Sep 25, 2026, 6:06 AM ETEnergy

Tamboran Resources Corporation — 4Q FY26 Earnings Summary

TBNTAMBORAN RESOURCES CORP

Financial Performance

Pro forma cash balance of approximately US$240 million as of June 30, 2026, comprising US$225 million in cash and US$15 million in near-term inflows from the acreage sale to Daly Waters Energy (DWE).
Reported cash balance of US$231 million at June 30, 2026, less DWE's 50% share of restricted cash.
Drawn infrastructure debt of US$30 million (net to Tamboran) for the Sturt Plateau Compression Facility (SPCF) construction, with US$31 million remaining undrawn.
Total drawn debt of US$60 million (gross to Joint Venture) at June 30, 2026, with US$62 million remaining undrawn.
Financing facility for the SPCF is guaranteed by the Northern Territory Government (NTG) for Tamboran's 50% share of the debt facility, up to A$75 million.
Forecast capital expenditure for the SPCF is US$90 million (A$129 million), tracking approximately US$9 million below the P50 cost forecast.
In April 2026, completed a Public Offer raising US$186 million (net of fees).
Under US GAAP, some revenue and costs related to the Pilot Project are expected to be capitalized to the Balance Sheet during commissioning rather than flowing through the Income Statement.
Market capitalization of US$1,268 million (combined equivalent) as of September 24, 2026.
Enterprise value of US$1,058 million.
Implied acreage value of US$377 per acre.

Commissioning activities for the SPCF are expected to be completed in 4Q 2026.
Three-well drilling program on the SS1 pad is planned for completion in 4Q 2026.
Stimulation of the three SS1 pad wells is scheduled for 4Q 2026.
Drilling of Jibera South 1H and Newcastle South 1H with Santos in EP 161 is underway.
Stimulation of EP 161 wells is targeted for mid-2027.
A proposed four-well drilling program with DWE/INPEX in the Beetaloo Central Development Area (BCDA) is planned to commence in mid-2027.
Gas sales to the Northern Territory market are expected to ramp up in line with seasonal nominations.
Take-or-pay provisions will apply to the 40 TJ/d contract quantity upon commencement of the supply period.
During the commissioning period, Tamboran and DWE will receive 75% of the gas price due to interruptible gas supply.

First gas sales to the Northern Territory gas market commenced in September 2026, with a contracted volume of 40 TJ/d (gross) to the Northern Territory Government at a fixed, CPI-escalated price.
Successfully completed the largest stimulation campaign in the Beetaloo Basin, covering 178 stages across 30,000 lateral feet on the SS2 pad (wells SS2-3H, -4H, and -5H).
Achieved a record IP20 rate from well SS2-1H.
Completed construction of the SPCF on time and under budget.
Successfully placed 10 stages of in-basin Beetaloo Red Sand (BRS), a locally sourced proppant, across various locations within SS2-5H, delivering over 2 million pounds with no impact on pump pressures or fracture initiation.
Completed the initial two wells of the three-well 2026 program on the SS1 pad, reaching record lateral drilling speed.
Commenced a two-well drilling campaign on Santos-operated EP 161 in Beetaloo East.
Farmout agreements executed for the Pilot Area and Beetaloo Central Development Area (BCDA) with DWE/INPEX.
Non-binding Memorandum of Understanding (MOU) signed with Liberty Energy to extend hydraulic fracture stimulation and wireline services agreements.
Strategic partnerships established with Helmerich & Payne, Liberty Energy, and Baker Hughes to incorporate US shale industry lessons.
Completed acquisition of Falcon Oil & Gas.

Holds the largest Beetaloo Basin acreage position with 2.8 million net prospective acres across two key depocenters.
Identified as the fourth largest listed-Australian E&P by market capitalization (A$ million).
Operates in three highly attractive gas markets trading at premiums to the US Henry Hub price, with potential future exposure to international LNG.
The Beetaloo Basin project is positioned as one of the largest undeveloped non-associated gas projects globally outside the Middle East and Russia.
Tamboran's operations team has operated eight horizontal wells in the Beetaloo Basin, the most by any operator.
Peer comparison includes Marcellus Shale companies such as Antero Resources, Comstock Resources, CNX, Expand, EQT, Gulfport Energy, and Range Resources.

Forward-looking statements regarding business strategy, future reserves, financial strategy, estimated reserves, and projected costs are subject to risks including oil and gas price movements, development and operation risks, exchange rate fluctuations, and inability to obtain funding.
Risks include loss of key personnel, inability to obtain licenses, permits, or governmental approvals, inaccuracies in resource estimates, and share market risks.
Working interests are subject to the completion of minority shareholder compulsory acquisition of Falcon Oil & Gas Australia Limited and conditions precedent for acreage sales and farmouts to Daly Waters Energy, LP.
General economic conditions, cost inflation, and credit market availability may affect results.
Maps and diagrams are not drawn to scale, and third-party market data has not been independently verified by the Company.

CEO Todd Abbott presented the results, highlighting the transition to a producer with the achievement of first gas sales.
Management emphasized systematic de-risking of the project and the successful delivery of the SPCF construction under budget.
Operational efficiency improvements were noted, including the use of locally sourced sand and record drilling speeds through the Moroak Formation and lateral sections.
The tone reflects confidence in the company's ability to scale operations, citing the "step change" in operational efficiency from the zipper frac campaign and the potential for cost reductions through local proppant usage.

Final Investment Decision (FID) was secured for the Shenandoah South Pilot Project.
Strengthened balance sheet through a ~US$300 million capital raise and secured infrastructure debt.
Record lateral drilling speed achieved on the SS1 pad.
Acreage sale to Daly Waters Energy, LP was announced in May 2025, with a realignment agreement in November 2025 and a farmout in March 2026.
The company operates in the Northern Territory, with gas nominations increasing with seasonal demand.
The Sturt Plateau Compression Facility (SPCF) has a capacity of 50 TJ/d.
The company has a pro forma cash balance of US$240 million, including US$15 million receivable from the DWE acreage sale.
The company is subject to known and unknown risks beyond its control, including government regulation and environmental matters.