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Do you think Inpex are dipping their toes or that is all DWE wanted to part with now. I'd say it's more likely they wanted to give away the smallest slice to fund the next few wells and will farm out but by bit as with each stage the valuation likely grows. I'd say Inpex would only be too happy to throw 1bn at it and take the lot right now

Didn't realise DWE was a subsidiary of Formenteara. 3k an acre. Sheffield runs a tight ship.

Holy Smokes,

Just found this

inpex formentera price per acre JV

+5

INPEX Corporation has entered a strategic partnership with Formentera Partners to farm into the Beetaloo sub-basin in Australia's Northern Territory.

Key Transaction Details (March 2026):

Acreage: INPEX acquires interests in ~68,000 net acres (within a 355,000-gross-acre block).

JV Structure: INPEX acquires 11.25% in First Strategic Development Area (FSDA) North/South and 20% in Beetaloo Central Development (BCD) from Formentera's subsidiary, Daly Waters Energy.

Valuation: The deal values the core acreage at approximately $3,000 per acre.

Total Consideration: Up to $208 million for the initial 68,000 acres, structured as a staged earn-in via development capital (carrying well costs).

Option: INPEX has an option for an additional ~75,000 net acres for an additional $266 - $411

Did Inpex cut a deal with Daly waters Energy too or was that just a slip of the pen and you were f referring to the Formenteara partners JV with Inpex? I didn't see any specifics on that deal except they valued whatever they agreed a JV on at 208m. 3k would be a serious increase on average value in the beetaloo. We did the falcon deal with Tamboran at what 150 per acre. 3k an acre bodes well for the farm out but seems like a mega jump from last market value. Can you share any deal structure you've seen on the Inpex JV and thanks in advance

Tamboran trading at over a 20% premium. If you think the deal is going to convert it's a no brainer to buy falcon

I see a few people still like free money. Can't believe more aren't buying

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Falcon Oil & Gas Ltd. - Beetaloo Sub-basin - Completion of the SS2-1H well stimulation program

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Falcon Oil & Gas Ltd. - Beetaloo Sub-basin - Completion of the SS2-1H well stimulation program

Falcon Oil & Gas Ltd (“Falcon”)

Beetaloo Sub-basin - Completion of the SS2-1H well stimulation program

15 December 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner Tamboran (B2) Pty Limited (collectively the “BJV partners”) has completed the Shenandoah South SS2-1H well (“SS2-1H”) stimulation program.

Stimulation Program Details:

58 stages were stimulated across a ~3,050-metre (10,009 foot) horizontal section within the Amungee Member B Shale, with an average intensity of 2,206 pounds per foot of proppant placed along the completed horizontal section.Wellhead injection rates were consistently above 100 barrels per minute.The program utilized Liberty Energy’s (NYSE: LBRT) modern stimulation equipment.Optimization of the stimulation design during the campaign increased stage spacing from ~50 metres to ~60 metres (164 feet to 196 feet), reducing the total number of stages required. This adjustment is expected to lower costs in future stimulation programs. Due to an equipment issue encountered during the cleaning out of the well, it was determined that ~2,632-metres (8,635 feet) of the horizontal section (86%) will contribute to unimpeded flow but flow may be impeded for the remaining ~419-metre (1,374 feet) section from the toe.Following completion with tubing, the well will be soaked for 30 days before being flow tested for 30 days.30-day initial production (IP30) flow rates are expected during the first quarter of 2026.In H1 2026, three wells (which includes the second well of the 2024 drilling campaign) are expected to be stimulated ahead of the commencement of gas sales.All wells included in the Shenandoah So

Anyone know when Empires results are expected. I know they pushed flow rates. Where they starting flow testing in November or expecting 30 day flow results in November?

Hello Ladies

At this stage suing anyone will just damage that asset. There is so much work still to be done. Throw a few law suits in and no one will want to touch this mess no matter how much potential is there. A company is only ever as good or as valuable as it's executive team makes it. We are where we are. Given how inactive the management team and possibly also inexperienced or lacking energy we are probably better off being part of Tamboran at this stage. At least we are still alive to the upside even if our cost of doing business and cash requirement and risk have also gone up

They are pricing at 21 dollars a share which kind of makes a mockery of the implied discount they did the deal with Falcon at. No doubt POQ didn't put a clause about no raises in the deal until completion of our merger. They set that share price at what looks like value knowing they'll drop that SP with an offering and by the time the deal completes the premium we were enticed at will be a discount. Well played Tamboran. Would have been easy to smoke out with a condition of no dilution until deal completes. They'd have had to disclose their intentions at the minimum meaning a higher premium could have been sought

If we are getting Tamboran shares then wouldn't we want tht Karoo to transfer over too?

Dick Stoneburner.....I hope that was a typo but well played if not

Sorry 805slo,

The deal I was referencing was the participation deal he got papered when the JV bought the average from Origin. He had 30 days to pull a rabbit out of a hat and to be fair to him that deal has kept us from diluting massively due to funding calls since then. Current deal is cozy and mid tier at best. But given our executive bench after consideration I'm not going to fight it because we just end up back where we are. If BS was looking to maximize the valuation of Tamboran to sell at a later date to unlock funds for himself I'd be fully onboard. I like your point about keeping an Australian company on board to navigate but Tamboran is no longer an Aussie company, they are a US company listed on the New York Stock exchange. They still have to fully complete their re-domicile from Oz to US but that is underway. So not sure that point is as relevant these days.

I think it comes down to whether the Sheffields want the whole pie or are happy to sell half of it at a later date.

The fact that they checkerboarded could be an argument for either route but it does show us that they don't like to collaborate or share when they don't have to.

I think the main reason why a major would prefer a farm down of Tamboran rather than a buy out of falcon even if we have a better royalty position and the number of acres was the same is because tamboran is the operator and Falcon can't start drilling any of their average with the operator going on first so a major who buys falcon is now at the mercy of the Tamboran / Daly Waters schedule unless they can checkerboard their 22%. So it makes more sense for them to consolidate to be attractive to a major for a farm down. POQ has strengths and his participate agreement was brilliant in fairness to him. He's clearly not active though and doesn't have the network or experience to sell falcon or attract funds so I think the fact we are still alive to the upside means the 20%-40% uptick isn't the worst. It was defo a cozy deal and a strong CEO could defo have done more but I'm now resigned to to deal because not doing the deal means we are still stuck where we were struggling to monetize tht asset. My big concern on this play is the level of control the Sheffields have over Tamboran as that will be our vehicle to upside and I'd hate to see a rug pull moment just as we are positioning for major upside

Who is selling though. Utter madness

Great post 805slo

I heard POQ is the frontrunner to buy Tamboran...he's using his cash from the falcon sale and he'll use the leftover money to spud the first 20 holes. Hold onto your hard hats.

With the checkerboard in place you have to ask the question why all Bryan Sheffields focus is on Tamboran?

I would suggest it's likely for two reasons.

1.

Use Tamboran to prove the asset, reducing his cost to do that.

Or 2 keep his 50% in reserve and untouched as we prove up the asset so it's gaining value while costing him next to nothing.

The big question for me is whether he's able to leave Tamboran alone or if tht size of the prize is too great for him to leave to others to enjoy and profit from too.

Only time will tell

It is an interesting question to ask though. For someone so keen to checkerboard why did he do that and then why has he not started his own program and why is he putting all his time into developing Tamboran and do you think that is just to leave it alone long term?

Why would a company doing that farmdown be worried about falcon not participating. Then they get the 22% for free. With Tamboran merging with falcon that costs go up if anything because with falcon not merged then there is potential that falcon pay a potion of the costs. The big risk is to the upside. We were in control of our upside. The billionaire has just pushed 22% of that Beetaloo closer to his control and people think this is a good thing. The big risk here is that Sheffield with large holdings in Tamboran takes it off the board. I think they've kept us in play to help foot the risk and initial capex and the second this has flows they'll be looking to gobble Tamboran for pennies too and then all the upside we have waited years for moves to his side of the board. While we had no cash we didn't need much and this asset is about to become a whole lot more valuable. If the merger came with a guarantee from Sheffield that no but out or merger is done with Daly Waters I'd be fine with it