• Drilled, cased and cemented the SS-3H well, the first well with a 10,000-foot horizontal section in the Beetaloo Basin
• Completed SS-2H ST1 across 35 stages, achieving record proppant intensity in the Beetaloo Basin
• Evaluating a Data Center opportunity as part of the expanded Phase 1 development

Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) released its second quarter fiscal year 2025 results, showcasing significant progress in its Beetaloo Basin operations. The company successfully drilled, cased and cemented the SS-3H well, which is the first well drilled and cemented with a 10,000-foot horizontal section within the basin. Additionally, the company completed the SS-2H ST1 well across 35 stages, delivering record proppant intensity in the Beetaloo Basin. Tamboran is now targeting IP30 flow test results from the SS-2H ST1 well in April 2025 and the SS-3H well in mid-2025. The company also entered binding agreements with APA Group to build, own and operate the Sturt Plateau Pipeline for the proposed Shenandoah South Pilot Project, with first gas remaining on track for the first half of 2026. Tamboran is evaluating a potential data center opportunity as part of the expanded Phase 1 development, leveraging the existing fiber optic network adjacent to its Beetaloo Basin assets. The company also signed a non-binding MOU with Santos to undertake technical studies related to a potential Darwin LNG Train 2 expansion. Tamboran ended the quarter with a cash balance of $59.4 million, fully funding the delivery of IP30 flow test results from both the SS-2H ST1 and SS-3H wells by mid-2025.

Tamboran is progressing towards production from the proposed ~40 MMcf/d (gross, ~19 MMcf/d net) Shenandoah South Pilot Project in the first half of 2026. Key upcoming catalysts include commencing flow testing of the SS-2H ST1 well in March 2025, announcing IP30 flow test results from the SS-2H ST1 well in April 2025, stimulating and flow testing the SS-3H well in April/May 2025, announcing IP30 flow test results from the SS-3H well in mid-2025, and reaching Final Investment Decision on the SS Pilot Project in mid-2025.