• Successful completion of 35 stages in the SS-2H ST1 well
• Drilling of SS-4H, 5H and 6H wells planned in 2H 2025
• First gas from the proposed SS Pilot Project on track for mid-2026

Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) has provided an update on its 3Q FY25 results, highlighting several key developments. The company successfully completed 35 stages in the SS-2H ST1 well over a 5,483-foot horizontal section, reaching Beetaloo Basin records for average proppant intensity. Following a 62-day 'soaking' period, the well commenced IP90 flow testing in mid-May 2025. Tamboran also plans to drill the SS-4H, 5H and 6H wells in the second half of 2025, targeting less than 25 days from spud to total depth and demonstrating increased cost efficiencies for 10,000-foot horizontal drilling. The first gas from the proposed SS Pilot Project remains on track for mid-2026. The company is also evaluating a Phase 1 expansion to serve additional local Northern Territory gas market demand, supported by a letter of intent with Arafura Rare Earths Limited (ASX: ARU). Additionally, Tamboran has engaged RBC Capital Markets to commence a farmout process for approximately 400,000 acres in the Phase 2 Development Area. The company's cash balance as of March 31, 2025, was $25.6 million, which was subsequently increased to $96.0 million following a $70.4 million raise in May 2025, fully funding the remaining drilling and stimulation activities for the SS Pilot Project.

Tamboran expects to be fully funded to drill and complete the remaining three wells required to deliver first gas under the proposed SS Pilot Project, which is targeted for mid-2026 and is expected to produce approximately 40 MMcf/d (gross, ~19 MMcf/d net).

Tamboran is progressing towards production from the proposed ~40 MMcf/d (gross, ~19 MMcf/d net) Pilot Project in mid-2026, with upcoming catalysts including the commencement of 90-day flow testing of the SS-2H ST1 well in May 2025, the announcement of IP30 flow test results from the SS-2H ST1 well in June 2025, the commencement of the three-well drilling program for the remaining proposed SS Pilot Project wells in mid-2025, the proposed Final Investment Decision of the SS Pilot in mid-2025, the commencement of construction of the SPCF and SPP in the second half of 2025, the stimulation of four wells and a 30-day flow test of a single well in the fourth quarter of 2025 to the first half of 2026, and the target for first gas from the proposed SS Pilot Project in mid-2026.