Tamboran Completes Acquisition of Falcon Oil & Gas

Tamboran Resources has completed the acquisition of Falcon Oil & Gas via the acquisition of its subsidiaries following receipt of final court approval from the Supreme Court of British Columbia. Completion of the transaction results in Tamboran holding ~2.8M net prospective acres, representing the largest acreage position in the Beetaloo Basin depocenter. Upon completion of the transaction, Tamboran issued 6,537,503 shares of Common Stock to eligible shareholders of Falcon. Tamboran now has 34,856,412 shares of Common Stock issued including equivalent CHESS Depositary Interests with a pro forma market capitalisation of approximately $1.2B, based on the close of trading on the New York Stock Exchange on Wednesday May 27. As required under the Final Order, a Falcon shareholder was deemed to have exercised the right to dissent the transaction. The shareholder is entitled to receive the greater of the cash consideration or the fair value of their shares in Falcon, as determined by the court. The shareholder will not become a shareholder of Tamboran as a result of the transaction. The cash consideration to the shareholder will be placed into an existing blocked account at a U.S. financial institution, in accordance with applicable sanctions laws. Tamboran and Falcon will be responsible for any fair value as determined by the court.