Tamboran Resources — 1Q FY27 Earnings Summary

Financial Performance:

• Generated US$1.8 million in revenue from gas sales in 1Q FY27.
• Net production to Tamboran was 0.31 Bcf, representing an average gross daily volume of approximately 24.8 MMcf/d.
• Pro forma cash balance as of September 30, 2026, was approximately US$180 million, comprising US$165 million in cash and US$15 million in near-term inflows.
• Cash balance at September 30, 2026, included US$4.8 million net (US$9.6 million gross) of restricted cash designated for future commitment fees, interest, and debt payments related to the SPCF syndicated debt facility.
• The Shenandoah South Pilot Project (SPCF) construction was completed approximately US$10 million under budget.
• Revenue is currently constrained by Northern Territory Government nominations; however, a Take-or-Pay contract is forecasted to commence in 1Q FY27, guaranteeing revenue of 40 TJ/d regardless of nominations.

Guidance and Future Outlook:

• Targeting completion of SPCF commissioning in 4Q FY27.
• Planning stimulation of the three SS1 pad wells during 4Q FY27 / 1Q FY28, subject to weather.
• A proposed four-well non-operated program with Daly Waters Energy (DWE)/INPEX in the Beetaloo Central Development Area (BCDA) is scheduled for 2Q FY28.
• Resource delineation across two depocenters is planned for the 2Q FY28 campaign.
• Stimulation of non-operated EP 161 wells is expected in mid-2Q FY28.
• Drilling of Jibera South DW1 and Newcastle South DW1 with Santos in EP 161 is currently underway.

Business Segments and Product Lines:

• Shenandoah South Pilot Project: Achieved first gas sales in September 2026 with contracted sales to the Northern Territory Government at a fixed, CPI-escalated price.
• Well Performance: SS2-3H and SS2-5H wells delivered IP30 rates of 8.8 MMcf/d and 10.0 MMcf/d, respectively. SS2-2H ST1 delivered an IP30 of 10.2 MMcf/d over a ~5,500-ft lateral, a ~50% increase compared to 2025 testing.
• Infrastructure: Completed construction of the Sturt Plateau Compression Facility (SPCF) and three-well drilling program on the SS1 pad.
• Partnerships: Strategic equity partnerships established with Helmerich & Payne, Liberty Energy, and Baker Hughes to incorporate US shale industry lessons.
• Acreage: Holds 2.8 million net prospective acres across two key depocenters in the Beetaloo Basin.

Market and Competitive Landscape:

• Access to three highly attractive gas markets trading at premiums to the US Henry Hub price, with potential future exposure to international LNG.
• Tamboran is the largest Beetaloo Basin acreage holder and the only operator covering two depocenters.
• The operations team has the most experience in the basin, having operated 11 horizontal wells.
• Gas sales are currently nominated by the Northern Territory Government, with 98% of nominations met between September 5 and October 31, 2026.

Risks and Challenges:

• Gas sales volumes are currently constrained by Northern Territory Government nominations.
• Wells experienced short-term interruptions due to facility downtime and reduced nominations.
• Future performance depends on the successful completion of conditions precedent for acreage sales and farmout agreements with Daly Waters Energy, LP.
• Risks include fluctuations in oil and gas prices, exchange rate fluctuations, inability to obtain funding, loss of key personnel, and regulatory or environmental matters.
• Forward-looking statements regarding reserves, production timing, and costs are subject to change based on market conditions and operational execution.

Management Commentary and Tone:

• First gas sales were achieved on time and within budget, confirming the deliverability of Velkerri B Shale wells.
• Management highlighted that well performance confirms low decline rates and improved productivity as wells clean up.
• Early performance of the SS2-5H well shows no degradation in deliverability using local Beetaloo Red Sand, providing confidence for future deployment.
• The team described the transition to a producer as a systematic de-risking of one of the largest undeveloped gas projects in the world.

Other Key Points:

• Completed the acquisition of Falcon Oil & Gas subsidiaries.
• Executed a farmout of the Pilot Area and Beetaloo Central Development Area (BCDA) with DWE/INPEX.
• Announced an acreage sale to Daly Waters Energy, LP in May 2025 (subject to conditions) and an acreage realignment agreement in November 2025.
• A farmout to Daly Waters Energy, LP was announced in March 2026.
• The company maintains a strong balance sheet with a pro forma cash balance of ~US$180 million.
• Working interests are subject to the completion of a proposed acreage swap with Daly Waters Energy, LP and the completion of DWE and INPEX Farmout Agreements.