Tamboran Resources Corporation is advancing towards first gas production in the Beetaloo Basin, targeting the third quarter of 2026, following a significant capital raise and strategic farm-out agreements. The company strengthened its balance sheet with $198 million raised via an underwritten public offer and an institutional and retail entitlement offer. This capital infusion provides Tamboran with significant financial flexibility, resulting in a pro forma cash position of $298 million, which includes $188 million raised net of fees and $15 million expected from Daily Waters Energy related to an acreage sale.

Strategic Transactions and Partnerships

The company executed a farm-out transaction with Daily Waters Energy for approximately 10,000 acres across the pilot area and Beetaloo Central Development Area. This agreement includes a stage carry of up to $28.5 million. Upon completion, Tamboran will hold a 44.375% interest in the pilot area and a 10% interest in the Daily Waters Energy acreage. Additionally, Tamboran is collaborating with Santos on the EP161 acreage, where it holds a 25% non-operating interest, to participate in two upcoming wells scheduled for drilling in the third quarter of 2026.

Operational Updates and Milestones

Construction of the Stur Plateau compression facility was 88% complete at the end of April, with the project remaining within the P50 budget and schedule forecast. The APA-owned pipeline connecting the facility to the Northern Territory Gas Network is undergoing final commissioning. The company is preparing for well stimulation on three wells required to deliver initial gas sales of approximately 40 million cubic feet per day gross to the Northern Territory Government under a long-term CPI Escalated Gas contract. The stimulation program will include 180 stages across 30,000 feet, utilizing the Liberty Energy fleet.

Financial Position

Future Outlook

Management emphasized the strategic importance of the Beetaloo Basin as a significant gas resource in the Asia Pacific region, particularly in light of global geopolitical tensions impacting energy security. The company is also progressing the acquisition of Falcon subsidiaries, having received necessary shareholder and court approvals, with the transaction anticipated to close by the end of May. Looking ahead, Tamboran plans to participate in the stimulation of five wells and the drilling of four wells across the basin in 2026.