Tamboran Resources Corp. (NYSE: TBN) has entered into a farm‑down agreement with Daly Waters Energy (DWE) that values the company’s Beetaloo Basin acreage at a premium and provides up to US$28.5 million in staged earn‑in funding to support Tamboran’s development program.
The transaction covers roughly 10,000 acres across the Shenandoah North and South Pilot Areas and the Beetaloo Central Development Area. Under Phase 1, DWE will fund US$11.6 million of Tamboran’s share of future work programs in the Pilot Area; an additional US$11.6 million is available under Phase 2, and a potential US$5.3 million milestone‑based carry is also included.
The deal is designed to accelerate activity while preserving Tamboran’s balance‑sheet strength and maintaining operatorship of its core assets. The staged earn‑in structure reduces the company’s immediate financial burden and keeps upside exposure to the project, while the carry commitment provides a future incentive for DWE to support Tamboran’s milestones.
Tamboran has reported significant losses in recent periods—US$39.6 million net loss for fiscal 2025 and a US$7.6 million loss for the quarter ended December 31 2025—raising substantial doubt about its ability to continue as a going concern. The farm‑down provides the capital needed to move toward first gas sales in Q3 2026 and mitigates the risk of a liquidity shortfall.
The announcement was met with a positive market reaction. Analysts upgraded the company’s outlook, citing the validation of acreage value, the infusion of staged funding, and the confidence signaled by INPEX’s partnership with DWE. The deal is viewed as a key step toward domestic gas supply and potential LNG exports to Asia.
Todd Abbott, Tamboran’s CEO, said, "This transaction represents a significant validation of the underlying value of our Beetaloo acreage with an implied valuation well above our recent traded metrics. Importantly, it allows us to accelerate activity while preserving balance sheet strength and maintaining operatorship of our core assets." He added, "The INPEX investment in the Beetaloo Basin via its farm‑in to the DWE interest in the North and South Pilot Area and BCDA position is a strong sign of confidence and has the potential to provide Tamboran with an additional pathway to gas commercialization."
The farm‑down aligns with Tamboran’s broader strategy to secure capital while retaining control over its most valuable assets. By partnering with DWE and leveraging INPEX’s interest, Tamboran positions itself to deliver first gas sales in the second half of 2026 and to support future LNG export projects.
Headwinds remain, including ongoing losses, regulatory approvals, and the need for additional capital to sustain development. However, the partnership with a major international player and the staged funding structure provide a tailwind that strengthens Tamboran’s financial position and supports its long‑term growth prospects.
The transaction underscores Tamboran’s focus on maintaining operatorship, preserving balance‑sheet strength, and securing the capital necessary to bring the Beetaloo Basin project to commercial production.
The deal also signals growing international interest in the Beetaloo Basin, as INPEX’s involvement demonstrates confidence in the basin’s potential to supply domestic gas and support LNG exports to Asia.
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