TBN · Tamboran Resources Corp

Tamboran Resources Corporation released its Q3 FY26 results on May 13, 2026, via earnings presentation (Exhibit 99.1) and press release (Exhibit 99.2), furnishing operational progress in the Beetaloo Basin rather than traditional financial statements. Key drivers include a strategic farm-out of approximately 10,000 net acres in the Pilot Area and Beetaloo Central Development Area (BCDA) to Daly Waters Energy (DWE), securing a US$28.5 million carry commitment structured in phases, providing non-dilutive capital while validating the basin's commercial potential following DWE's JV with INPEX. This transaction implies a value premium on Tamboran's core acreage, with Phase 1 covering 2,277 net acres for US$11.6M and Phase 2 (elective) adding 7,877 acres for US$16.9M including milestones.

Operationally, the Shenandoah South 6H (SS-6H) well delivered a record average IP20 flow rate of 10.3 MMcf/d from the Mid Velkerri B Shale, concluding at a stable 8.8 MMcf/d amid ongoing water cleanup, underscoring high-quality reservoir performance. Infrastructure advanced with the Sturt Plateau Compression Facility (SPCF) at 88% complete as of April 2026, funded by a US$118M JV debt facility (US$46M drawn JV-wide at quarter-end, NTG-guaranteed for Tamboran's share), remaining on P50 budget/schedule despite weather delays. The APA-owned Sturt Plateau Pipeline nears tie-in.

Balance sheet strengthened significantly post-quarter via a US$31M PIPE (January 2026, shareholder-approved) and US$188M April 2026 capital raise (US$119M public offer at US$35/share plus entitlements), yielding pro forma cash of ~US$298M including US$95M at March 31 and US$203M inflows. This funds an ambitious 2026 program: stimulating three wells (SS-3H, -4H, -5H) with local sand tests for cost reduction, drilling two (SS-7H, -8H) via Helmerich & Payne rig, and participating in Santos' EP 161 delineation (25% interest). First gas from the SS Pilot Project targets 3Q 2026 under the NT Gas Sales Agreement, positioning Tamboran for ~40 MMcf/d plateau into the NT market and beyond, with funding through 2027-2028 for East/West delineation.