• Completed 35-stage stimulation of Shenandoah South 2H sidetrack well
• Raised US$55.4 million through PIPE offering
• Signed agreement to finalize checkerboard of Beetaloo Basin joint acreage

Tamboran Resources Corporation has reported on its third quarter activities for the period ended March 31, 2025. Key highlights include the completion of a 35-stage stimulation campaign on the Shenandoah South 2H sidetrack (SS-2H ST1) well, which was then suspended for a 62-day 'soaking' period prior to re-opening for flow testing in mid-May 2025. The company also announced a US$55.4 million private placement to institutional investors, which it expects will fully fund the drilling and completion of the remaining three wells required for the proposed Shenandoah South Pilot Project. Tamboran signed a binding agreement to finalize the checkerboard of its joint acreage position across EPs 76, 98 and 117, and also entered into a separate agreement with Daly Waters Energy, LP to acquire a non-operating interest in 100,000 acres. The company has reserved 406,693 gross acres as the Phase 2 Development Area and has engaged RBC Capital Markets to commence a formal farmout process for this acreage. Tamboran plans to drill three additional wells commencing in mid-2025 to supply gas to the Shenandoah South Pilot Project, with first gas production expected in mid-2026.

Following the completion of funding, Tamboran expects to be fully funded to drill and complete the remaining three wells required to deliver first gas under the proposed ~40 MMcf/d (~19 MMcf/d net Tamboran) Shenandoah South Pilot Project, with first gas production planned for mid-2026.

Tamboran is focused on delivering the largest single drilling campaign in the Beetaloo Basin region to date, including three wells drilled from the SS2 pad commencing in mid-2025 and stimulation of up to 240 stages across four 10,000-foot horizontal wells. The company has also commenced a formal farmout process for its Phase 2 Development Area in the Beetaloo Basin.