Tamboran Resources Secures US$28.5M Staged Funding for 10,000-Acre Farm-Down
Tamboran Resources will farm down 10,000 acres of Beetaloo Basin to Daly Waters Energy for up to US$28.5 million in staged, milestone-linked funding. It preserves operatorship, cuts Tamboran’s capital burden and implies a valuation uplift above recent trading metrics with off-ramp provisions for future acreage ownership.
1. Farm-Down Agreement Details
Tamboran Resources agreed to farm down a portion of its Beetaloo Basin acreage spanning approximately 10,000 acres across the Shenandoah North and South Pilot Areas and the Beetaloo Central Development Area to Daly Waters Energy’s owner, Formentera Partners, at a premium valuation.
2. Funding Structure and Milestones
The agreement provides for a staged earn-in with US$11.6 million funding under Phase 1, a further US$11.6 million carry in Phase 2 focused on the Central Development Area, and a potential US$5.3 million milestone-based carry tied to specific development achievements.
3. Off-Ramp Provisions and Operatorship
Off-ramp provisions allow acreage ownership adjustments if Daly Waters Energy elects not to proceed to later phases, while Tamboran retains operatorship of its core assets throughout, reducing its capital burden and limiting equity dilution.
4. Strategic Context and Valuation Impact
The transaction aligns with INPEX’s parallel investment in the basin, signaling growing international interest and implying a significant valuation uplift above recent trading metrics as Tamboran shifts from exploration toward appraisal and development.