On September 30, 2025, Tamboran Resources Corporation has entered into a definitive agreement to acquire Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) through a Plan of Arrangement under the Business Corporations Act (British Columbia). The transaction will consolidate Tamboran and Falcon’s assets, creating a leading operator with approximately 2.9 million net prospective acres in Australia’s Beetaloo Basin and a pro forma market capitalization exceeding US$500 million (C$695 million). Under the terms, Tamboran will acquire all Falcon subsidiaries in exchange for 6,537,503 shares of Tamboran NYSE Common Stock and a cash consideration of US$23.7 million (C$32.9 million). Falcon shareholders will receive Tamboran shares at an exchange ratio of 0.00687 per Falcon share and will own approximately 26.8% of the combined entity. The transaction values Falcon’s subsidiaries at C$239 million (US$172 million), representing a 19.7% premium to Falcon’s closing price on the TSX as of September 29, 2025, and a 53.2% premium to the 90-day VWAP.

The deal is unanimously approved by both companies’ boards and is subject to shareholder and regulatory approvals, with closing expected in Q1 2026. Legal advisors to Tamboran include Latham & Watkins LLP, Torys LLP, White & Case LLP, and Lakatos, Köves and Partners (LKT). Falcon is advised by Cavendish Capital Markets Limited (financial), Borden Ladner Gervais LLP (legal), and McCullough Robertson (legal for Falcon Oil & Gas Australia Limited).