Latest news with #TamboranResources
Yahoo
3 days ago
- Business
- Yahoo
Tamboran Resources Corporation (TBN) Signs Agreement With Native Title Holders and NLC To Sell Appraisal Gas From Shenandoah South Pilot in Beetaloo Basin
Tamboran Resources Corporation (NYSE:TBN) is among the 12 Best Australian Stocks to Buy Right Now. According to reports on Sky News, the company has secured a vital agreement with Native Title Holders and Northern Land Council (NLC) to sell appraisal gas from its Shenandoah South Pilot in the Beetaloo Basin. An industrial facility emitting natural gas from large pipes, with workers in the foreground. The gas field, located about 500 km south of Darwin, is roughly the size of Belgium. Analysts believe the historic agreement is expected to help meet Australia's domestic energy needs for well over 200 years. The NLC has described the deal with Tamboran Resources Corporation (NYSE:TBN) as significant for economic growth in the Northern Territory and added that it would help administer the agreement to ensure the company meets its obligations. 'The NLC supports the native title holders' decision to negotiate with Tamboran and supports the outcomes of the negotiations. This agreement means jobs and money for native title holders. The NLC will continue to help to administer the agreement on behalf of native title holders to make sure Tamboran meets its obligations in the Agreement.' Tamboran Resources Corporation (NYSE:TBN) is a natural gas company focused on the development of unconventional gas resources in Australia's Northern Territory. While we acknowledge the potential of TBN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 11 Best Large Cap Defense Stocks to Buy According to Analysts and 10 Best Low Priced Defense Stocks to Buy Now. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Sky News AU
7 days ago
- Business
- Sky News AU
Gas flow from Northern Territory's Beetaloo Basin edges closer to reality after native title holders sign historic deal
Gas is a step closer to flowing from the Northern Territory's Beetaloo Basin following the signing of an historic agreement with traditional owners. Native title holders and the Northern Land Council have signed the agreement with Tamboran Resources for the sale of appraisal gas from its Shenandoah South pilot project in the Beetaloo Basin. The Beetaloo Basin is a gas field roughly the size of Belgium about 500km south of Darwin. Some analysts predict the field contains enough gas to supply Australia's domestic energy needs for more than 200 years. The NLC described the deal as a significant step for the economic growth of the Northern Territory. 'The NLC supports the native title holders decision to negotiate with Tamboran and supports the outcomes of the negotiations,' the land council said in a statement. 'This agreement means jobs and money for native title holders. 'The NLC will continue to help to administer the agreement on behalf of native title holders to make sure Tamboran meets its obligations in the Agreement.' 'Free prior and informed consent from Traditional Owners is of utmost importance to the NLC. The NLC has facilitated over one hundred on country consultations with native title holders about this project.' The Northern Territory Government had previously signed a deal with Tamboran Resources to buy the appraisal gas for its domestic energy supply. The Government-owned Power and Water Corporation has been forced to purchase emergency gas and at times rely on diesel to power its Darwin and Katherine electricity system after supplies ran low in the Blacktip offshore field. Tamboran Resources chairman and interim CEO Richard Stoneburner said the company's near-term focus was on meeting the NT's energy requirements. 'This is a significant moment for Tamboran Resources being the first operator in the Beetaloo Basin to secure Native Title Holder approval to sell gas under the legislated appraisal framework,' he said. 'We thank the Native Title Holders and the Northern Land Council for their support in reaching a positive outcome with this significant agreement and for their vision and support. 'The Agreement provides a range of financial and non-financial benefits for Native Title Holders and we are excited to continue working together into the future to create jobs, grow business and create more opportunities for the local community.' The project now requires final approval from Mines and Energy Minister Gerald Maley. The first gas is expected to flow from the project by mid-2026.
ABC News
29-07-2025
- Business
- ABC News
Tamboran CEO Joel Riddle departs fracking company as Scott Sheffield joins board
Oil and gas heavy hitters from US state of Texas are taking the lead in a fracking company with contracts to supply more than half of the Northern Territory's daily gas needs, an energy analyst says. Joel Riddle has stepped down as CEO and managing director of Tamboran Resources after 12 years in the role. Tamboran has fracking operations in the gas-rich Beetaloo Basin, and last year inked a contract with the NT government to supply gas to the territory from 2026. About 80 per cent of the territory's energy is supplied by gas-fired power stations, which have depended on emergency deals with exporters since 2020. Mr Riddle's sudden departure from Tamboran's top job is not the only change at the company, with two new appointments and one further exit from the boardroom. Texan oil and gas man Scott Sheffield has been named a non-executive director. The Sheffield Group, which includes privately held US-based company Sheffield Holdings LP and Scott Sheffield's billionaire son Bryan Sheffield, is a major shareholder in Tamboran. Energy analyst Saul Kavonic said he believed differences of opinion were behind the sudden departure of Tamboran Resources. "The nature of his leaving, which was very abrupt, to my mind does suggest that there's been a misalignment between [Mr Riddle] and Sheffield," Mr Kavonic told NT Country Hour. "What we've seen here with the installation of Scott Sheffield onto the board is a sign that the Sheffields are taking control of Tamboran and are going to be more much hands-on with driving things forward. Scott Sheffield has a long history in the United States' fossil fuel sector as head of oil and gas company Pioneer, which was acquired by ExxonMobil in 2024. He has also made moves into Australia's gas industry, serving as a director from 2014 to 2017 with Santos, which has significant gas projects underway in the NT. In a statement to the ASX, Tamboran chair and interim CEO Dick Stoneburner said the company remained committed to delivering gas out of the Beetaloo. Last year, the NT government signed a nine-year deal with Tamboran to buy fracked gas from its Beetaloo Basin project. At the time, Mr Riddle said the company would prioritise the NT's gas needs first, ahead of supply to the east coast and international gas markets. In March, the NT government scrapped targets to achieve 50 per cent renewable energy generation by 2030. NT Chief Minister Lia Finocchiaro said she was not concerned that the change in leadership at Tamboran would affect the gas supply deal. "We are continuing to look to how we can diversify and shore-up gas security for territorians into the future," she said. "We remain very committed to the Beetaloo being a really important resource."
Associated Press
28-07-2025
- Business
- Associated Press
Tamboran Appoints Board Chairman Dick Stoneburner as Interim CEO
NEW YORK--(BUSINESS WIRE)--Jul 27, 2025-- Tamboran Resources Corporation (NYSE: TBN, ASX: TBN): Tamboran Resources Corporation Chairman, Dick Stoneburner, said: 'Tamboran remains committed to completing the tie-in of the five wells on the Shenandoah South 2 pad that are planned to deliver gas into the Sturt Plateau Compression Facility (SPCF) and feed into the 40 MMcf/d Gas Sales Agreement with the Northern Territory Government. We remain focused on unlocking the significant value that we believe the development of the Beetaloo Basin will realize for shareholders and the stakeholders of the Northern Territory. 'Since joining Tamboran as CEO in 2013, Mr. Riddle has overseen the Company's transformation from early-stage natural gas exploration to the brink of commercial production. Under his leadership, Tamboran has pioneered integrated development strategies that combine recognized U.S. shale techniques with Australian operations, driving significant productivity and efficiency gains. 'Additionally, under Joel's leadership, Tamboran successfully acquired and expanded its key assets and operations, resulting in the Company becoming the largest acreage holder and operator in the Beetaloo Basin in the Northern Territory of Australia, with approximately 1.9 million net prospective acres. 'On behalf of the Board, I thank Joel for his dedicated service to Tamboran over the last 12 years and John for his valuable membership on our Board.' Tamboran Resources Corporation Chair of the Nomination and Corporate Governance Committee, Fred Barrett, commented: 'We are also pleased to welcome two deeply experienced executives, Scott and Phillip, to our Board of Directors. They each bring extensive leadership, operational, financial, capital raising, strategic partnering and risk management expertise to Tamboran. 'Their perspectives will be invaluable as we continue to prioritize strategic execution and operational innovation to capitalize on the enormous potential of the Beetaloo Basin. With the appointments of Scott and Phillip, the Board has meaningfully deepened its expertise in large-scale shale development.' The complete cooperation agreement with Sheffield Holdings will be filed on a Current Report on Form 8-K with the U.S. Securities and Exchange Commission. This announcement was approved and authorised for release by Dick Stoneburner, the Chairman of Tamboran Resources Corporation. About Tamboran Resources Corporation Tamboran Resources Corporation ('Tamboran' or the 'Company'), through its subsidiaries, is the largest acreage holder and operator with approximately 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets include a 47.5% operating interest over 20,309 acres in the proposed northern Pilot Area, a 38.75% non-operating interest over 20,309 acres in the proposed southern Pilot Area, a 58.13% operating interest in the proposed Phase 2 development area covering 406,693 acres, a 67.83% operated interest over 219,030 acres in a proposed Retention License 10, a 77.5% operating interest across 1,487,418 acres over ex-EPs 76, 98 and 117, a 100% working interest and operatorship in EP 136 and a 25% non-operated working interest in EP 161, which are all located in the Beetaloo Basin. The Company has also secured ~420 acres (170 hectares) of land at the Middle Arm Sustainable Development Precinct in Darwin, the location of Tamboran's proposed NTLNG project. Pre-FEED activities are being undertaken by Bechtel Corporation. Note on Forward-Looking Statements This press release contains 'forward-looking' statements related to the Company within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the Company's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words 'believe,' 'expect,' 'anticipate,' 'will,' 'could,' 'would,' 'should,' 'may,' 'plan,' 'estimate,' 'intend,' 'predict,' 'potential,' 'continue,' 'participate,' 'progress,' 'conduct' and the negatives of these words and other similar expressions generally identify forward-looking statements. It is possible that the Company's future financial performance may differ from expectations due to a variety of factors, including but not limited to: our early stage of development with no material revenue expected until 2026 and our limited operating history; the substantial additional capital required for our business plan, which we may be unable to raise on acceptable terms; our strategy to deliver natural gas to the Australian East Coast and select Asian markets being contingent upon constructing additional pipeline capacity, which may not be secured; the absence of proved reserves and the risk that our drilling may not yield natural gas in commercial quantities or quality; the speculative nature of drilling activities, which involve significant costs and may not result in discoveries or additions to our future production or reserves; the challenges associated with importing U.S. practices and technology to the Northern Territory, which could affect our operations and growth due to limited local experience; the critical need for timely access to appropriate equipment and infrastructure, which may impact our market access and business plan execution; the operational complexities and inherent risks of drilling, completions, workover, and hydraulic fracturing operations that could adversely affect our business; the volatility of natural gas prices and its potential adverse effect on our financial condition and operations; the risks of construction delays, cost overruns, and negative effects on our financial and operational performance associated with midstream projects; the potential fundamental impact on our business if our assessments of the Beetaloo are materially inaccurate; the concentration of all our assets and operations in the Beetaloo, making us susceptible to region-specific risks; the substantial doubt raised by our recurring operational losses, negative cash flows, and cumulative net losses about our ability to continue as a going concern; complex laws and regulations that could affect our operational costs and feasibility or lead to significant liabilities; community opposition that could result in costly delays and impede our ability to obtain necessary government approvals; exploration and development activities in the Beetaloo that may lead to legal disputes, operational disruptions, and reputational damage due to native title and heritage issues; the requirement to produce natural gas on a Scope 1 net zero basis upon commencement of commercial production, with internal goals for operational net zero, which may increase our production costs; the increased attention to environmental, social and governance matters and environmental conservation measures that could adversely impact our business operations; risks related to our corporate structure; risks related to our common stock and CDIs; and the other risk factors described more fully in the Company's Annual Report on Form 10-K, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the Securities and Exchange Commission. It is not possible to foresee or identify all such factors. Any forward-looking statements in this release are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company's results of operations and financial condition, the Company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document, except as otherwise required by law. Annexure A About Scott Sheffield Mr. Sheffield has more than 50 years of experience in the energy industry, including building a company into a top tier exploration and production company that was acquired by Exxon Mobil Corporation in a transaction that closed in May 2024. From 2019 until December 31, 2023, he served as a Director and Chief Executive Officer of Pioneer Natural Resources Company ('Pioneer'), a large publicly traded domestic upstream oil and gas company. He retired on December 31, 2023, as CEO and remained as a director until May 2024. Mr. Sheffield served as the founding Chief Executive Officer of Pioneer from August 1997 until his retirement in December 2016, and he also served as Board Chair from 1999 until 2019 when he returned as the CEO. Mr. Sheffield was the CEO of Parker and Parsley Petroleum Company, a predecessor company of Pioneer, from 1985 until it merged with MESA, Inc. to form Pioneer in 1997. Mr. Sheffield joined Parker and Parsley as a petroleum engineer in 1979, was promoted to Vice President of Engineering in 1981, was elected President and a Director in 1985, and became Board Chair and Chief Executive Officer in 1989. Mr. Sheffield served as a Director of Santos Limited, an Australian exploration and production company, from 2014 to 2017. He previously served as a Director from 1996 to 2004 on the Board of Evergreen Resources, Inc., an independent natural gas energy company. Mr. Sheffield holds a Bachelor of Science in Petroleum Engineering from the University of Texas. He has also served on various industry and education-related boards, including the National Petroleum Council, America's Natural Gas Alliance, and the Maguire Energy Institute of the Southern Methodist University Cox School of Business. Mr. Sheffield is also a 2013 inductee to the Permian Basin Petroleum Museum Hall of Fame. About Phillip Pace Phillip Pace has more than 30 years of energy industry experience. From 2017 to 2020 he served as a Director of Lonestar Resources US Inc., a then-publicly traded exploration and production company. From 2009 until his retirement in 2020, Mr. Pace was Founding Partner and Managing Director of Chambers Energy Management, a Houston-based investment firm focused on opportunistic credit investments in the energy industry. He also has extensive experience in energy finance, including 19 years in oil and gas equity research. Following his equity research career, Mr. Pace became Credit Suisse's Head of Exploration and Production Investment Banking in 2005 and Co-Head of Energy Investment Banking in 2006. During his career on Wall Street, Mr. Pace was involved in over $50 billion in completed M&A transactions and over $10 billion in equity capital raised for the exploration and production sector in more than 50 distinct transactions. Mr. Pace holds a Bachelor of Business Administration degree in Finance, with honors, from Texas A&M University and is a Chartered Financial Analyst. He serves on multiple education-related and non-profit boards, including the Yellowstone Academy and Angel Reach. View source version on CONTACT: Investor enquiries: Chris Morbey, Vice President – Corporate Development and Investor Relations +61 2 8330 6626 [email protected] enquiries: +61 2 8330 6626 [email protected]. media enquiries: Matt Sherman / Andrew Siegel Joele Frank, Wilkinson Brimmer Katcher 212-355-4449 KEYWORD: NEW YORK AUSTRALIA/OCEANIA AUSTRALIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: OIL/GAS NATURAL RESOURCES ENERGY OTHER NATURAL RESOURCES OTHER ENERGY SOURCE: Tamboran Resources Corporation Copyright Business Wire 2025. PUB: 07/27/2025 07:30 PM/DISC: 07/27/2025 07:31 PM
Yahoo
29-06-2025
- Business
- Yahoo
Tamboran Resources (TBN) Closes First Tranche of Private Investment Public Equity (PIPE)
Tamboran Resources Corporation (NYSE:TBN) is one of the 7 Best ASX Stocks to Buy Now. It closed the first tranche of its previously announced Private Investment Public Equity (PIPE) of common stock in order to finance the ongoing drilling activities to reach plateau production from the proposed SS Pilot Project. Tamboran Resources Corporation (NYSE:TBN) anticipates receiving gross proceeds of ~US$55.4 million upon closing of the second tranche of the PIPE, prior to deducting placement agent fees and other offering expenses. An industrial facility emitting natural gas from large pipes, with workers in the foreground. Pursuant to the closing of the first tranche, Tamboran Resources Corporation (NYSE:TBN) issued 2,180,515 shares of common stock at US$17.74 per share to garner ~US$38.7 million. The funds from the private placement will be used for drilling the remaining 3 wells required for the company's proposed 40 million cubic feet per day (MMcf/d) Pilot Project at the Shenandoah South location in the Beetaloo Basin to reach first production. This is planned for mid-2026, however, it is subject to weather and standard stakeholder approvals. Furthermore, the funds will be used for the financing of the Sturt Plateau Compression Facility until Tamboran and DWE finalize terms with lenders. Tamboran Resources Corporation (NYSE:TBN) is a natural gas company that is focused on developing unconventional gas resources in the Northern Territory of Australia. While we acknowledge the potential of TBN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than TBN and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None.
