Tamboran to acquire Falcon Oil & Gas Ltd. Presentation

• Consolidates leading Beetaloo Basin acreage position with >50% increase in net prospective acres
• Strengthens Tamboran's interest in the Phase 2 Development Area to 80.62%
• Accretive transaction at an attractive acreage value of US$169 per acre

Tamboran Resources Corporation ('Tamboran') has announced the acquisition of Falcon Oil & Gas Ltd. ('Falcon') in a strategic move to consolidate its leading position in the Beetaloo Basin. The transaction will increase Tamboran's net prospective acreage by over 50% to approximately 2.9 million acres, with over 40,000 gross drilling locations across the Beetaloo depocenter. The acquisition strengthens Tamboran's interest in the Phase 2 Development Area to 80.62%, positioning the company well ahead of the upcoming farmout process. The transaction is valued at an attractive acreage price of US$169 per acre, representing a 4% discount to Tamboran's currently traded acreage value. Upon completion, Falcon shareholders will own approximately 26.8% of the pro forma business, which will have a market capitalization of over US$500 million, making it the fifth-largest listed Australian E&P company. The transaction is expected to close in the first quarter of 2026, subject to shareholder and regulatory approvals.