Tamboran Resources Corp

Tamboran Resources Ltd

Company and corporate history

• Formerly TR Ltd; completed a corporate reorganization in 2023. Tamboran was incorporated in Delaware on October 3, 2023, and completed the scheme with TR Ltd. on December 13, 2023, acquiring all TR Ltd. ordinary shares in exchange for CDIs.
• Completed a U.S. IPO in July 2024 and is listed on the NYSE as Tamboran.
• Prior to the reorganization, business and financial statements reflected TR Ltd.; after the reorganization, Tamboran and its subsidiaries reflect the business.
• Primary corporate headquarters: Sydney, Australia. Operational focus is largely in the Northern Territory (Beetaloo Basin).

Core business focus

• Onshore natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory, Australia.
• Strategy: develop Beetaloo gas resources through a phased plan that integrates exploration, pilot production, midstream infrastructure and eventual LNG export.
• The company applies U.S. drilling and completion technology and practices to accelerate development and manage costs, and targets net zero equity Scope 1 and 2 greenhouse gas emissions at commercial production.

Land, permits and asset base

• Beetaloo Basin footprint: approximately 7 million acres in the basin; Tamboran holds about 2.8 million net prospective acres (approximately 5.06 million gross prospective acres).
• Working/net interests across permits include:
  • Northern Pilot Area: ~8,982 net acres (44.38% interest)
  • Southern Pilot Area: ~8,978 net acres (44.38%)
  • Orion Block: 384,719 net acres (78%)
  • Beetaloo Central Development Area (BCDA): 31,613 net acres (10%)
  • Additional permits: Andromeda, Pegasus, Draco, DW OTD, DW Plains, DW Arnold, DW Carpentaria, EP 161, Maverick, etc.
  • Total net prospective acres: 2,803,706; total gross prospective acres: 5,062,277.
• International asset: Makó-árok I (Makó) in Hungary, 1,000 km2 owned 100% by TXM Olaj- és Gázkutató Kft. (Falcon Hungary), a Tamboran subsidiary. The current production plan contemplates 225,500 m3 production in 2026/2027 with no hydraulic fracturing authorized in the plan. A security deposit (~USD 2.5 million) was posted with the mining authority. Production rights are governed by Hungary’s Mining Act and related environmental, water management and heritage regulations.

Corporate structure and governance of development

• TB1 A&R JVSA: Tamboran (via TB1) and Daly Waters Energy (DWE) co-own TB1 on a 50/50 basis. TB1 Operator is a wholly owned subsidiary of TB1. Tamboran acts as manager for TB1 operations under the Beetaloo JOA.
• Stage 1 checkerboard: North FSDA remains TB1’s; South FSDA split 38.75% to Tamboran and 38.75% to DWE; Orion and BCDA allocated between the parties.
• Stage 2 deeds cover remaining blocks with ongoing retention license applications and further development commitments.
• Asset Sale Agreement (ASA): May 12, 2025 sale of non-operating, non-controlling interests to DWE across 100,000 acres; March 20, 2026 addendum refined ownership and extended key end dates and removed escrow provisions.

Major development plan (three phases)

• Phase 1 — Shenandoah South Pilot Project (SSP)
  • Objective: deliver initial gas sales to the Northern Territory domestic market and provide royalties to the NT Government and Native Title holders.
  • By 2026 the SSP wells were drilled and the Sturt Plateau Compression Facility (SPCF) reached mechanical completion in July 2026.
  • Infrastructure: a 23-mile Sturt Plateau Pipeline (SPP) constructed by APA Group; the SPPC connects SPCF to the Amadeus Gas Pipeline (AGP). Practical completion occurred in July 2026; first sales began in September 2026.
  • Gas marketing: a 40 TJ/d (gross) plateau under the NT Government Gas Sales Agreement (NTGGSA) with expected ramp to full plateau by end of 2026/into 2027. Non-binding MOUs with bp and Shell contemplate two LNG trains, and non-binding LOIs with six major Australian energy retailers cover up to 875 MMcf/d over 10–15 years.
• Phase 2 — East Coast pipeline development
  • Objective: construct a high-capacity pipeline (~1,000 miles) to access the Australian East Coast domestic gas market and LNG export facilities in the MAP area near Darwin.
  • APA Group is evaluating the opportunity to build the pipeline and commitments are being pursued to secure take-away capacity and related midstream services.
  • Marketing workstreams and LOIs for supply to retailers and partners for midstream capacity continue.
• Phase 3 — LNG export via NTLNG and MAP
  • Projects: Northern Territory LNG export development (NTLNG) with a Bechtel FEED assessment; two 6 Mtpa LNG trains contemplated (each requiring about 1 Bcf/d of feed gas).
  • Site and concessions: the NT Government awarded Tamboran exclusive use of ~420 acres near MAP for FEED studies through 2027, with potential expansion. NTLNG plans target exports to South and East Asia.
  • Offtake: MOUs with bp and Shell for 4.4 Mtpa of LNG in early development stages; partnerships for financing and midstream development are under exploration.
• Overall strategy: a pipeline-driven growth path from pilot gas sales in the NT to East Coast markets and ultimately LNG export via NTLNG and MAP.

Current operational status and scale (as of mid-2026)

• Drilling and wells
  • Total wells drilled as operator: nine (one actively drilling at the reporting date). Several wells were completed and some were awaiting completion.
  • Eight horizontal wells completed (SS-1H through SS2-5H variants) with SS2-1H tied into SPCF and tested.
  • First Beetaloo gas sales began in September 2026 from the SSP, with ramping to 40 TJ/d under the NTGGSA.
• Processing and gathering
  • SPCF completed and connected to the SPP; the SPP began delivering gas to the NT grid in September 2026.
• LNG and midstream
  • MOUs and LOIs with bp, Shell and six major Australian retailers for gas supply commitments; the Beetaloo system is being developed to support long-term LNG exports via NTLNG and MAP.
• Workforce
  • Employees: 45 full-time and 2 part-time as of June 30, 2026.
  • Contractors engaged on an as-needed basis; the development program has drawn on U.S. drilling and completion practices, rigs and expertise.
• Financials and cash flow
  • Accumulated deficits: approximately $167.3 million as of June 30, 2025, and approximately $193.4 million as of June 30, 2026.
  • A capital raise occurred in April 2026. An undrawn portion of the SPCF debt facility was reported to support continued operations for 12 months following the 2026 reporting data.
  • Management projected no positive cash flow until at least 2028.
• Reserves and resource activity
  • Activity through mid-2026 remained exploratory and developmental, with a large inventory of potential resources under assessment.

Markets and customers

• NT Government: NTGGSA for 40 TJ/d (~41 MMcf/d) with an initial contract term through 2034 and an option to extend to 2041.
• Retail and commercial off-takers: six major Australian energy retailers hold non-binding LOIs to purchase up to 875 MMcf/d over 10–15 years.
• LNG counterparties: non-binding MOUs with bp and Shell covering a total of 4.4 Mtpa under the NTLNG framework.

Geographic footprint

• Primary focus: Beetaloo Basin, Northern Territory, Australia, across multiple exploration permits and development areas.
• International: Makó-árok I (Hungary) under Falcon Hungary, subject to local mining and environmental regulations and to the conditions of the current production plan.

Public market and corporate governance

• Dual listing structure: CDIs on the ASX and common stock on the NYSE; CDIs are economically equivalent to shares.
• Governance and risk matters: disclosures reflect cross-border operations, currency exposure (AUD vs USD) and related-party arrangements with Daly Waters. The company identified governance and internal control weaknesses and has been implementing remediation measures.

Summary

Tamboran Resources is an early-stage, growth-focused natural gas developer concentrating on the Beetaloo Basin. The company is progressing a staged program that moves from pilot production and domestic gas sales toward East Coast market access and LNG export via NTLNG and MAP. Key milestones by mid-2026 included the Shenandoah South Pilot Project wells, mechanical completion of SPCF, construction and commissioning of the SPP, and the start of gas sales in September 2026. The business continues to rely on external financing to fund development while advancing midstream and offtake arrangements.