Highlights
• The Beetaloo Joint Venture sanctioned the Shenandoah South Pilot Project following execution
of key commercial documents with APA Group, the Sturt Plateau Compression Facility (SPCF)
Trust, financial institutions and the Northern Territory Government (NTG).
• Tamboran received consent from Native Title Holders to sell appraisal gas from the Shenandoah
South Pilot Project to avoid flaring. Subsequently, the NTG approved the sale of appraisal gas
under the Beneficial Use of Gas (BUG) Legislation.
• Tamboran successfully completed the first batch drilling program in the Beetaloo Basin with
Shenandoah South 4H (SS-4H), -5H and -6H wells successfully drilled and cemented with a
10,000-foot horizontal section in the Mid Velkerri B shale.
• The stimulation program of the SS-6H well commenced in early November 2025. The program is
targeting up to 60 stages and expected to conclude by the end of the year ahead of IP30 testing
in 1Q 2026, subject to weather conditions and soaking duration.
• Construction activities on the SPCF and APA Group (ASX: APA) owned Sturt Plateau Pipeline
(SPP) are well progressed and on track and on budget to deliver first gas to the NT market in mid2026, subject to weather conditions.
• In September 2025, Tamboran announced the expected acquisition of Falcon Oil & Gas Ltd.
(Falcon) to increase Tamboran’s Beetaloo Basin acreage position to 2.9 million net prospective
acres and increase ownership of the Phase 2 Development Farmout Area.
• Tamboran and Falcon shareholders are expected to vote on the transaction in 1Q 2026.
• In October 2025, the company completed a US$56.1 million (pre-fees) Public Offer at US$21.00
per share of Common Stock. The Public Offer was supported by leading energy technology
company and new strategic partner, Baker Hughes.
• Concurrently with the closing of the Public Offering, Tamboran entered into subscription
agreements with certain investors with expected gross proceeds of up to US$32.0 million in a
Private Investment in Public Equity (PIPE), subject to approval by the Company’s shareholders.
• As of September 30, 2025, the Company had a cash balance of US$39.6 million, with expected
near-term cash inflows of US$100 million following the completion of the Public Offer, PIPE
transaction and US$15 million acreage sale to DWE, which was announced in May 2025.
Tamboran Resources Corporation Chairman and Interim CEO, Richard Stoneburner, said:
“This quarter marks a significant milestone for Tamboran as we officially sanctioned the Shenandoah South
Pilot Project, paving the way for first gas sales to the Northern Territory market in mid-2026.
“Our commitment to work closely with the Native Title Holders and Northern Territory Government was
recognized with the agreement to avoid flaring and consent to sell appraisal gas from the proposed
Shenandoah South Pilot Project.
“We completed the largest drilling program in the history of the Beetaloo Basin, successfully delivering
three 10,000-foot horizontal wells, batch drilled with the H&P FlexRig, and have commenced the stimulation
of the SS-6H well. The three wells are fundamental to delivering gas to the local Northern Territory market,
which is predominantly powered by gas.”
Shenandoah South Pilot Area
Tamboran 47.5 per cent working interest in 20,309 acres and operator of the Northern Pilot Area
In July 2025, Tamboran commenced the most active drilling campaign in the history of the Beetaloo Basin.
Under the program, three wells, the SS-4H, -5H and -6H were successfully batch drilled using the
Helmerich and Payne (NYSE: HP) super-spec FlexRig® Flex 3 rig.
In October 2025, Tamboran announced all three wells had successfully been drilled and cemented with
10,000-foot horizontal sections within the primary Mid Velkerri B shale target.
The three wells were drilled with an average spud-to-target depth (TD) of less than 27 days and the total
program, including the cementing operations, was completed 9 days ahead of schedule and below budget.
The program was delivered with increased efficiency driven by the application of new Baker Hughes antivibration drilling technology.
In preparation for the stimulation on the SS-4H well, an issue with the coil tubing resulted in the decision
to stimulate the SS-6H well to remain on time and on-schedule. Recovery of the coil tubing is planned to
follow the end of the SS-6H stimulation and ahead of the 2026 three well stimulation campaign.
In November 2025, Tamboran commenced the 60-stage stimulation program of the 10,000-foot horizontal
section of the SS-6H well, utilizing the Liberty Energy (NYSE: LBRT) frac fleet. The program is expected
to be completed by the end of the year with IP30 flow testing to be conducted during 1Q 2026, subject to
weather conditions and soaking duration.
Following the wet season, Tamboran expects to stimulate the remaining three drilled and uncompleted
wells (SS-3H, -4H and -5H) ahead of the commencement of gas sales. In total, the five wells are expected
to deliver the contracted 40 TJ/d volume required under the Gas Sales Agreement (GSA) with the NTG.
In September 2025, Tamboran secured the final approvals under the BUG Legislation to sell appraisal gas
under the existing Exploration Permits (EPs). The construction of the SPCF (Tamboran: 50%; Daly Waters
Infrastructure (DWI): 50%) has commenced with the installation of the compressor and triethylene glycol
(TEG) unit, required for dehydration of the gas stream, nearing completion. The project was 68% complete
by the end of October 2025 and remains within P50 budget and schedule to deliver gas from mid-2026.
APA has commenced construction of the Sturt Plateau Pipeline (SPP) connecting the SPCF to APA-owned
Amadeus Gas Pipeline (AGP), the local pipeline network in the Northern Territory connecting Darwin to
Alice Springs via the Beetaloo Basin. The program remains within budget and on schedule for practical
completion by the end of 2025.
EP 161
Santos 75 per cent working interest and operator, Tamboran 25 per cent working interest
During the quarter, the operator continued preparations for a up to three 10,000-foot horizontal well
program at the Jibera South and Newcastle South locations in EP 161.
Santos plans to undertake the program in 2026, subject to final approvals and expects to stimulate each
well during the 2027 dry season.
EP 136, EP 143 and EP(A) 197
Tamboran 100 per cent working interest and operator
During the quarter, Tamboran progressed scouting and surveying activities in EP 143 in preparation for the
acquisition of a 2D seismic survey in 2026. No activity was undertaken on the EP 136 acreage during the
period.
Commercial and Corporate
Native Title Holder and Northern Territory Government Approval
In September 2025, Tamboran announced it had received approval from the NTG to sell appraisal gas
from its exploration permits in the Beetaloo Basin under the BUG legislation.
This is the first approval granted by the NTG through the new BUG legislation and follows consent from
Native Title Holders for the sale of up to 60 TJ per day from the proposed Shenandoah South Pilot Project
over a three-year period.
The BJV holds all necessary approvals to sell gas from the proposed Pilot Project. The project is targeting
gas sales of 40 TJ per day to the NTG under a binding GSA which is expected to commence in mid-2026.
Proposed acquisition of Falcon Oil & Gas Ltd (Falcon).
In September 2025, Tamboran and Falcon entered into a definitive agreement to create a ~2.9 million net
prospective acre Beetaloo Basin leader across the majority of the Beetaloo depocenter.
Under the transaction, Tamboran will acquire Falcon via the acquisition of all its subsidiaries in exchange
for 6,537,503 shares of Tamboran NYSE Common Stock and a cash consideration of US$23.7 million.
On completion, Falcon will distribute Tamboran shares to eligible shareholders of Falcon at an exchange
ratio of 0.00687 shares of Tamboran NYSE Common Stock for each Falcon Common Stock. Falcon
shareholders will own ~26.8% of the pro forma business (prior to the completion of the recent Public Offer
and PIPE transaction). Tamboran stockholders will own the remaining 73.2%.
The transaction values Falcon’s subsidiaries at C$239 million (US$172 million), at an implied offer price of
C$0.2154 per share. This reflected a 19.7% premium of the closing price of Falcon on the TSX on
September 29, 2025 and a 53.2% premium to the 90-day traded VWAP.
The transaction has been unanimously approved by the Board of Directors of Tamboran and Falcon and
is expected to close in 1Q 2026, subject to satisfaction of closing conditions, including the approval by
Falcon shareholders of the transaction and the approval by Tamboran stockholders of the issuance of the
Tamboran NYSE Common Stock.
Completed Public Offer to raise US$56.1 million (pre-fees)
In October 2025, Tamboran raised US$56.1 million via the issuance of 2,673,111 shares of Common Stock
at the Public Offering price of US$21.00 per share.
The underwriters exercised their option to purchase an additional 348,666 shares of Common Stock at the
Public Offering price from the Company on October 23, 2025.
The Public Offering was supported by cornerstone investors, including a US$10 million investment from
new Strategic Partner, Baker Hughes, a leading energy technology company. Baker Hughes will provide
industry-leading oil field services (OFS) and equipment while supporting optimization and efficiency initiatives in Tamboran’s initial development.
RBC Capital Markets, LLC, Wells Fargo Securities, LLC, and BofA Securities acted as joint book-running
managers of the Public Offering.
PIPE to raise up to US$32.0 million
Concurrently with the closing of the Public Offering, Tamboran entered into subscription agreements with
certain investors with expected gross proceeds of up to US$32.0 million in a Private Investment in Public
Equity (PIPE), subject to approval by the Company’s shareholders and the satisfaction of other customary
closing conditions. The PIPE is being conducted at the same price to the public of US$21.00 per share of
Common Stock.
The PIPE is supported by a US$6.6 million investment from Tamboran’s largest shareholder, Mr. Bryan
Sheffield, and Mr. Scott Sheffield, a member of the Company’s Board of Directors, subject to approval by
the Company’s shareholders pursuant to ASX Listing Rule 10.11.
Strategic agreement with Baker Hughes
In conjunction with the Public Offering, Tamboran and Baker Hughes have entered into a preferred services
agreement whereby Baker Hughes will supply OFS and support optimization and efficiency initiatives in
Tamboran’s initial development of the Beetaloo Basin. This activity is limited to a pre-set number of wells
in the basin with an expiration period of the later to occur of i) three (3) years, or ii) twenty (20) wells.
The strategic relationship with Baker Hughes is established to provide industry-leading oilfield services to
Tamboran’s Beetaloo Basin operations, including drilling and completion fluids, drilling services, well
design and construction, wireline services, cementing and completions intervention to improve well delivery
and economics in the upcoming drilling and completions program.
Board and Management changes
In July 2025, Tamboran announced that Dick Stoneburner, Chairman of the Board of Directors of the
Company, has been appointed as interim Chief Executive Officer and will serve as Chair and interim Chief
Executive Officer (CEO) until a new successor is named as CEO. Tamboran’s Board has commenced a
search for a new permanent CEO and has engaged a leading executive search firm.
In conjunction, Joel Riddle has stepped down as Chief Executive Officer and Managing Director.
Former Pioneer Natural Resources Director and CEO, Mr. Scott Sheffield and Mr. Phillip Pace have been
appointed as Non-Executive Directors of Tamboran. Concurrently, Mr. John Bell Sr. has stepped down
from Tamboran’s Board of Directors.
Share Purchase Plan
The Company will also offer a Security Purchase Plan (SPP) to eligible securityholders to raise up to
approximately US$30 million at the same equivalent price as the Public Offering and PIPE, with the ability
to take oversubscriptions at its discretion.
The SPP opened on Thursday, October 30, 2025 and is expected to close at 5:00pm on Thursday,
November 20, 2025 (Sydney time) (unless extended).
For further information, refer to Tamboran’s announcement dated October 27, 2025, “Tamboran raises
US$56.1 million via Public Offering, enters into PIPE with proceeds of up to US$29.3 million, and intends
to launch CDI Share Purchase Plan with target proceeds of up to US$30 million”.
Capital Structure
At the end of the quarter, Tamboran had total cash on hand of US$39.6 million and no debt. The current
capital structure, as at the date of this report, is as follows:
12,922,097 Common Stock
1,514,354,400 CHESS Depositary Interests 200:1 (equivalent to 7,571,772 Common Stock)
20,493,869 Total equivalent Common Stock (4,098,773,800 equivalent CDIs at 200:1)
18,151,222 CDI Options fully vested (unlisted)
35,850,000 CDI Options unvested and subject to milestones (unlisted)
Changes to the capital structure from the previous quarter include:
• Conversion of 598,874 Common Stock to CDIs (119,774,800 increase in CDIs).
• Additional 2,673,111 Common Stock issued under the Public Offer in October 2025.
This announcement was approved and authorised for release by Dick Stoneburner, the Chairman
and Interim Chief Executive Officer of Tamboran Resources Corporation.