Tamboran Resources Corporation · NYSE:TBN
Tamboran Resources — Q3 2025 Earnings Presentation
15 slides from Tamboran Resources's earnings presentation, May 14, 2025
Slide 1: 3Q FY25 Result Presentation
NYSE: TBN, ASX: TBN 3Q FY25 Result Presentation Joel Riddle – Chief Executive Officer North America: May 14, 2025 | Australia: May 15, 2025 SHENANDOAH SOUTH 2 WELLPAD, NORTHERN TERRITORY, AUSTRALIA
Slide 2: Disclaimer
Disclaimer The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include statements
Slide 3: 3Q FY25 highlights
Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) 3Q FY25 highlights Successful completion of 35 stages in the Drilling of SS-4H, 5H and 6H wells planned ~240 stages of batch completions across SS-2H ST1 well over 5,483-feet. Following a in 2H 2025, targeting <25 days spud to SS-3H, 4H, 5H and 6H
Slide 4: Phase 1 proposed SS Pilot Project update
Phase 1 proposed SS Pilot Project update Targeting SS-2H ST1 IP30 flow test in June 2025 | Funded to drill three wells in 2H 2025 ahead of production in mid-2026 Initial testing of SS-2H ST1 well on the SS2 pad, Beetaloo Basin − Concluded stimulation operations on SS-2H ST1, which was successfully c
Slide 5: SS-2H ST1 flowback strategy
SS-2H ST1 flowback strategy to test potential productivity uplift from extended “soak” period Process of “soaking” Beetaloo Basin wells has shown to deliver material uplift in well productivity Productivity Improvement for select Beetaloo Wells1 7.0 − Productivity improvement observed in recent Beet
Slide 6: Phase 1 drilling in 2H 2025 to focus on driving further reduction in cost
Phase 1 SS Pilot Project drilling in 2H 2025 to focus on driving further reduction in cost Targeting <25 days spud to TD for SS-4H, 5H and 6H in 2H 2025 Key Beetaloo Basin Wells − Well design for three wells planned for 2025 - consistent with SS-3H o Targeting ~21,000-foot measured depth, including
Slide 7: Batch completion of wells planned in 4Q 2025 – 1H 2026
Batch completion of SS Pilot Project wells planned in 4Q 2025 – 1H 2026 SS-3H, 4H, 5H and 6H wells to incorporate local sand and key learnings from SS-2H ST1 flow test performance SS-2H ST1 stimulation intensity compared to SS-1H (average) SS-2H ST1 3,500 Increase in spacing optimized stimulation 3,
Slide 8: Phase 1 SS Pilot Project first gas on schedule for mid-2026
Phase 1 SS Pilot Project first gas on schedule for mid-2026 Compression and pipeline infrastructure delivered to Australia ahead of the commencement of construction in 2H 2025 Existing Sturt Plateau Pipeline (SPP) Amadeus Gas 12” Pipeline − Pipe delivered into Darwin, Australia in April 2025 − APA G
Slide 9: Potential Phase 1 expansion to serve additional local NT gas market demand
Potential Phase 1 expansion to serve additional local NT gas market demand Evaluating potential for expansion of Phase 1 through existing infrastructure availability | LOI signed with Arafura Rare Earths Existing NT/QLD Pipeline Network Phase 1 Expansion opportunity − Evaluating SPCF and pipeline ex
Slide 10: Tamboran/DWE checkerboard process and farmout update
Tamboran/DWE checkerboard process and farmout update Finalized checkerboard process1 | Tamboran progressing towards farmout of ~400,000 acres in Phase 2 Development Area “Phase 2 Development Area” is most “development- Phase 2 Development Area ready” acreage in the Beetaloo Basin given derisked (TBN
Slide 11: Pro forma cash position provides pathway to first production
Pro forma cash position provides pathway to SS Pilot Project first production US$25.6 million cash at March 31, 2025 | Completed US$70 million raise to fully fund SS Pilot Project drilling and stimulation activities in 2025/26 − Pro forma, adjusted cash balance of US$96.0 million following PIPE and
Slide 12: Upcoming catalysts
Upcoming catalysts Progressing towards production from proposed ~40 MMcf/d (gross, ~19 MMcf/d net) Pilot Project in mid-2026 May 2025 Commence 90-day flow testing of SS-2H ST1 June 2025 Announce IP30 flow test results from SS-2H ST1 Commence three well drilling program of remaining Mid-2025 proposed
Slide 13: Appendix A: Additional Information
Appendix A: Additional Information 13
Slide 14: Beetaloo Basin working interests and acreage positions
Beetaloo Basin working interests and acreage positions ~1.9 million net prospective acres across the Beetaloo Basin depocenter Gross Acres Tamboran working interest Tamboran net prospective acres Proposed North Pilot Area1 20,309 47.50%* 9,647 Proposed South Pilot Area 20,309 38.75% 7,870 Phase 2 De
Slide 15: Tamboran Resources
tamboran~ tamboran © RESOURCES