Thursday, September 28, 2023
Oil & Gas

Tamboran buys Beetaloo from Origin

Tamboran Resources has completed its 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 Energy and operatorship of Eps 98, 117, and 76 has all be transferred to Tamboran.

Net proceeds of $60 million have been received and a royalty agreement covering future production over the life of field across Origin Energy’s original interest in the Beetaloo Basin has been executed.

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Origin has also executed a gas sale agreement conditional on a final investment decision being made and future development occurring.

Tamboran Managing Director and CEO, Joel Riddle, noted that the company 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,” Riddle said.

“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.”

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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.

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