Tamboran Names Interim CEO and Adds Energy Veterans as It Advances Beetaloo Gas Plans

Leadership Transition at a Critical Juncture

Tamboran Resources Corporation has announced a significant leadership change with Chairman Dick Stoneburner stepping in as interim CEO following the resignation of Joel Riddle, who has led the company since 2013. Stoneburner will hold both roles while the board conducts a search for a permanent successor, engaging a leading executive search firm to identify candidates. This move comes as Tamboran approaches a pivotal phase in its development, aiming to transition from exploration to commercial gas production in Australia’s Beetaloo Basin.

Board Strengthened by Industry Heavyweights

In tandem with the CEO change, Tamboran has appointed two new Non-Executive Directors – Scott Sheffield and Phillip Pace. Both bring decades of energy sector expertise, with Sheffield notably having led Pioneer Natural Resources through its growth and eventual acquisition by Exxon Mobil, and Pace offering deep experience in energy finance and capital markets. Their addition replaces John Bell Sr., who has stepped down, and signals Tamboran’s intent to deepen its strategic and operational capabilities as it scales up development activities.

Strategic Shareholder Alignment

Tamboran has entered into an agreement with the Sheffield Group, which collectively holds approximately 17.6% of the company’s shares. This agreement includes customary standstill and voting provisions lasting until the 2028 annual meeting or year-end 2028, ensuring aligned governance and support for the company’s strategic direction. The Sheffield Group’s involvement underscores confidence from a significant shareholder base and adds weight to the board’s enhanced expertise.

Operational Focus on Beetaloo Basin Development

The company remains focused on completing its three-well drilling program and stimulating a 10,000-foot lateral well, targeting commercial gas production by the second half of 2025. Tamboran aims to deliver gas from the Shenandoah South 2 pad into the Sturt Plateau Compression Facility, feeding a 40 million cubic feet per day gas sales agreement with the Northern Territory Government. These operational milestones are critical to unlocking the value of Tamboran’s extensive 1.9 million net prospective acres in the Beetaloo Basin, positioning it as a key player in Australia’s emerging natural gas sector.

Looking Ahead

While the leadership reshuffle and board appointments bring seasoned expertise to the fore, the company faces the usual challenges of transitioning from exploration to production, including operational risks, regulatory hurdles, and capital requirements. The new leadership team’s ability to navigate these complexities will be closely watched by investors and stakeholders eager to see Tamboran realise the potential of its Beetaloo assets.