Tamboran Resources and Formentera Partners have executed a farm-in agreement to accelerate the development of the Beetaloo Basin in Australia’s Northern Territory.
The agreement will see Tamboran farm down approximately 10,000 acres of its working interest across the Shenandoah North and South Pilot Areas, as well as the Beetaloo Central Development Area (BCDA) to Daly Waters Energy, a subsidiary of Formentera.
The deal provides Tamboran with up to US$28.5 million in staged earn-in payments.
The farm-out is structured in phases, with an initial US$11.6 million carry commitment for work in the Pilot Area, followed by a further US$11.6 million for the BCDA. An additional US$5.3 million milestone payment is also on the table.
Tamboran CEO Todd Abbott said the deal allows the company to maintain operatorship of its core assets while preserving a strong balance sheet.
“This transaction represents a significant validation of the underlying value of our Beetaloo acreage, with an implied valuation well above our recent traded metrics,” Abbott said.
“Importantly, it allows us to accelerate activity while preserving balance sheet strength and maintaining operatorship of our core assets.”
The transaction follows DWE’s strategic joint venture with Japanese energy giant INPEX Corp., the operator of the 8.9 MTPA Ichthys LNG project in Darwin.
The involvement of a tier-one player like INPEX is being viewed as a major vote of confidence in the Beetaloo’s commercial viability.
“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 commercialisation,” Abbott said.
Beyond the financial injection, the investment is expected to support local employment and infrastructure development for the Northern Territory.
Tamboran remains firmly on track to deliver first gas by the third quarter of 2026.
