Leadership Shift and Regulatory Approvals Shape Tamboran’s Beetaloo Future

Record Flow Rates Signal Commercial Potential

Tamboran Resources Corporation has delivered a series of record-breaking natural gas flow rates from its Shenandoah South 2H sidetrack well (SS-2H ST1) in the Beetaloo Basin. Over a 5,483-foot stimulated horizontal section within the Mid Velkerri B Shale, the well achieved an initial 30-day production (IP30) flow rate of 7.2 million cubic feet per day (MMcf/d), setting a new benchmark for the basin. This was followed by a record IP90 flow rate of 6.7 MMcf/d, with the well demonstrating an unusually flat decline curve and even a 2% increase in flow over the last 30 days without any downhole intervention.

Largest Drilling Campaign in Basin History Underway

Building on this momentum, Tamboran commenced the largest drilling program ever undertaken in the Beetaloo Basin in July 2025. The campaign involves batch drilling three wells; SS-4H, SS-5H, and SS-6H; each featuring a 10,000-foot horizontal section within the same shale formation. The first two wells have already reached target depth in record time, with drilling speeds surpassing previous benchmarks. The company plans to stimulate these wells with up to 60 stages and conduct flow testing in early 2026, aiming to deliver contracted gas volumes by mid-2026.

Regulatory Milestones and Gas Sales Approvals

Tamboran has also secured critical regulatory and community approvals that pave the way for commercial gas sales. The company reached agreements with Native Title Holders to avoid flaring and obtained consent to sell appraisal gas from the proposed Shenandoah South Pilot Project over a three-year period. Subsequently, the Northern Territory Government granted approval under the Beneficial Use of Gas (BUG) legislation, marking the first such approval under this new framework. These milestones enable Tamboran to commence gas sales of up to 40 terajoules per day under a binding gas sales agreement expected to start in mid-2026.

Corporate Developments and Financial Position

On the corporate front, Tamboran appointed Dick Stoneburner as interim CEO and Chairman following the departure of former CEO Joel Riddle. The board also welcomed new non-executive directors Scott Sheffield and Phillip Pace, while John Bell Sr. stepped down. Financially, the company reported a robust cash balance of US$45.2 million as of June 30, 2025, with no debt and expected receivables of approximately US$26 million from recent capital transactions. Tamboran has initiated a formal farmout process for its Phase 2 Development Area, engaging RBC Capital Markets to attract partners and accelerate development.

Looking Ahead

Tamboran’s progress in the Beetaloo Basin underscores its ambition to become a key supplier of natural gas to Australia’s East Coast market, leveraging the basin’s promising geology and new regulatory frameworks. With drilling and stimulation activities ramping up, and commercial sales approvals in place, the company is poised to transition from exploration to production within the next year. However, the success of these efforts will depend on continued operational execution, market conditions, and stakeholder engagement.