Highlights:

• The Beetaloo Joint Venture (BJV) has made a Final Investment Decision (FID) for the Shenandoah South Pilot Project, which is currently on track to commence first gas sales from mid-2026.
• The decision by the BJV to take FID follows the execution of key commercial documents with APA Group and the SPCF Trust. This follows the signing of agreements with Native Title Holders, the Northern Land Council and the Northern Territory Government to secure approvals required to commence sales of appraisal gas under the Beneficial Use of Gas (BUG) legislation.
• Tamboran and Daly Waters Infrastructure, LP (DWI) have also secured up to A$179.8 million (~US$118 million) via a three-tranche financing facility with a consortium of lenders for the construction of the Sturt Plateau Compression Facility (SPCF).
• Tamboran is now in a position to fund its share of the upstream drilling and stimulation of the remaining Pilot Project wells required to reach plateau production and construction of the SPCF, subject to successful completion of the remaining wells, and receiving the US$15 million from DWE for the recent acreage sale and a research and development (R&D) tax incentive payment in respect of eligible expenditure for FY25.
• The Pilot Project has been designed to provide long-term production testing of multiple wells that has, alongside additional resource delineation, the potential to sanction a large-scale development to the East Coast gas market.
• Tamboran expects to complete the current three well drilling program in early 4Q 2025. This will be followed by the stimulation of the Shenandoah South 4H (SS-4H) well, which is planned to be flow tested over 30-days in early 2026. The remaining three wells are expected to be stimulated in 1H 2026 after the wet season and ahead of commencement of gas sales in mid-2026.

Source: Tamboran Resources Corporation