Tamboran Resources Corp

Gas commissioning has begun at the Sturt Plateau Compression Facility using gas from the Shenandoah South 2 pad, with all five wells tied in. First sales of up to 40 TJ/d to the NT Government are described as imminent. Construction remains on schedule within the A$141M budget.

production update

Stimulation of SS-3H, -4H and -5H finished: 178 stages over ~30,000 ft, the basin's largest campaign, and first local Beetaloo Red sand placed in SS-4H. Drilling of SS-7H, -8H and -9H has begun; first gas to the NT Government still targeted 3Q 2026. No flow results yet.

drilling progress report

Tamboran completed the Falcon Oil & Gas acquisition after final BC court approval, issuing 6,537,503 shares and lifting its holding to ~2.8 million net prospective acres from ~1.9M. Pro forma market cap is about US$1.2B. One dissenting Falcon shareholder is paid cash instead of shares.

asset acquisition disposition

Tamboran completed its acquisition of all of Falcon Oil & Gas's subsidiaries, including about 98.1% of Falcon Australia. It paid 6,537,503 shares of common stock plus $23,663,080 in cash.

asset acquisition disposition

The retail entitlement offer closed raising about A$24.8M at A$0.25 per CDI, a ~25% take-up with sub-underwriters covering most of the rest. This completes the ~US$197.8M equity raise, including the underwriters' option exercise, begun in April at US$35.00 per share.

capital raising announcement

Tamboran raised further capital across multiple channels: an A$37.1 million institutional entitlement offer to non-U.S. shareholders, an additional $14.7 million from underwriters exercising their option on the prior public offering, and a registered direct institutional entitlement offer.

capital raising announcement

The US$103M underwritten offering at US$35.00 and the institutional entitlement offer (~US$60M, 22% take-up by existing holders) are complete. A retail offer of up to A$27M opens 13 April; the company says funds support activity through to 2028. CDIs resume trading on ASX.

capital raising announcement

Tamboran launched a ~US$198M equity raise at US$35.00 per share (A$0.25 per CDI), a 22.8% discount to the last close: US$103.5M underwritten offering plus up to ~US$79M entitlement offer (1 for 10). Issues ~5.7M shares, ~25% of existing, for drilling and development.

capital raising announcement

SS-6H, the well shut in for soaking in January, averaged 10.3 MMcf/d over 20 days from an 8,635-foot lateral (11.9 per 10,000 ft). Stable rate at test end was 8.8 MMcf/d. Testing stopped early; stimulation of SS-3H/-4H/-5H is planned to start in 2Q.

flow test result

Tamboran farms down about 10,000 acres across the Pilot Area and Beetaloo Central Development Area to Daly Waters Energy (DWE), for a staged earn-in of up to ~US$28.5M (US$11.6M Pilot carry, US$11.6M BCDA carry, up to US$5.3M milestone). Follows DWE's INPEX venture; needs conditions and Falcon closing.

farm in farm out agreement

The British Columbia court approved the Falcon acquisition but required amendments on how sanctioned Falcon shareholders are treated. The companies are weighing the impact and plan to extend the outside date, so the earlier 6 March closing target has slipped.

business combination

Tamboran filed the final proxy statement for the Falcon deal and set a special shareholder meeting for March 3, 2026 (March 4 in Sydney) to vote on issuing 6,537,503 shares to Falcon, an ASX capacity approval and an adjournment proposal. The deal terms are unchanged from the draft ($23,663,080 cash plus the shares), but the stated post-deal ownership shifted: Tamboran holders would own about 77.6% and Falcon holders about 22.4%, versus 76.3% and 23.7% in the January 14 draft. The filing does not explain the change. The board unanimously recommends voting for all three proposals, and an abstention counts as a vote against.

business combination

Tamboran filed a preliminary proxy statement asking its shareholders to vote on the Falcon Oil & Gas deal agreed on September 30, 2025: it would issue 6,537,503 new shares and pay $23,663,080 in cash to Falcon for Falcon's Hungary, Ireland and South Africa entities and 98.1% of Falcon Australia, with the remaining 1.9% to be compulsorily acquired afterwards. This draft leaves the meeting date blank and says Tamboran holders would own about 76.3% of the combined company after closing, with Falcon holders about 23.7%. The board unanimously recommends voting for the share issuance, an ASX capacity approval and an adjournment proposal.

business combination

Todd Abbott, formerly COO of Seneca Resources, becomes CEO from 15 January 2026, resolving the CEO search that began when Riddle stepped down in July 2025. Base salary is US$550,000; Stoneburner remains Chairman.

director officer appointment

SS-6H stimulation is complete: 58 stages over 10,009 feet. An equipment issue means only about 86% (8,635 feet) of the lateral is expected to flow unimpeded. A 30-day flow test is planned for 1Q 2026; SPCF is about 74% complete, with first gas still targeted for mid-2026.

well test result

The CDI share purchase plan raised about A$17.42M (107,558,800 new CDIs at A$0.162), well short of the A$46M target. The US$32.0M PIPE (1,524,377 shares at US$21.00) still needs shareholder approval.

capital raising announcement

Tamboran raised US$56.1M at US$21.00 per share (2,673,111 shares, including the underwriters' option), with US$10M from new partner Baker Hughes. Also a PIPE of up to US$29.3M, needing shareholder approval, and a planned CDI share purchase plan of up to US$30M.

capital raising announcement

Tamboran raised roughly $80 million in two simultaneous deals: a related-party private placement of up to $29 million with insiders including largest shareholder Bryan Sheffield and director Scott Sheffield, and a separate underwritten public offering (led by RBC Capital Markets and Wells Fargo) that closed with about $52.5 million in net proceeds.

material agreement

Tamboran finished its three-well batch drilling program (SS-4H, -5H, -6H), the largest in the Beetaloo, each with a 10,000-foot lateral. Average 26.7 days spud to TD, within the 35-day forecast. SS-4H stimulation is planned for 4Q 2025, the other wells in 1H 2026.

drilling result

A joint-venture entity half-owned by Tamboran secured an A$179.8 million syndicated project-finance facility from Macquarie Bank and Alpha Wave Credit to build the Sturt Plateau Compression Facility, backed by an Australian Northern Territory Government guarantee of up to A$75 million and a guarantee from 50% JV partner Formentera Australia Fund.

material agreement

The Beetaloo Joint Venture took final investment decision on the Shenandoah South Pilot, with first gas sales on track for mid-2026. Tamboran secured up to A$179.8M for the SPCF compression facility, and the 40 TJ/d NT Government gas sales agreement is now unconditional. Drilling finishes early 4Q 2025.

material agreement

Tamboran agreed to acquire Falcon Oil & Gas's subsidiaries for 6,537,503 shares plus US$23.7M cash (C$239M value), taking acreage to ~2.9M net acres. Lifts Phase 2 interest to 80.62% ahead of the farmout. Falcon holders would own ~26.8%; close expected 1Q 2026, needing shareholder approvals.

business combination

Tamboran agreed to acquire all of Falcon Oil & Gas Ltd.'s subsidiaries - including Falcon's 22.5% Beetaloo Basin joint-venture stake plus assets in Hungary, Ireland and South Africa - for about 6.54 million Tamboran shares plus $23.66 million cash, consolidating full ownership of its core Australian gas project.

business combination

The NT Government approved sale of appraisal gas from the Shenandoah South Pilot, the first approval under its Beneficial Use of Gas law. The JV now holds all approvals for up to 40 TJ/d sales from mid-2026; SS-4H stimulation is planned for 4Q 2025.

regulatory community update

Native Title Holders and the Northern Land Council consented to the Beetaloo JV selling up to 60 TJ/d of appraisal gas from EP 98 and EP 117 over three years. Ministerial approval is still needed before sales; first gas stays mid-2026.

regulatory community update

The SS-2H ST1 well finished its 90-day test at a Beetaloo record 6.7 MMcf/d over a 5,483-foot lateral, with rates up ~2% over the final 30 days. The well was then suspended ahead of gas sales planned for mid-2026.

flow test result

CEO and Managing Director Joel Riddle, in the role since 2013, stepped down. Chairman Dick Stoneburner became interim CEO while a permanent search begins. Scott Sheffield and Phillip Pace joined the board, John Bell Sr. left, and the Sheffield Group (~17.6%) agreed standstill and voting terms to 2028.

director officer appointment

SS-2H ST1 averaged a record 6.8 MMcf/d over 60 days, with the exit rate at 6.4 MMcf/d and low decline. The three-well Pilot drilling program began with the SS-4H spud, using the H&P rig, targeting first gas in mid-2026.

well test result

SS-2H ST1 averaged a Beetaloo record 7.2 MMcf/d over 30 days from a 5,483 ft lateral, versus 3.2 MMcf/d for SS-1H. Normalised to 10,000 ft it is 13.2 MMcf/d, in line with the Marcellus average. This was the trigger for the RBC Phase 2 farm-down.

well test result

First PIPE tranche closed: 2,180,515 shares at US$17.74, about US$38.7M. A second tranche of 940,729 shares (~US$16.7M) needs shareholder approval at a meeting around 18 Aug. Tranche 1 is smaller than the US$44.4M first announced. DWE's US$15M acreage purchase needs no shareholder vote.

capital raising announcement

Tamboran raised $55.4 million in a private placement (mostly closing immediately, with $11 million pending shareholder approval), sold Daly Waters Energy a non-operating 100,000-acre slice of its Beetaloo acreage for $15 million, and restructured its joint venture agreement with Daly Waters Energy and Falcon Oil & Gas, retaining about 1.9 million net prospective acres and 77.5% operating interest in its core license areas.

material agreement

Tamboran raised about US$55.4M through a private placement of ~3.1M shares at US$17.74, a 15% discount. US$44.4M closes 16 May; US$11.0M needs shareholder approval. Funds the remaining three Pilot wells, with first gas mid-2026. SS-2H ST1 flow test began; IP30 due June.

capital raising announcement

Tamboran agreed to sell Daly Waters Energy a non-operating interest in 100,000 acres for US$15M, and finalised the acreage checkerboard with it. It also hired RBC to farm down the 406,693-acre Phase 2 area, where it would hold 58.12%, after the SS-2H ST1 result.

asset acquisition disposition

December quarter: SS-3H stimulation paused after casing connection stress was detected, with repairs in Q1 and restart in Q2 2025, so SS-3H IP30 slips to mid-2025. SS-2H ST1 IP30 expected April 2025. Cash US$59.4M; US$23M (A$35M) Macquarie credit line secured.

quarterly activities report

Half-year report to 31 Dec 2024. Ernst & Young's review flags a material uncertainty about the company's ability to continue as a going concern, with the opinion not modified. Cash was $59.4M and there was no revenue; the extract shows a six-month loss figure only partly.

half year report

Tamboran and Santos signed a non-binding MOU to study a possible Darwin LNG Train 2 expansion (up to ~6 MTPA) and collaborate on EP 161 (Santos 75%, Tamboran 25%). Non-binding, so no commitment; Tamboran says it remains committed to its own NTLNG pre-FEED.

material agreement

SS-3H was drilled to 21,169 ft in 25 days, 10 days (43%) faster than SS-2H, with the first usable 10,000 ft horizontal below 8,000 ft TVD. Strong gas shows and no faulting seen. Liberty frac planned early Q1 2025 (100-120 stages); IP30 results still due Q1 2025.

drilling result

Tamboran and Daly Waters Energy signed binding agreements with APA to build, own and operate the 23-mile Sturt Plateau Pipeline, contracting all foundation capacity to at least 2041. Construction is expected 2H 2025, with gas accepted 1H 2026. This delivers the APA binding agreement targeted earlier for the NT GSA.

material agreement

SS-2H ST1 was cased and suspended at 16,182 ft after a directional drilling tool failed, leaving a 5,906 ft horizontal, of which ~5,577 ft is to be stimulated. SS-3H drilling starts immediately, stimulation of at least 34 and 60 stages is planned for 1Q 2025, and IP30 results remain on track for 1Q 2025.

drilling result

SS-2H reached 20,669 ft in 35 days, but a downhole mechanical issue forced it to be plugged and sidetracked (SS-2H ST1, ~US$5M extra cost). Cash was US$74.0M, plus US$7.6M net from selling the US rig. IP30 results still expected Q1 2025.

drilling result

Tamboran spudded Shenandoah South 2H in EP 98, the first of two ~10,000-foot wells (SS-2H, then SS-3H) for the 40 MMcf/d Pilot, about 30 days each. Liberty's frac fleet is mobilised; flow results are expected Q1 2025, with first production H1 2026.

drilling spud

Tamboran completed its NYSE IPO of 3,125,000 shares at $24.00, raising $75 million gross. It signed registration-rights and director-nomination agreements with Sheffield Holdings, LP, and issued 489,088 shares to Helmerich & Payne on conversion of its 5.5% convertible note.

capital raising announcement

Tamboran priced its US IPO at US$24.00 per share for 3,125,000 shares, raising US$75M gross, half the 6.5M shares offered at launch. Sheffield Holdings and Liberty Energy contributed US$20M. NYSE trading starts 27 June; closing is expected 28 June. It resolves the IPO thread.

capital raising announcement

the exchange certified Tamboran Resources Corp's securities for listing, clearing them to begin trading.

listing compliance notice

The Northern Territory Government granted Major Project Status to Tamboran's Beetaloo development. It brings a dedicated case manager and approval-process mapping. This is government support for the pilot's path to first gas; it does not itself grant any approval.

regulatory community update

Tamboran formally launched its NYSE IPO: 6,500,000 shares at an indicated US$24–27, with a 975,000-share underwriter option. Proceeds are meant to fund the Shenandoah South Pilot, NTLNG pre-FEED and working capital, and the CEO says six wells. CDIs stay on the ASX. Continues the May announcement.

capital raising announcement

Tamboran announced its intention to list on the New York Stock Exchange via a US IPO under ticker TBN, with Form S-1 filed, while CDIs stay on the ASX. Size and price are not yet set. Proceeds are expected to fund the Shenandoah South pilot, with FID targeted after the IPO.

capital raising announcement

Shenandoah South 1H completed its 90-day test at 2.9 MMcf/d (5.8 normalised per 1,000 m), about 65% above Tanumbirini 3H, the previous Beetaloo best. This resolves the flow-test thread; the well is now shut in and suspended as a potential future producer. FID is still targeted mid-2024.

flow test result

Tamboran and the Beetaloo JV signed a binding take-or-pay gas sales agreement with the Northern Territory Government for 40 TJ/d (~19 TJ/d net) for nine years from H1 2026, with an option to extend to 2042. It is conditional on the APA pipeline agreement, processing agreement, FID and approvals.

material agreement

Tamboran lifted its interest in the proposed Shenandoah South Pilot Project to at least 47.5% after Falcon limited its share to 5% in the second well pad (SS2) and the two 2024 wells. Tamboran and Daly Waters Energy pick up the rest, reaching 95% over 51,200 acres, and carry Falcon for up to A$3.75M gross.

farm in farm out agreement

Shenandoah South 1H achieved a 30-day average of 3.2 MMcf/d over the stimulated length, or 6.4 MMcf/d normalised to 1,000 m, a Beetaloo record above Tanumbirini 3H's 5.2. It exceeded pre-drill expectation and supports the 40 MMcf/d pilot, with a final investment decision planned mid-2024.

flow test result

First contingent resource booking for Shenandoah South lifted net 2C resources 8% to 2.1 Tcf (+152 Bcf; 1C up 33 Bcf to 491 Bcf net), certified by NSAI. It supports the 40 MMcf/d pilot, with first gas targeted for Q1 2026, subject to financing and approvals.

resource reserve update

The retail entitlement offer raised about A$14.2M at A$0.16 per CDI (~88.7M CDIs, 907 applications), bringing the total December raise to about A$55.0M. This completes the raise; CDIs on issue become 2,060,287,200, below the ~2,169M possible if fully subscribed.

capital raising announcement

Tamboran signed three binding agreements with APA Group: early development for the ~35 km Sturt Plateau Pipeline (online as early as H2 2025) and an East Coast pipeline (as early as 2028), plus a partnering deal with an option on up to 15%. APA may spend up to A$10M early works, conditional on milestones.

material agreement

Tamboran formed a strategic partnership with US services firm Liberty Energy, which invested US$10M (A$15.2M). Liberty plans to bring a dedicated frac fleet to the Beetaloo in 2024, once terms are finalised; Tamboran applied for 14 frac sand exploration licences nearby.

material agreement

The institutional placement and entitlement offer raised A$40.8M at A$0.16 per CDI (254.9M new CDIs), including A$15.3M from Liberty and A$7.6M from Sheffield. A retail offer follows, open 20 December to 3 January. Funds support the Shenandoah South pilot sanction.

capital raising announcement

Tamboran launched a non-underwritten equity raise at A$0.16 per CDI: a ~A$28M placement plus a 1-for-6.2 entitlement offer, including A$15M from Liberty Energy and A$8M from Sheffield. Up to ~452M new CDIs fund Shenandoah South pilot sanction work planned for H1 2024.

capital raising announcement

The re-domicile scheme was fully implemented on 13 December 2023. Tamboran Resources Corporation (Delaware) now owns all of Tamboran Resources Limited, and shareholders hold CDIs, trading normally as TBN from 14 December. This completes the move announced 12 October.

business combination

The Federal Court approved the scheme to move Tamboran's parent company from Australia to a new Delaware corporation. It becomes legally effective once lodged with ASIC on 7 December; implementation is 13 December, with CDIs trading normally on 14 December.

business combination

Shareholders approved the US re-domicile scheme by the required majority on 1 December 2023. Final court approval is set for 6 December, with new CDIs issued on 13 December. Step towards a Delaware parent and continued ASX trading as TBN.

business combination

A pressure test at Shenandoah South 1H found over-pressured shale, gradient at least 0.54 psi/ft, similar to Tanumbirini (0.51-0.56). Management says this supports matching Tanumbirini flow rates; success would let the JV sanction the 40 TJ/d pilot. IP30 results due early Q1 2024.

well test result

Amungee 3H reached 3,837 m in 17.9 days, 20 days faster than Amungee 2H, with a 1,100 m horizontal and significant gas shows. Drilling cost was A$12.6M, ~30% below A2H. Stimulation is planned Q2 2024; Shenandoah South 1H stimulation starts November, IP30 results early 2024.

drilling result

Tamboran plans to move its domicile from Australia to the US via a scheme of arrangement. Shareholders would get one CDI per share in a new Delaware parent, still trading on ASX as TBN. Vote expected late November, implementation mid-December 2023, subject to an independent expert (BDO) and court approval.

business combination

Stephanie Reed (Formentera Partners, the major shareholder of joint venture partner Daly Waters Energy) and Ryan Dalton (ex-Parsley Energy CFO) joined the board on 28 September 2023. Appointments follow an agreement with largest shareholder Bryan Sheffield after the July capital raise; the board cap rose to nine.

director officer appointment

Tamboran booked its first contingent resource in 100%-owned EP 136 (2C 406 BCF) after Maverick 1V, and lifted EP 161 2C to 470 BCF. Company-wide 2C rises 32% to 2.0 TCF and 1C 37% to 458 BCF, NSAI-certified. Excludes Shenandoah South 1H results.

resource reserve update

Drilling began on Amungee NW 3H in EP 98, from the same pad as Amungee 2H, using the H&P rig. It should take ~25 days with a 1,000 m horizontal; drilling and cementing is budgeted at A$14.4M (~A$5.6M net). Stimulation is planned for Q2 2024.

drilling spud

Shenandoah South 1H pilot hole reached 3,300 m, intersecting ~90 m of Mid Velkerri B Shale with strong dry gas shows, the thickest seen in the basin depocenter and ~20% thicker than Tanumbirini. A 1,000 m horizontal comes next, with stimulation in Q4 2023. Flow rates are not yet known.

drilling result

Tamboran told Falcon that all farm-in commitments under the 2014 agreement are satisfied. Falcon remains carried for a net A$6.8M of future drilling (A$3.4M net to Tamboran). The EP 98/117 interest is 77.5% for Tamboran (B2), 22.5% Falcon. This completes the Falcon farm-in thread.

farm in farm out completion

Tamboran signed non-binding letters of intent with Origin, AGL, EnergyAustralia and Shell Energy for 510–750 TJ/day for 10–15 years. First gas is targeted for 2028, subject to commercial flow rates. Binding sales agreements are still to be negotiated.

material agreement

Drilling began on Shenandoah South 1H in EP 117, aiming at the deeper Mid-Velkerri B Shale. It is expected to take ~45 days with a 1,000 m horizontal; stimulation is planned Q4 2023. Amungee 2H remedial work is planned later this year, subject to JV approval.

drilling spud

Tamboran awarded Wood the Concept Select engineering contract for the proposed 6.6 MTPA NTLNG plant at Middle Arm, Darwin, following June's site exclusivity. Study finishes in H1 2024, then pre-FEED. The plant depends on commercial Beetaloo flow rates.

contract award

The H&P FlexRig reached the Shenandoah South 1H site in EP 117. Drilling is expected to start early August 2023, subject to final JV approval, taking about 45 days with a 1,000 m horizontal, and stimulation in Q4 2023. Target is about 700 m deeper than Amungee 2H.

drilling scheduled

Tamboran raised about $53.2M in a placement at $0.18 per share (12.2% discount), with $14.7M from Bryan Sheffield. It adds a ~US$9M H&P convertible note (5.5% PIK, conversion $0.21–$0.30) and a ~$5M SPP, totalling ~$71.4M. Resolves the low-cash thread (inference).

capital raising announcement

Amungee 2H reached gas breakthrough but flows 0.83 mmscfd (0.97 averaged over 50 days), well below Amungee NW1H's normalised 5 mmscfd per 1,000 m. Only 10% of frac water is recovered; suspected skin damage, with clean-up planned Q3 2023. Shenandoah South 1H and Amungee 3H to follow.

well test result

Tamboran signed non-binding MOUs with bp and Shell, each for up to 2.2 MTPA of LNG over 20 years (4.4 MTPA total) from the proposed Middle Arm NTLNG project. Binding sale agreements are targeted for 2025, subject to studies, drilling success and approvals.

material agreement

Tamboran picked APA Group as preferred pipeline partner after a six-month process, signing a term sheet. APA would fund up to $10M of studies and approvals over twelve months and target a Shenandoah South to Amadeus pipeline by 2025. Long-form agreements, approvals and conditions remain outstanding.

material agreement

Independent modelling of the Tanumbirini 2H and 3H flow tests (EP 161, Tamboran 25%) gives a 20-year recovery of about 16.8–18.5 BCF for a proposed 3,000 m well, in line with productive Marcellus areas. The company says this supports the Shenandoah South 1H drilling decision.

well test result

Tamboran signed a framework agreement with Clean Energy Fuels Australia for exclusivity over gas compression facilities until end-2023, and a mini-LNG facility for four months. Aims to enable early Beetaloo gas as soon as 2024, subject to approvals. Not yet a binding long-term contract.

material agreement

NT Government gave Tamboran 12-month 'Do Not Deal' exclusivity over 170 hectares at Middle Arm for a proposed NT LNG project, initially 6.6 MTPA. Targets sanction by 2026 and first LNG by 2030, subject to studies, appraisal results and approvals.

regulatory community update

NT Government says all 135 Pepper Inquiry recommendations are implemented, clearing the way for onshore shale gas; Tamboran says it is moving toward production as early as 2025. The H&P FlexRig arrived in Darwin, with the company citing talks with buyers for 200-300 TJ/d.

regulatory community update

NT Supreme Court dismissed Rallen's appeal, upholding the May 2022 land access agreement for EP 136 (100% Tamboran). This resolves the litigation thread and clears exploration there. Tamboran is evaluating a 3,000 m horizontal at Maverick 1V once the H&P rig is operational.

regulatory community update

Andrew Robb AO (former federal trade minister) and John Bell Sr. (H&P senior vice president) join the board from 16 April 2023. Daniel Chandra and Ann Diamant resign the same date; Diamant stays as ESG special advisor. H&P holds about 7.5%.

director officer appointment

Amungee 2H reached 3,883 m total depth in 38 days, including a 1,275 m horizontal in the Mid-Velkerri B Shale, with gas shows as expected. Cost was $14.1M excluding casing and cementing, slightly under budget. Up to 24 frac stages are planned for Q1 2023.

drilling result

Amungee 2H spudded on 10 November in EP 98 (Tamboran 38.75% operator, Sheffield 38.75%, Falcon 22.5%), the first of two planned wells. Vertical to ~2,450 m, then a 1,000 m horizontal; fully funded by Tamboran under the Falcon farm-in.

drilling spud

Acquisition of Origin's Beetaloo permits EP 98, 117 and 76 completed, with operatorship transferring to Tamboran (38.75% interest) and ten Origin staff joining. Tamboran now holds ~1.9M net acres. Resolves the pending Origin deal announced in September.

asset acquisition disposition

Equity raise completed: about $137M from 652.5M placement shares at $0.21, including $30M from Sheffield and $22M from H&P, plus the $3.4M share purchase plan. All conditions for the Origin acquisition, including Ministerial approval, are satisfied. Resolves the funding thread.

capital raising announcement

Falcon, holder of the other 22.5% of the Origin permits, agreed not to use its pre-emptive rights on the Origin purchase, in return for a partial extension of the carry under the farm-in, borne equally by Tamboran and Sheffield. Northern Territory approval is expected by end-October.

farm in farm out agreement

Maverick 1V, Tamboran's first operated Beetaloo well in 100%-owned EP 136, reached 3,050 m in 18.3 days, 54% faster than comparable wells, with strong gas shows in the Mid-Velkerri shales. Logs are next, then the well is suspended to prioritise the Amungee pilot.

drilling result

Tamboran and Bryan Sheffield will each take 50% of Origin's 77.5% in Beetaloo permits EP 98, 117 and 76 for $60M plus a royalty, with a 10-year Origin gas sales deal. Funded by a placement of up to $138M at $0.21; second tranche needs a 25 October vote. Resolves the funding need.

asset acquisition disposition

Helmerich & Payne takes a $22M (US$15M) stake in the placement and signs a two-year contract for a super-spec FlexRig for the 2023 drilling campaign, with a right of first refusal on later rigs until 2033. Supports sanction of the Amungee pilot by end-2023.

material agreement

Tamboran's shares were suspended at its own request on 19 September pending announcement of a capital raising, after a 15 September trading halt. Suspension is to end on the outcome announcement, expected by 21 September.

listing compliance notice

NSAI-certified EP 161 net contingent resources rose: 2C up 164% to 404 BCF (from 153 BCF) and 1C up 73% to 83 BCF. Gross 2C is 1.6 TCF. Builds on the February 2022 upgrade, driven by the extended flow tests and updated development plan.

resource reserve update

Tanumbirini 3H averaged 3.1 mmscfd and 2H 2.1 mmscfd over 30 days after tubing (5.2 and 3.3 normalised per 1,000 m), which Tamboran says exceed its commerciality threshold. Both are declining as expected; 90-day rates due Q4 2022. Resolves the 30-day results thread.

flow test result

After production tubing was installed, Tanumbirini 3H averaged 4.4 mmscfd over eight days (7.4 normalised per 1,000 m, peak 9.1) and 2H 2.8 (4.3 normalised). Up from January rates, and T3H is the highest sustained rate in the basin so far. Resolves the shut-in thread.

flow test result

Northern Territory approved Tamboran's Environmental Management Plan for up to seven wells in EP 136, the final approval needed for Maverick 1H, due to spud in early September. Resolves the pending approval; Maverick 2H and 3H are planned for 2023.

regulatory community update

The NT Supreme Court dismissed Rallen's stay application, so Tamboran can continue its 2022 drilling plans; it will seek legal cost recovery. Rig mobilising, Maverick 1H spud expected early September, with 30-day flow rates expected by end of Q1 2023.

regulatory community update

Binding MOU with Jemena for ~100 TJ/day of firm Northern Gas Pipeline capacity for the Maverick Pilot Development, advancing the earlier Jemena framework. Sanction is planned end-2023 if three EP 136 wells deliver ~1 TCF of 2C resource; first production targeted end-2025.

material agreement

Tamboran contracted Ensign Rig 970 to spud Maverick 1H in its 100%-owned EP 136 in Q3 2022, subject to final environmental approval. Seismic cut from 250 km to ~90 km, and a tribunal land access ruling for Tanumbirini Station lets 2022 work proceed. Pastoral appeals continue.

drilling scheduled

Tamboran's Sweetpea subsidiary won a Commonwealth grant of up to $7.5M, covering up to 25% of drilling, fracture stimulation and flow testing of Maverick 1H in EP 136. Well still planned for mid-2022; funding needs regulatory approvals first.

material agreement

NSAI-certified EP 161 contingent resources rose: 2C up 428% to 153 BCF net (610 BCF gross) and 1C up 336% to 48 BCF net. This delivers the resource booking flagged for the March quarter; covers about 0.9% of the permit area.

resource reserve update

First 30-day flow results from Tanumbirini wells: T2H stabilised at 1.7 mmscfd (2.6 normalised per 1,000 m) and T3H at 1.5 mmscfd (2.5 normalised), peaking at 4.0 and 10.0. Resolves the pending rates; Tamboran's model says over 5 mmscfd per 1,000 m is achievable.

flow test result

T2H and T3H are flowing gas to surface after fracture stimulation of 11 and 10 stages, but are still cleaning up, so no flow rates yet. A 30-day test result is planned; NSAI is commissioned to certify a possible contingent resource booking in the March 2022 quarter.

flow test result

Tamboran raised about $35M in a placement of 94,498,961 shares at $0.37, anchored by US investor Bryan Sheffield with $20M, giving him about 7.4%. Funds will accelerate EP 136 work and working capital; shares on issue rise to 747,359,518.

capital raising announcement

Tanumbirini 3H reached 4,857 metres total depth, again crossing over 1,000 metres of Mid-Velkerri 'B' shale with strong gas shows like T2H. Both wells will now be fracture stimulated and flow tested, with initial results expected by end of 2021.

drilling result

Tanumbirini 2H reached 4,598 metres total depth with over 1,000 metres of horizontal section in Mid-Velkerri 'B' shale. Strong gas shows and pressures were reported, consistent with Tanumbirini 1. Flow test results are still pending, expected before end of 2021.

drilling result

Tamboran appointed Faron Thibodeaux, formerly of APA Corporation (Apache), as Chief Operating Officer, with five technical staff from Pioneer Natural Resources. He will oversee the EP 161 wells and the operated Maverick 1H well and 2D seismic planned within 12 months in EP 136.

director officer appointment

Tamboran issued a replacement prospectus for an ASX IPO of up to 165 million shares at $0.40 each, raising up to $66 million. It begins the company's move from unlisted gas explorer to ASX-listed company.

capital raising announcement

Tamboran (ASX: TBN) was admitted to the ASX official list on 1 July 2021, with quotation of its shares starting 2 July. The IPO raised $61,004,205.60 at $0.40 per share, with 422,332,923 shares quoted.

other

Tamboran closed its IPO, issuing 152,510,514 shares at $0.40 to raise $61 million gross, and converted preferred shares into 237,088,597 ordinary shares. About $40.4 million is earmarked for the Maverick #1H well and $13.6 million for Tanumbirini wells.

capital raising announcement