Tamboran Appoints Dick Stoneburner as Interim CEO Amid Strategic Leadership Transition and Board Expansion
Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) has announced a leadership transition, appointing current Chairman Dick Stoneburner as Interim Chief Executive Officer (CEO), following the departure of long-serving CEO Joel Riddle. The move coincides with significant developments in the company’s operations, board composition, and continued progress in the Beetaloo Basin — one of Australia’s most promising natural gas plays.
Leadership Change Signals New Chapter for Tamboran
In a statement released by the company, Chairman and newly appointed Interim CEO Dick Stoneburner emphasized Tamboran’s unwavering commitment to advancing its operations in the Northern Territory and executing its gas development strategy in the Beetaloo Sub-basin.
“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 million cubic feet per day (MMcf/d) Gas Sales Agreement with the Northern Territory Government,” said Stoneburner. “We remain focused on unlocking the significant value that we believe the development of the Beetaloo Basin will realize for shareholders and stakeholders of the Northern Territory.”
This leadership change comes at a pivotal moment, as the company edges closer to commercial gas production and transitions from exploration to full-scale development of its vast Beetaloo acreage.
Tribute to Former CEO Joel Riddle
Stoneburner paid tribute to Joel Riddle, who served as CEO for over a decade and played a central role in Tamboran’s transformation from an early-stage gas explorer into a leading force in Australian shale gas development.
“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,” Stoneburner noted. “Under his leadership, Tamboran has pioneered integrated development strategies that combine proven U.S. shale techniques with Australian operations, delivering significant productivity and efficiency gains.”
Riddle’s tenure was also marked by successful strategic acquisitions, portfolio expansion, and navigating the complex regulatory and environmental landscape of Australian energy development. Under his guidance, Tamboran became the largest acreage holder and operator in the Beetaloo Basin, with approximately 1.9 million net prospective acres.
Strengthening Governance: New Board Appointments
In conjunction with the leadership transition, Tamboran has further strengthened its governance and strategic oversight with the appointment of two seasoned energy industry executives to its Board of Directors: Scott Sheffield and Phillip Byrne.
Fred Barrett, Chair of Tamboran’s Nomination and Corporate Governance Committee, highlighted the importance of their appointment in the context of Tamboran’s ambitious growth agenda.
“We are pleased to welcome two deeply experienced executives, Scott and Phillip, to our Board of Directors,” Barrett said. “They each bring extensive leadership, operational, financial, capital raising, strategic partnering, and risk management expertise to Tamboran.”
Barrett emphasized that the addition of Sheffield and Byrne would reinforce the company’s capabilities as it advances its strategic vision in the Beetaloo and builds a path toward large-scale gas production and liquefied natural gas (LNG) development.
“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 their appointments, the Board has meaningfully deepened its expertise in large-scale shale development,” Barrett added.
The full details of the company’s cooperation agreement with Sheffield Holdings will be disclosed in a forthcoming filing with the U.S. Securities and Exchange Commission on Form 8-K.
Operational Focus: Beetaloo Development and SPCF Tie-In
At the center of Tamboran’s operational strategy is the development of the Shenandoah South 2 well pad, where five wells are being prepared for integration into the Sturt Plateau Compression Facility (SPCF). These wells are set to supply gas under a 40 MMcf/d Gas Sales Agreement (GSA) with the Northern Territory Government— a cornerstone contract that underpins Tamboran’s initial commercial production phase.
This infrastructure and production ramp-up is designed to enable Tamboran to transition from being a pure-play explorer to a vertically integrated gas supplier with midstream capabilities and eventual access to global LNG markets.
Strategic Assets Across the Beetaloo Basin
Tamboran holds a commanding position in the Beetaloo Basin with multiple development and exploration licenses. Key assets include:
- Northern Pilot Area: 47.5% operating interest over 20,309 acres.
- Southern Pilot Area: 38.75% non-operating interest over an identical area.
- Phase 2 Development Area: 58.13% operating interest in a 406,693-acre zone.
- Retention License 10: 67.83% operated interest covering 219,030 acres.
- Legacy Permits (ex-EPs 76, 98, and 117): 77.5% operating interest across 1.49 million acres.
- EP 136: 100% working interest and operatorship.
- EP 161: 25% non-operated working interest.
These holdings, totaling approximately 1.9 million net prospective acres, make Tamboran the most significant landholder in the basin. The company is uniquely positioned to drive the next phase of Australia’s domestic gas security and contribute to global energy markets.
LNG Ambitions: Middle Arm Sustainable Development Precinct
Beyond upstream production, Tamboran is laying the groundwork for midstream and export capabilities. The company has secured approximately 420 acres (170 hectares) of strategic land within the Middle Arm Sustainable Development Precinct in Darwin — a government-backed industrial hub designed to support low-emission projects and energy exports.
Tamboran plans to develop the Northern Territory LNG (NTLNG) Project at the site, with pre-Front-End Engineering and Design (pre-FEED) activities currently underway. The world-renowned engineering firm Bechtel Corporation is leading these early-stage efforts, signaling the company’s intent to bring global best practices to Australia’s emerging LNG frontier.
The NTLNG project is expected to support both domestic gas commitments and provide access to Asian LNG markets, aligning with Australia’s broader energy export strategy and global decarbonization goals.
Commitment to Stakeholders and Long-Term Vision
The strategic decisions announced by Tamboran — from executive leadership transition and Board expansion to operational execution and LNG infrastructure planning — reflect the company’s long-term vision of becoming a leading independent natural gas producer in Australia.
By leveraging U.S. shale technology, local partnerships, and a diversified asset base, Tamboran aims to provide reliable, lower-emission natural gas to power Australia’s energy transition and meet international demand.
As Interim CEO, Dick Stoneburner brings deep industry experience and a track record of leadership in unconventional resource development. His stewardship is expected to provide continuity and renewed momentum as Tamboran enters its most transformative phase yet.
