Tamboran Resources (ASX:TBN) and joint venture partner Daly Waters Energy (DWE) completed a checkerboard acreage swap across permits EP 76, EP 98, and EP 117 in the Beetaloo Basin in the Northern Territory, according to a Wednesday filing with the Australian bourse.

The company holds a 38.75% interest in the permits through its stake in the Tamboran B2 (TB2) joint venture with DWE, while Dublin-headquartered Falcon Oil & Gas holds a 22.5% non-operated interest in the permits.

As part of the deal, DWE will acquire a non-operating interest in 100,000 acres for $15 million, pending regulatory and shareholder approvals, the filing said.

The company will retain 1.9 million net acres, including a 58.1% stake in its Phase 2 Development Area, with DWE and Falcon Oil & Gas holding 19.4% and 22.5% respectively, the filing added.

A formal farm-down process, led by RBC Capital Markets, will start in June, the company said.

Tamboran Resources' shares rose 10% in recent Tuesday trade.