- Dick Stoneburner, current Chairman of Tamboran Resources Corporation, has been appointed Interim Chief Executive Officer, effective immediately. He will serve in both roles until a permanent successor is named.
- A global executive search is underway to identify the Company’s next CEO, supported by a leading search firm.
- Joel Riddle has stepped down as CEO and Managing Director after 12 years of leadership.
- Faron Thibodeaux (COO) and Eric Dyer (CFO) will support Stoneburner in overseeing operations, including the three-well drilling campaign and stimulation of a 10,000-foot lateral in H2 2025.
- Scott Sheffield and Phillip Pace have joined the Board as Non-Executive Directors. John Bell Sr. has stepped down from the Board.
- The Tamboran Board remains at nine Directors following these changes.
- In parallel, Tamboran has entered into a strategic agreement with Sheffield Holdings, LP, which owns ~17.6% of the Company’s outstanding common stock.
- Under the agreement, Scott Sheffield is appointed as a Class II Director, and Phillip Pace as a Class III Director.
- The Sheffield Group has agreed to customary standstill and voting provisions through the earlier of Tamboran’s 2028 AGM or December 31, 2028.
Chairman and Interim CEO, Dick Stoneburner, stated:
“Tamboran remains focused on delivering gas from the Shenandoah South 2 pad to the Sturt Plateau Compression Facility (SPCF), as part of our 40 MMcf/d Gas Sales Agreement with the Northern Territory Government. We believe the Beetaloo Basin holds transformational potential, and we are committed to unlocking long-term value for all stakeholders.
“We thank Joel Riddle for his 12 years of dedicated leadership, which positioned Tamboran as the leading acreage holder and operator in the Beetaloo. His vision helped drive the Company from early-stage exploration to the cusp of commercial production.”
Fred Barrett, Chair of the Nomination and Corporate Governance Committee, added:
“We are excited to welcome Scott and Phillip to the Board. Their deep expertise in shale development, capital markets, and strategic growth strengthens our leadership bench at a pivotal time.”
About Tamboran Resources Corporation
Tamboran (NYSE: TBN, ASX: TBN) holds approximately 1.9 million net prospective acres in Australia’s Beetaloo Sub-basin, making it the largest acreage holder and operator in the region. The Company is progressing plans for commercial natural gas development, including a proposed NTLNG project in Darwin, supported by land secured in the Middle Arm Sustainable Development Precinct.
