Tamboran reaffirms NT project amid shock exit of CEO Joel Riddle and new board appointments
One of the Territory’s biggest gas explorers has announced a shock shake-up with the departure of its CEO and key new board appointments. Read what has happened.
Northern Territory
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Tamboran Resources Corporation has announced the shock departure of Joel Riddle as its as Chief Executive Officer and Managing Director.
The news comes just a week after Tamboran announced it was preparing to spud the first of three new wells at Tamboran’s Shenandoah South project site, about 60km south of Daly Waters, with the company lodging impressive gas flow data with the ASX confirming the strength of its Beetaloo reserve.
With more than $1 billion spent proofing the field since 2017, Tamboran has been the biggest single private investor in the Northern Territory over the past decade.
Tamboran is prioritising cost reduction and operational efficiency.
Tamboran announced today that Mr Dick Stoneburner, chairman of the board of directors of the company, has been appointed as interim chief executive officer and will serve as chair and interim chief executive officer until a new successor is named.
Tamboran’s said it has started a search for a new permanent CEO and has engaged a leading executive search firm.
“Tamboran remains committed to completing the tie-in of the five wells on the Shenandoah South 2 pad that are planned to deliver gas into the Sturt Plateau Compression Facility (SPCF) and feed into the 40 MMcf/d Gas Sales Agreement with the Northern Territory Government,” Mr Stoneburner said.
“We remain focused on unlocking the significant value that we believe the development of the Beetaloo Basin will realize for shareholders and the stakeholders of the Northern Territory.
“Since joining Tamboran as CEO in 2013, Mr. Riddle has overseen the company’s transformation from early-stage natural gas exploration to the brink of commercial production.
“Under his leadership, Tamboran has pioneered integrated development strategies that combine recognised U.S. shale techniques with Australian operations, driving significant productivity and efficiency gains.
“Additionally, under Joel’s leadership, Tamboran successfully acquired and expanded its key assets and operations, resulting in the company becoming the largest acreage holder and operator in the Beetaloo Basin in the Northern Territory of Australia, with approximately 1.9 million net prospective acres.”
Tamboran said its chief operating officer Mr Faron Thibodeaux and chief financial officer Mr Eric Dyer will be working closely with Mr. Stoneburner in overseeing the company’s operational activities.
Significantly in addition to these changes, Mr. Scott Sheffield and Mr. Phillip Pace have been appointed as non-executive directors of Tamboran.
As a result, Mr. John Bell Sr. has stepped down from Tamboran’s board of directors.
Tamboran said it has entered into an agreement with Sheffield Holdings, LP, Mr Bryan Sheffield and “certain affiliated entities (collectively, the Sheffield Group), which collectively own approximately 17.6 per cent of the company’s outstanding common stock.”
Bryan Sheffield is founder and owner of Daly Waters Energy.
“Pursuant to the agreement, the company agreed, among other things, to appoint Mr. Scott Sheffield as a class II director and Mr. Phillip Pace as a class III director,” Tamboran said in a statement.
Tamboran’s chair of the Nomination and Corporate Governance Committee, Mr Fred Barrett said the company was pleased to welcome “two deeply experienced executives, Scott and Phillip, to our Board of Directors.”
“They each bring extensive leadership, operational, financial, capital raising, strategic partnering and risk management expertise to Tamboran,” Mr Barrett said.
“Their perspectives will be invaluable as we continue to prioritize strategic execution and operational innovation to capitalize on the enormous potential of the Beetaloo Basin.
“With the appointments of Scott and Phillip, the board has meaningfully deepened its expertise in large-scale shale development.”
Tamboran said the complete co-operation agreement with Sheffield Holdings will be filed on a Current Report on Form 8-K with the US Securities and Exchange Commission.
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