• Shenandoah South 2H sidetrack well achieved a Beetaloo Basin record average 30-day initial production (IP30) flow rate of 7.2 million cubic feet per day
• Flow rate is in-line with average of more than 11,000 wells in the Marcellus Shale dry gas area
• Steady state decline curve consistent with previous well, demonstrating reliability and scalability

Tamboran Resources' Shenandoah South 2H sidetrack (SS-2H ST1) well achieved a Beetaloo Basin record average 30-day initial production (IP30) flow rate of 7.2 million cubic feet per day (MMcf/d) over a 5,483-foot (1,671-metre), 35 stage stimulated length within the Mid Velkerri B Shale. The flow rate of 13.2 MMcf/d over an extrapolated 10,000-foot horizontal section is in-line with the average of more than 11,000 wells in the Marcellus Shale dry gas area with production for over a 12-month period. The steady state decline curve on SS-2H ST1 is consistent with that achieved from the previous SS-1H well, demonstrating reliability and scalability of Tamboran's operations. The company plans to commence the 2025 Shenandoah South drilling program in July 2025, including three 10,000-foot horizontal wells, to be tied into the Sturt Plateau Compression Facility and supply gas sales to the Northern Territory Government under a take-or-pay agreement starting in mid-2026, subject to approvals.

The five wells on the SS2 pad are planned to deliver the required 40 MMcf/d volume under the take-or-pay gas sales agreement with the Northern Territory Government, commencing in mid-2026, subject to approvals.

Tamboran continues to bring key lessons from the US to accelerate the commercial development of the Beetaloo Basin, with plans to incorporate learnings from the SS-1H and SS-2H ST1 wells into the design of the remaining four wells required to deliver first gas sales in mid-2026.