• Shenandoah South Pilot Project sanctioned with key commercial agreements
• Successful completion of largest Beetaloo drilling program with three 10,000-foot horizontal wells
• Stimulation of SS-6H well commenced, targeting up to 60 stages

Tamboran Resources Corporation (NYSE: TBN; ASX: TBN) announced its first quarter activities report for the period ended September 30, 2025. Highlights include the Beetaloo Joint Venture sanctioning the Shenandoah South Pilot Project following execution of key commercial documents, Tamboran receiving consent from Native Title Holders to sell appraisal gas, and the successful completion of the largest drilling program in the history of the Beetaloo Basin with three 10,000-foot horizontal wells. The stimulation program of the SS-6H well commenced in early November 2025, targeting up to 60 stages. Construction activities on the Sturt Plateau Compression Facility and the Sturt Plateau Pipeline are well progressed and on track to deliver first gas to the Northern Territory market in mid-2026. Tamboran also announced the expected acquisition of Falcon Oil & Gas Ltd. to increase its Beetaloo Basin acreage position to 2.9 million net prospective acres. The company completed a US$56.1 million public offering and entered into a PIPE transaction for up to US$32.0 million. As of September 30, 2025, Tamboran had a cash balance of US$39.6 million, with expected near-term cash inflows of US$100 million.

Tamboran expects the five wells in the Shenandoah South Pilot Project to deliver the contracted 40 TJ/d volume required under the Gas Sales Agreement with the Northern Territory Government, with first gas sales expected in mid-2026.

Tamboran plans to stimulate the remaining three drilled and uncompleted wells (SS-3H, -4H and -5H) in the Shenandoah South Pilot Project after the wet season, ahead of the commencement of gas sales. The company also expects to undertake a up to three 10,000-foot horizontal well program at the Jibera South and Newcastle South locations in EP 161 in 2026.