Highlights
锟� In January 2026, Mr. Todd Abbott was appointed Chief Executive Officer (CEO) of Tamboran Resources
Corporation. Mr. Abbott brings over two decades of upstream experience with a strong record of
operational leadership, capital discipline, safety and stewardship.
锟� In October 2025, Tamboran, on behalf of the Beetaloo Joint Venture (BJV), successfully completed the first
batch drilling program in the Beetaloo Basin with the Shenandoah South 4H (SS-4H), -5H and -6H wells all
successfully drilled and cemented with 10,000-foot horizontal sections in the Mid Velkerri B shale.
锟� In December 2025, stimulation activities on the SS-6H well comprising 58 stages across a 10,009-foot
(~3,050-metre) length was completed.
锟� Strong progress was made on the construction of the Sturt Plateau Compression Facility (SPCF). The
project was 78% completed at the end of January 2026. The SPCF construction remains on budget and on
track to commence commissioning in 3Q 2026, subject to weather conditions.
锟� The construction of the APA Group (ASX: APA) owned Sturt Plateau Pipeline (SPP) was completed during
the quarter. The pipeline successfully passed pressure and hydro testing in January 2026 and is expected
to be tied into the Amadeus Gas Pipeline imminently.
锟� During the quarter, Tamboran raised US$67.4 million via a US$56.1 million public offer (before fees) at
US$21.00 per share of Common Stock and an US$11.3 million Share Purchase Plan (SPP). The Public Offer
was supported by leading energy technology company and new strategic partner, Baker Hughes.
锟� In January 2026, Tamboran shareholders voted to approve a US$32.0 million Private Investment in Public
Equity (PIPE) transaction. The PIPE transaction was completed in January 2026 and was supported by Mr.
Bryan Sheffield, Tamboran锟絪 Board and management, and existing shareholders.
锟� As of December 31, 2025, the Company had a cash balance of US$90.9 million (including TBN锟絪 50% share
of US$15 million in restricted cash) and drawn debt of US$16.3 million associated with the construction of
the SPCF. Total undrawn debt of US$42 million for the completion of the SPCF (net Tamboran).
锟� Tamboran received US$32 million following completion of the PIPE in January 2026 and expects to receive
US$15 million relating to the acreage sale to DWE during 2026.
Tamboran Resources Corporation Chief Executive Officer, Todd Abbott, said:
锟絀 am extremely excited for the opportunity to lead Tamboran into what I believe is going to be a period of significant
growth for the Company. The year is shaping up to be Tamboran锟絪 most active year in the Beetaloo Basin, with the
Company participating in more than five well stimulations and the drilling of more than four wells across both the
Beetaloo East and West depocenters.
Importantly, we are tracking towards first gas sales from the Beetaloo Basin during 3Q 2026 with the team actively
progressing construction activities on the SPCF and SPP, both of which remain on schedule and budget. This will be
a significant milestone for the Northern Territory, given it will provide initial royalties for Native Title Holders and the
NT Government and energy security to Territorians.
锟絎e thank our shareholders for their support in the recent capital raise, which leaves Tamboran well-funded to deliver
first gas from the SS Pilot Project in 3Q 2026.锟�
Shenandoah South Pilot Project
Tamboran 47.5 per cent working interest in 20,309 acres and operator of the Northern Pilot Area1
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 nine days ahead of schedule and below budget. The program
was delivered with increased efficiency driven by the application of new Baker Hughes anti-vibration drilling
technology.
During the quarter, 58 stages were successfully stimulated across a 10,009-foot (~3,050-metre) horizontal length
within the Mid Velkerri B shale of the SS-6H well. The program was executed with the Liberty Energy (NYSE: LBRT)
frac fleet. The design was further optimized during the campaign, resulting in an increase in stage spacing from 164
feet (~50 metres) to 196 feet (~60 metres), reducing the total number of stages.
During the cleaning out of the well, it was determined that the final 1,374-foot (~419-metre) section, representing
~14% of the horizontal section from the toe may experience impeded flow due to an equipment issue.
In early January 2026, the well was shut-in for a 60-day extended soaking period ahead of the commencement of
flow testing over a 30-day period. IP30 flow results are expected to be announced during 2Q 2026.
At the end of the year, activities were successfully conducted to recover the coil tubing from the vertical section of the
SS-4H well. With the reinforcement of the SS-3H well successfully complete, the remaining three 10,000-foot (3,048-
metre) wells (SS-3H, -4H and -5H) are suspended ahead of a planned stimulated campaign commencing in 2Q 2026.
Construction of the SPCF, a 50/50 joint venture with DWE, continued during the quarter with structural, mechanical
and piping installation progressing to schedule. By the end of January 2026, the project was 78% complete, on
schedule and within budget. The SPCF construction cost is being funded via the SPCF syndicated debt facility, which
was announced on September 30, 2025.
During the quarter, Tamboran and DWE commenced a sales process of the SPCF. Tamboran expects to announce
an update to the process during 1H 2026.
Tamboran and DWE plan to commence Concept Select studies for the expansion of the SPCF to up to 100 terajoules
per day (~98 MMcf/d). Concept Select is planned to evaluate project cost, gas sale volumes and supply reliability.
The expansion project is subject to customary approvals.
The construction of the APA-owned SPP, the pipeline connecting the SPCF to the APA-owned Amadeus Gas Pipeline
(AGP), was completed during 4Q 2025. The pipeline successfully passed strength and hydro testing during early
2026 ahead of tie-in to the AGP and final rehabilitation activities. The program remains within budget and on schedule.
First sales from the SS Pilot Project remains on track for 3Q 2026, subject to weather conditions.
Tamboran 38.75 per cent working interest in 20,309 acres and non-operator of the Southern Pilot Area2
During the quarter, Tamboran and DWE progressed planning for a two well drilling program on SS1 well pad in the
DWE-operated Southern Pilot Area. The two commitment wells are planned to be drilled with 10,000-foot horizontal
sections targeting the Mid Velkerri B Shale as backfill wells to maintain plateau production of ~40 MMcf/d under the
Northern Territory Government Gas Sales Agreement.
Drilling is planned to commence during 2Q 2026 using the Helmerich & Payne (H&P) super-spec FlexRig锟� Flex 3 Rig.
The well is planned to be stimulated using the Liberty frac fleet during 2H 2026.
EP 161
Santos 75 per cent working interest and operator, Tamboran 25 per cent working interest
During the December 2025 quarter, the operator of the EP 161 permit, Santos, contracted the Ensign 971 rig to drill
the Jibera South 1H and Newcastle South 1H wells. Both wells are planned to be drilled with 10,000-foot (~3,000-
metre) horizontal sections targeting the Mid Velkerri B Shale. The project is planned to commence in 3Q 2026.
Both wells are planned to be stimulated and flow tested across up to 60 stages per well.
EP 136, EP 143 and EP(A) 197
Tamboran 100 per cent working interest and operator
During the quarter, Tamboran progressed approvals, scouting and surveying activities in preparation for the
acquisition of a 2D seismic survey in 2026.
Commercial and Corporate
Appointment of Mr. Todd Abbott as Chief Executive Officer
In January 2026, Tamboran announced that Mr. Todd Abbott was appointed as Tamboran锟絪 new Chief Executive
Officer (CEO), effective from January 15, 2026. Mr. Abbott brings over 25 years of upstream experience with a strong
record of operational leadership, capital discipline, safety and stewardship.
Todd锟絪 background at Seneca, Marathon and Pioneer demonstrates an ability to improve productivity while lowering
costs, aligning with Tamboran锟絪 focus on safe and efficient execution and delivering value for shareholders from our
Beetaloo Basin development.
Chairman and Interim CEO, Dick Stoneburner will remain as Chairman of Tamboran.
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 Offer 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
Offer price from the Company on October 23, 2025.
The Public Offer 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锟絪 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
In January 2026, Tamboran shareholders approved the US$32 million PIPE transaction, which was announced in
October 2025. Shares of Common Stock were issued at US$21.00 per share of Common Tock, the same price as
the Public Offer.
The PIPE completed in January 2026 and was supported by a US$6.6 million investment from Tamboran锟絪 largest
shareholder, Mr. Bryan Sheffield, and Mr. Scott Sheffield, a member of the Company锟絪 Board of Directors.
Share Purchase Plan
In December 2025, Tamboran successfully raised A$17.4 million (US$11.3 million) via a SPP to eligible shareholders at A$0.162 per CHESS Depository Interest (CDI), the same equivalent price as the Public Offer and PIPE.
Proposed acquisition of Falcon Oil & Gas Ltd (Falcon)
During the quarter, Falcon Oil & Gas Australia Limited (FOGA) shareholders approved the sale by Falcon Oil & Gas
Ltd. (Falcon) of Falcon锟絪 98.1% interest in FOGA to Tamboran.
The acquisition of Falcon锟絪 98.1% interest in FOGA will provide Tamboran with the option of compulsorily acquiring
the 1.9% interest in FOGA held by minority shareholders.
The acquisition forms part of a broader transaction announced on September 30, 2025, whereby Tamboran acquires
all the subsidiaries of Falcon, subject to certain shareholder and regulatory approvals.
Following closing of the broader transaction, Tamboran intends to proceed with the compulsory acquisition of the
1.9% interest in FOGA at a price per share no less than the price being paid to Falcon as part of the broader
transaction.
Shareholder votes from Tamboran and Falcon to approve the broader transaction are expected to be held in March
2026. The broader transaction is expected to be complete in early March 2026 following Falcon obtaining a final court
order in British Columbia, Canada.
Capital Structure
At the end of the quarter, Tamboran had total cash on hand of US$90.9 million (excluding US$7.5 million of DWE锟絪
net share of restricted cash). Total of US$16.2 million (net) in drawn debt, with US$42 million undrawn.
The current capital structure, as at the date of this report, is as follows:
14,442,292 Common Stock
1,639,444,200 CHESS Depositary Interests 200:1 (equivalent to 7,571,772 Common Stock)
22,639,513 Total equivalent Common Stock (4,527,902,600 equivalent CDIs at 200:1)
18,151,222 CDI Options fully vested (unlisted)
35,850,000 CDI Options unvested and subject to milestones (unlisted)
793,894 Restricted Stock Units
Changes to the capital structure from the previous quarter include:
锟� Issuance of 107,558,800 CDIs (537,794 Common Stock equivalent) from Share Purchase Plan.
锟� Issuance of 9,162,200 CDIs (45,811 Common Stock equivalent) to Board and Management under the
Restricted Share Unit (RSU) incentives
锟� Issuance of 37,662 Common Stock to Board and Management under the RSU incentives.
锟� Issuance of 1,524,377 Common Stock from the completion of the PIPE transaction.
锟� Conversion of 96,723 Common Stock to CDIs (19,344,600 increase in CDIs).
锟� 65,320 Restricted Stock Units Awarded to incoming CEO under the employee incentive scheme
锟� 728,574 Restricted Stock Units Award to employees under the employee incentive scheme.
Announcements
This Quarterly Activities Report contains information reported in the following announcements released during and
subsequent to the reporting period:
October 15, 2025 Tamboran completes largest Beetaloo drilling program
October 23, 2025 Public Offering of Common Stock
October 27, 2025 Tamboran Announces Close of Public Offering
December 15, 2025 Operational Update Completion of SS-6H Stimulation
January 6, 2026 Falcon Oil & Gas Australia Limited approve sale to Tamboran
January 12, 2026 Appointment of Mr. Todd Abbott as Chief Executive Officer
This announcement was approved and authorised for release by Todd Abbott, the Chief Executive Officer of
Tamboran Resources Corporation.