Tamboran Resources Advances Beetaloo Gas Development with $188M Capital Raise and Record Well Flows

Record Gas Flow Validates Beetaloo Potential

Tamboran Resources Corporation (ASX:TBN, NYSE: TBN) has hit a new milestone in the Beetaloo Basin with its Shenandoah South 6H (SS-6H) well delivering a record average initial 20-day production rate of 10.3 million cubic feet per day (MMcf/d). The well’s stable flow at 8.8 MMcf/d at a wellhead pressure of approximately 580 psi, alongside ongoing water unloading, underscores the quality of Tamboran’s acreage in Beetaloo West. This performance sets a strong operational tone as the company prepares for first gas sales targeted in the third quarter of 2026.

Testing of SS-6H concluded early to preserve reservoir pressure and reduce emissions, a strategic move that aligns with Tamboran’s operational net zero ambitions. The well’s results compare favourably with established shale plays, reinforcing the basin’s potential for commercial gas production. This achievement follows the company’s recent SS-6H well shows strong flow announcement, which highlighted the well’s robust performance.

Capital Raise Bolsters Funding for Growth and Infrastructure

Tamboran completed a significant capital raise in April 2026, netting US$188 million through a combination of a US$119 million public offering, a US$61 million institutional entitlement offer, and an US$18 million retail entitlement offer. This follows a US$31 million PIPE transaction completed in January 2026, bringing the company’s pro forma cash position to approximately US$298 million. The strengthened balance sheet provides ample runway to fund Tamboran’s 2026 and 2027 drilling, stimulation, and resource delineation programs across the Beetaloo Basin.

The capital raise is a critical enabler for Tamboran’s aggressive development schedule, which includes drilling at least four wells and stimulating five wells in 2026. The company is preparing to stimulate the SS-3H, SS-4H, and SS-5H wells imminently and plans to drill the SS-7H and SS-8H wells mid-year using the Helmerich & Payne FlexRig® Flex 3 rig. These activities are designed to accelerate resource definition and underpin future gas sales. The raise builds on momentum from the company’s US$198 million equity raise earlier in April, which set the stage for expanded exploration and development.

Strategic Farm-Down to Daly Waters Energy Enhances Capital Efficiency

Tamboran has farmed down approximately 10,000 acres of its working interest across the Pilot Area and Beetaloo Central Development Area (BCDA) to Daly Waters Energy, LP (DWE) under a US$28.5 million carry arrangement. This farm-out is structured with off-ramp provisions and aligns with DWE’s strategic joint venture with INPEX Corporation, operator of the Ichthys LNG facility in Darwin. The transaction not only provides non-dilutive capital to Tamboran but also validates the commercial potential of the Beetaloo Basin through third-party participation.

The farm-down covers both the Northern and Southern Pilot Areas and the BCDA, representing a significant portion of Tamboran’s core acreage. The deal supports Tamboran’s objective to advance the Pilot Area and BCDA with capital efficiency while maintaining exposure to upside potential. This strategic move complements the company’s broader development plans and reinforces its position as the largest acreage holder in the basin.

Infrastructure Progress and Upcoming Drilling Activity

Construction of the Sturt Plateau Compression Facility (SPCF), a 50/50 joint venture with Daly Waters Infrastructure, is 88% complete as of April 2026 and remains on budget and on track for commissioning in the third quarter. The associated Sturt Plateau Pipeline (SPP) is undergoing final commissioning ahead of its tie-in to the SPCF. These midstream assets are critical to enabling first gas sales and supporting future production growth.

Tamboran’s drilling program is advancing with two commitment wells planned on the DWE-operated Southern Pilot Area’s SS1 pad. These wells will target the Mid Velkerri B Shale with 10,000-foot horizontal sections and are expected to maintain plateau production of approximately 40 MMcf/d under the Northern Territory Government Gas Sales Agreement. Meanwhile, Santos, operator of EP 161 where Tamboran holds a 25% interest, is preparing to drill two 10,000-foot horizontal wells in the third quarter of 2026 to delineate additional resources in the Beetaloo East depocenter.

Acquisition of Falcon Oil & Gas Ltd Nears Completion

Tamboran’s proposed acquisition of Falcon Oil & Gas Ltd, approved by shareholders and the Supreme Court of British Columbia, is pending final regulatory approvals with an extended Plan of Arrangement deadline to June 30, 2026. The acquisition will increase Tamboran’s acreage and working interests, further consolidating its dominant position in the Beetaloo Basin.

The transaction is expected to enhance Tamboran’s operational scale and resource base, supporting its strategy to commercialize one of Australia’s most significant onshore gas resources. The combined assets will provide greater flexibility and optionality in the company’s development plans through 2027 and beyond.