• Successful drilling of Shenandoah South 2H sidetrack and 3H wells
• Commenced stimulation activities, with SS-2H ST1 well completing 35 stages
• Paused SS-3H completion due to casing stress, reinforcement planned for Q1 2025

Tamboran Resources Corporation provided an update on its second quarter activities for the period ended December 31, 2024. During the quarter, the company successfully drilled, cased and cemented the Shenandoah South 2H sidetrack (SS-2H ST1) and 3H (SS-3H) wells in EP 98, reaching measured depths of 16,182 feet and 21,169 feet respectively. The SS-3H well included the first 10,000-foot horizontal section in the Mid Velkerri B Shale. Stimulation activities commenced in January 2025, with the SS-2H ST1 well completing 35 stages across a 5,483-foot horizontal section, achieving a record average proppant intensity for the Beetaloo Basin. However, the company took precautionary steps to pause SS-3H completion operations due to detection of stress in the casing connection, with reinforcement activities planned for Q1 2025 and stimulation to recommence in Q2 2025. Tamboran also entered into binding agreements with APA Group to build, own and operate the 23-mile Sturt Plateau Pipeline for the proposed Shenandoah South Pilot Project, and secured a US$23 million line of credit from Macquarie Bank. Additionally, the company signed a non-binding MOU with Santos to undertake technical studies for a potential Darwin LNG Train 2 expansion.

Tamboran expects the IP30 flow rates for the SS-2H ST1 well to be released in April 2025, and the IP30 flow rates for the SS-3H well to be released in mid-2025.

The company remains on track to deliver gas into the Northern Territory by the first half of 2026, subject to weather and final stakeholder approvals. The Sturt Plateau Compression Facility project is also on schedule to be operational in the first half of 2026 to deliver first gas production under the Gas Sales Agreement with the Northern Territory Government.