• Tamboran and Daly Waters Energy, LP (DWE) have signed a binding agreement to finalize the checkerboard of the joint acreage position across EPs 76, 98 and 117
• DWE will acquire a non-operating and non-controlling interest in 100,000 acres within two areas for US$15 million
• Tamboran has engaged RBC Capital Markets to commence a formal farm-down of the Phase 2 Development Area

Tamboran Resources Corporation has finalized the checkerboard of its Beetaloo Basin blocks and announced a US$15 million acreage sale to Daly Waters Energy, LP (DWE). Under the checkerboard process, Tamboran and DWE have selected acreage, resulting in each party holding regions at a 77.5% owned and operated working interest, with Falcon Oil & Gas Australia Limited holding the remaining 22.5% non-operating interest. Ownership of the proposed northern Pilot Area, the focus for initial gas production in the Northern Territory, remains unchanged with Tamboran holding a 47.5% operating interest, DWE holding 47.5%, and Falcon holding 5%. Expansion into the proposed southern Pilot Area is anticipated, with Tamboran holding 38.75%, DWE holding 38.75% as operator, and Falcon holding 22.5%. In conjunction with the checkerboard, Tamboran and DWE have entered into a binding agreement whereby DWE will acquire a non-operating and non-controlling interest across 100,000 acres within two areas of Tamboran's post-checkerboard acreage position for a consideration of US$15 million. Tamboran has engaged RBC Capital Markets to conduct a farm-down process of the area designated as the Phase 2 Development Area, which covers 406,693 acres located immediately north of the Pilot Area. The process is expected to commence following the release of results from the Shenandoah South 2H sidetrack (SS-2H ST1) well, planned for June 2025. DWE will have the right to participate in any farm-down deal at the same terms provided to Tamboran.

Tamboran's recently secured funding is expected to support the drilling activities required to reach initial production in mid-2026, subject to weather and customary regulatory approvals.