• prevent and manage fugitive methane emissions to a level that is as low as reasonably practicable (ALARP) and acceptable to the NT EPA
• implement a leak detection and repair (LDAR) program to reduce fugitive emissions from the facility
• monitor fugitive methane emissions from the Darwin LNG storage tank annually
• report to the NT EPA on the results of the LDAR program in the Annual Environmental Monitoring Report; and
• establish a Community Consultative Committee to better facilitate sharing of information with the community and other stakeholders and to ensure timely and open communication on matters of interest to the community about the facility and its operations.  

The NT EPA Chairperson, Dr Paul Vogel AM, did not participate in the discussion and decision on the licence renewal.

To view the licence go to Santos NA Darwin Pipeline Pty Ltd | NTEPA

Santos Limited (ASX: STO) (Santos) refers to the non-binding, indicative proposal (Indicative Proposal) announced on 16 June 2025 from a consortium led by XRG P.J.S.C., a subsidiary of Abu Dhabi National Oil Company and including Abu Dhabi Development Holding Company and Carlyle (the XRG Consortium), to acquire 100% of the issued shares of Santos via a cash scheme of arrangement (Potential Transaction).

On 25 August 2025 Santos agreed to a second extension of the Process and Exclusivity Deed (Process Deed) to enable the finalisation of the Scheme Implementation Agreement (SIA) and for the XRG Consortium to obtain all necessary approvals to enter into a binding transaction. The XRG Consortium confirmed that it had not found anything in due diligence that would lead it to withdraw its Indicative Proposal.

On 15 September 2025 the Santos Board advised the XRG Consortium that Santos expected to enter into an SIA at the agreed offer price of US$5.626 if a binding proposal was received from the XRG Consortium on acceptable terms on or prior to 19 September 2025. In response the XRG Consortium notified the Santos Board yesterday evening of its decision to withdraw its Indicative Proposal and not proceed with the Potential Transaction.

In that notification, the XRG Consortium confirmed that it maintains a positive view of the Santos business and has respect for the management team. The Santos Board had expressed its concern to the XRG Consortium about delays in agreeing the SIA. The XRG Consortium would not agree to acceptable terms which protected the value of the Potential Transaction for Santos shareholders, having regard to the likely extended timeframe to completion and the regulatory risk associated with the transaction. Further, the XRG Consortium would not agree to an appropriate allocation of risk between the XRG Consortium and Santos shareholders under the SIA. This included the obligation of the XRG Consortium to secure regulatory approvals and the provision of a reasonable commitment to the development and supply of domestic gas.

Santos continues to successfully execute its clear strategy to deliver superior shareholder value, with our base business generating strong, stable cash flows underpinned by our disciplined low-cost operating model. Our two major development projects, Barossa and Pikka phase 1, are well advanced and materially de-risked through our proven self-execute capability, positioning Santos for around a 30 per cent increase in production by 2027.

This ASX announcement was approved and authorised for release by The Board of Santos.

Read full announcement here: ASX/Media Release - XRG Consortium Withdraws.