Tamboran Resources (ASX:TBN), an unconventional gas explorer focused on the Northern Territory, has announced the immediate departure of its chief executive officer, Joel Riddle. The leadership change coincides with increased influence from US shale investor Sheffield Holdings. Tamboran Resources is the largest acreage holder in the Beetaloo Basin gas province, which is currently undertaking a three-well drilling and fracking program scheduled for completion later this year. The company focuses on developing and commercialising its natural gas resources.
Dick Stoneburner, chairman of the board, has stepped in as interim CEO while the company searches for a permanent replacement. Stoneburner is a veteran of the US shale industry and founder of Petrohawk Energy. This transition signals a strategic shift as Tamboran continues its exploration activities in the Beetaloo Basin.
Further solidifying Sheffield Holdings’ presence, Scott Sheffield, a member of the Sheffield Group and a pioneer in US shale, has been appointed as a director of Tamboran. The Sheffield Group currently holds a 17.6 per cent stake in the Australian company. Bryan Sheffield, Scott’s son, spearheaded Sheffield Group’s initial investment in Tamboran.
Following the announcement, Tamboran shares experienced a slight increase. Trading at 15.25¢ in mid-morning, the shares were up 0.25¢. Earlier in February, shares traded as high as 22¢.
