Tamboran Resources Corporation Appoints Interim CEO Following Departure of Joel Riddle

Strategic Insights -

Tamboran Resources Corporation (ASX:TBN, NYSE:TBN, OTC:TBNRL) has appointed chairman Dick Stoneburner as interim chief executive officer, following the departure of Joel Riddle after a 12-year tenure. Stoneburner will temporarily serve as both chair and CEO, while chief operating officer Faron Thibodeaux and chief financial officer Eric Dyer will support him during the ongoing three-well drilling program and lateral stimulation activities in the Beetaloo Basin. The company has also welcomed two new non-executive directors, Scott Sheffield and Phillip Pace, and has strengthened its board with their appointments.

Key Takeaways:

  • Dick Stoneburner has been appointed as the interim CEO of Tamboran Resources Corporation, following the departure of Joel Riddle after a 12-year tenure.
  • The company has engaged an executive search firm to identify a permanent CEO, while Stoneburner will temporarily serve as both chair and CEO.
  • Operational continuity will be maintained by chief operating officer Faron Thibodeaux and chief financial officer Eric Dyer, who will support Stoneburner during the ongoing three-well drilling program and lateral stimulation activities in the Beetaloo Basin.
  • The company has welcomed two new non-executive directors, Scott Sheffield and Phillip Pace, and has strengthened its board with their appointments.
  • Sheffield has over 50 years of energy sector experience, including as CEO of Pioneer Natural Resources, acquired by ExxonMobil in 2024.
  • Pace has a 30-year track record in energy investment, having led Chambers Energy Management and held senior banking roles at Credit Suisse.
  • The company remains committed to completing the tie-in of five wells at Shenandoah South and delivering gas to the Sturt Plateau Compression Facility.

Statistics:

  • Tamboran holds approximately 1.9 million net prospective acres in the Beetaloo Basin.
  • Sheffield Group owns 17.6% of Tamboran's shares.
  • Sheffield has committed to standstill, voting, and related governance provisions through to the end of 2028 or until the company's 2028 annual meeting.
  • The company's current three-well drilling campaign is ongoing, with a goal to stimulate a 10,000-foot lateral in the second half of 2025.
  • Tamboran aims to deliver gas from Shenandoah South into the Sturt Plateau Compression Facility, meeting a 40 million cubic feet per day (MMcf/d) sales agreement with the Northern Territory government.

Sources:

  • Tamboran Resources Corporation (ASX:TBN, NYSE:TBN, OTC:TBNRL) (Source)
  • Press release (no date mentioned in the original text)