Tamboran Resources Corporation

What they do

Tamboran is an early-stage natural gas developer with no production or revenue to date. The company operates the Beetaloo Joint Venture (77.5% working interest) across exploration permits EP 76, 98, and 117 and is focused on drilling, completing, and stimulating horizontal wells in the Mid Velkerri B Shale. It is also developing gas infrastructure, including the Sturt Plateau Compression Facility and the Shenandoah South Pilot Project, and is progressing plans for a potential LNG export facility.

Revenue drivers

• Natural gas sales (future) — No revenue earned to date; company expects first gas in 3Q 2026. Monetization will depend on successful well tests and infrastructure completion.
• Beetaloo Joint Venture working interest — 77.5% working interest in the Beetaloo Joint Venture (EPs 76, 98, 117) with Falcon holding 22.5%. This is the core asset base.
• Farm-out agreements — Recently farmed down ~10,000 acres to Daly Waters Energy for a US$28.5 million carry, providing non-dilutive capital to fund drilling and completion activities.

Recent performance

For the nine months ended March 31, 2026, Tamboran reported a net loss of $27.2 million, compared to a net loss of $30.4 million in the prior-year period. Revenue was $0 in all reported periods as the company has not yet commenced production. Operating costs and expenses for the nine months totaled $24.4 million, driven by compensation, exploration, and camp expenses. As of March 31, 2026, cash was $95 million (including Tamboran's 50% share of restricted cash), net drawn debt was $23 million, and total undrawn debt of $39 million remained for SPCF completion. The company raised US$188 million (net) in April 2026 via equity offerings, bringing pro forma cash to US$298 million.

Strategy

Tamboran's stated strategy is to commercialize its Beetaloo Basin gas resource by drilling and completing wells, building midstream infrastructure, and eventually supplying domestic gas and potential LNG exports. The company is focused on the Shenandoah South Pilot Project and is running a 2026 program to drill at least four wells and stimulate at least five wells. Management is testing local sand as a potential lower-cost proppant, which could reduce completion costs. The company is also advancing the Sturt Plateau Compression Facility and pipeline, with commissioning expected in 3Q 2026, and has secured additional funding through a PIPE and equity raises to support the 2026 and 2027 programs.

Risks

• Pre-revenue, early-stage development — No revenue or production to date; only four wells drilled as operator, and only one well believed to be productive based on initial flow rates.
• Technical and geological uncertainty — One well has shown lower normalized flow rates than others, and the ability to achieve commercial flow rates across the acreage is unproven.
• Execution and infrastructure delays — The SPCF and pipeline are critical to first gas; construction has faced wet weather disruptions, and any delays could push back commissioning and revenue.
• Capital requirements and dilution — The company's plans depend on continued external funding; the April 2026 equity raise involved significant share issuance and potential dilution to existing holders.

Outlook

Management expects first gas during 3Q 2026, with commissioning of the SPCF starting in that quarter. The 2026 program includes drilling at least four wells and stimulating at least five wells, including tests of local sand in the SS-4H stimulation. The company is funded for its 2026 and 2027 programs, targeting resource delineation across Beetaloo West and East. Key near-term catalysts include the stimulation of SS-3H, -4H, and -5H, and drilling of SS-7H and -8H in mid-2026.