Tamboran Resources appoints Dick Stoneburner as interim CEO amid board refresh and strategic realignment

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. The board 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 board has also welcomed two new non-executive directors — Scott Sheffield and Phillip Pace — following an agreement with Sheffield Holdings LP and related entities, which collectively own 17.6% of Tamboran’s stock. John Bell Sr. has stepped down from the board.

The changes are part of a renewed focus on accelerating gas development in the Northern Territory, particularly the tie-in of five wells at Shenandoah South and the delivery of gas to the Sturt Plateau Compression Facility.

“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. We remain focused on unlocking the significant value that we believe the development of the Beetaloo Basin will realise for shareholders and the stakeholders of the Northern Territory,” Stoneburner, said.

Executive leadership transition

While Stoneburner has been appointed interim CEO, the board is actively searching for a permanent successor, with recruitment support from a leading search firm. 

Joel Riddle’s departure ends a 12-year tenure marked by Tamboran’s transition from early-stage exploration to near-term commercial production. 

Stoneburner acknowledged Riddle’s pivotal role in asset acquisition, productivity gains and the adoption of US shale techniques adapted for Australian conditions.

“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 recognized US shale techniques with Australian operations, driving significant productivity and efficiency gains,” Stoneburner said.

“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, with approximately 1.9 million net prospective acres.

“On behalf of the board, I thank Joel for his dedicated service to Tamboran over the last 12 years and John for his valuable membership on our board.”

Board changes and strategic partnership

Tamboran has strengthened its board with the appointments of Sheffield and Pace as non-executive directors. Their appointments follow an agreement with the Sheffield Group, which owns 17.6% of Tamboran’s shares. 

Sheffield has been named a Class II director and Pace a Class III director. 

In line with the agreement, the Sheffield Group has committed to standstill, voting, and related governance provisions through to the end of 2028 or until the company’s 2028 annual meeting. As part of these changes, John Bell Sr. has stepped down from the board, which remains at nine members.

Operational focus and near-term objectives

Operational leadership will remain steady under COO Faron Thibodeaux and CFO Eric Dyer.

Their priorities include completing the current three-well drilling campaign and stimulating a 10,000-foot lateral in the second half of 2025. Stoneburner reaffirmed Tamboran’s commitment to delivering gas from Shenandoah South into the Sturt Plateau Compression Facility and fulfilling a 40 million cubic feet per day (MMcf/d) sales agreement with the Northern Territory government.

Sheffield brings over 50 years of energy sector experience, including as CEO of Pioneer Natural Resources, acquired by ExxonMobil in 2024. He previously served on the board of Santos Ltd. 

Pace has a 30-year track record in energy investment, having led Chambers Energy Management and held senior banking roles at Credit Suisse. His expertise spans over US$50 billion in mergers and acquisitions and more than US$10 billion in capital raises for upstream companies. 

Their combined experience strengthens Tamboran’s capacity to execute its Beetaloo Basin development strategy at scale.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}