Analysts Offer Insights on Energy Companies: Tamboran Resources Corporation (TBN) and Diversified Energy Company (GB:DEC)

Tamboran Resources (NYSE: TBN) began gas commissioning at its Shenandoah South development, targeting first sales to the Northern Territory Government. The Sturt Plateau Compression Facility, a joint venture, is on schedule and within budget. Tamboran also plans to extend its partnership with Liberty Energy (NYSE: LBRT) for up to five years for hydraulic fracture stimulation services.

H&P Research assigned Tamboran Resources (TBN) a risked valuation implying 113% upside, keeping risked NAV at US$67 per TBN share (A$0.47 per ASX CDI) versus a higher market price. It cited completion of a record Beetaloo Basin stimulation campaign, reduced execution risk, and catalysts including first gas in Sep 2026 and possible Orion farm-out. H&P set unrisked value at >US$7.1B and risked at ~US$2.4B.

Tamboran Resources (NYSE:TBN) shares opened higher after closing at $32.62, gapping up to $34.29 and last trading at $34.86 on Thursday with 8,631 shares traded. Analysts cited new targets: Roth Mkm $47 (buy), Piper Sandler $74 (overweight), Wells Fargo $58 (overweight), RBC $55 (outperform), while Weiss rated sell (d). The company reported May 13 EPS of ($0.42), below consensus of ($0.36).

Tamboran Resources has completed its acquisition of Falcon Oil & Gas Ltd’s subsidiaries after final court approval from the Supreme Court of British Columbia. The deal adds about 2.8 million net prospective acres in the Beetaloo Basin depocenter, making Tamboran the largest acreage holder in the Northern Territory gas region. Tamboran issued 6,537,503 shares; it has 34,856,412 shares outstanding and a pro forma market cap of about US$1.2 billion.

ASX futures were up 61.9 points (+0.72%) at 9:15am AEST after oil retreated, US bond yields eased and Wall Street hit fresh records. The ASX 200 fell 1.43% on Thursday amid renewed US-Iran military exchange fears. Overnight, S&P 500 rose 0.58% and Nasdaq 0.91%; Brent slipped below US$94.

Tamboran Resources said it completed its acquisition of Falcon Oil & Gas Ltd. subsidiaries after receiving final court approval from the Supreme Court of British Columbia. Tamboran now holds about 2.8 million net prospective acres in the Beetaloo Basin and issued 6,537,503 shares to Falcon shareholders. It has 34,856,412 shares (pro forma market cap ~US$1.2 billion).