Tamboran Resources Corporation · NYSE:TBN
Tamboran Resources — Non-Deal Roadshow (September 2025)
36 slides from Tamboran Resources's roadshow presentation, Sep 15, 2025
Slide 1: North American Non-Deal Roadshow Presentation
For personal use only NYSE: TBN, ASX: TBN North American Non-Deal Roadshow Presentation September 2025 SHENANDOAH SOUTH 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: Investment highlights
Investment highlights Significant gas development in the Beetaloo Basin, with potential to become a world class gas province(1) For personal use only Significant unconventional gas resource 1 Beetaloo Basin resource properties compare favourably with leading unconventional Marcellus plays Exceptiona
Slide 4: Tamboran's Board of Directors
Tamboran’s Board of Directors Deep technical knowledge and track record in early-stage E&P success For personal use only Dick Stoneburner Scott Sheffield Fred Barrett Jeff Bellman Ryan Dalton Patrick Elliott Phillip Pace Andrew Robb David Siegel Chairman & Interim Director Director Director Director
Slide 5: Tamboran's dominant operated Beetaloo Basin acreage position
Tamboran’s dominant operated Beetaloo Basin acreage position Key operator of ~1.9 million net prospective acres in Australia’s Beetaloo Basin Tamboran Resources Corporation (as at close September 10, 2025) Tamboran’s Beetaloo Basin acreage position ~1.9 million acres (net) For personal use only Stoc
Slide 6: Significant Beetaloo Basin drillable acreage position
Significant Beetaloo Basin drillable acreage position >5,000 drilling locations across a single Beetaloo Basin bench in a stacked shale region with 3 to 4 benches − The Beetaloo acreage For personal use only has parallels with Pioneer’s Wolfcamp and could offer an opportunity for significant develop
Slide 7: Tamboran/DWE checkerboard and farmout process
Tamboran/DWE checkerboard and farmout process Tamboran progressing towards farmout of ~400,000 acres in Phase 2 Development Area “Phase 2 Development Area” is the most “development- For personal use only Phase 2 Development Area ready” acreage in the Beetaloo Basin given derisked (TBN: 58.12%*, DWE:
Slide 8: The Beetaloo Basin – One of the largest undeveloped gas resources in the world
The Beetaloo Basin – One of the largest undeveloped gas resources in the world Remote location supported by existing pipelines, rail and road infrastructure − The Beetaloo Basin is located ~300-miles southeast of Darwin For personal use only in Australia’s Northern Territory. Remote flat location, u
Slide 9: Regional geology provides ideal setting for multi-decade Beetaloo development
Regional geology provides ideal setting for large, multi-decade Beetaloo Basin development Comparison of Marcellus and Velkerri Shale depositional basins Lithology Distribution Depth Thickness Appalachian Basin − Foreland basin formed during For personal use only tectonic collision. − Produces asymm
Slide 10: Shenandoah South 1H drilled in deepest section of Mid-Velkerri gas play
Shenandoah South 1H drilled in deepest section of Mid-Velkerri gas play in the Beetaloo West area Geological rock properties at SS-1H compare favorably with those in the average Marcellus Shale dry gas window Shenandoah South 1H − SS-1H well logged ~480 ft of high quality, stacked Middle Velkerri sh
Slide 11: Application of optimized US-style completion design for SS-2H ST1
Application of optimized “US-style” completion design for SS-2H ST1 Incorporating lessons from SS-1H and SS-2H ST1 to further improve well performance and cost efficiency in SS-3H/4H/5H/6H For personal use only T3H Santos Design (4-½” casing, 1,600 lbs/ft, 60 bpm) EP 161 Tanumbirini 3H (T3H) (2021)
Slide 12: Shenandoah South 2H ST1 IP90 flow test results
Shenandoah South 2H ST1 IP90 flow test results Record Beetaloo Basin IP90 test of 6.7 MMcf/d(1) | Increasing lateral length delivering higher flow rates IP90 Flow Rates − Record Beetaloo Basin IP90 flow For personal use only 10.0 rate of 6.7 MMcf/d(1) 9.0 − 2% increase in flow rate during final 30 d
Slide 13: SS-2H ST1 IP90 performance vs. Marcellus Shale producers
Shenandoah South 2H ST1 IP90 performance vs. Marcellus Shale producers SS-2H ST1 IP90 result in-line with average of >11,000 Marcellus Shale wells produced for over 12 months Marcellus, Appalachian Basin (US) Marcellus Shale 12-Month Type Curves vs Shenandoah South flow tests(1) For personal use onl
Slide 14: Market access and proposed development strategy
Market access and proposed development strategy Aspiration to grow gross production to 2 Bcf/d by early 2030s(1) | Exploring additional markets via LNG backfill and Data Centers For personal use only Multiple upside opportunities Assessing opportunities for LNG backfill, NTLNG expansion and Data Cen
Slide 15: Favorable macro-outlook for Beetaloo Basin development
Favorable macro-outlook for Beetaloo Basin development Emerging shortfalls within the NT, East Coast and international LNG gas markets supporting Tamboran’s Beetaloo growth strategy Local NT gas East Coast gas International LNG For personal use only AEMO Northern Territory Supply/Demand Forecast Eas
Slide 16: Robust plans towards cost reduction
Robust plans towards cost reduction Targeting ~50% reduction and drilling & completion costs with progression to continuous operations Targeted savings throughout drilling program Targeted savings throughout stimulation program For personal use only Costs in USD Costs in USD (10,000 ft well) 2026 20
Slide 17: Strategic Partnerships to accelerate Beetaloo and LNG development
Tamboran’s Strategic Partnerships in place to accelerate large scale Beetaloo and LNG development Delivering on commitment to import US technology and build additional pipelines into the Beetaloo Basin For personal use only (5.7% TBN shareholder) (5.3% TBN shareholder) Strategic Drilling Partner Str
Slide 18: Northern Territory local sand secured for completions
Northern Territory local sand secured for SS-3H, 4H, 5H and 6H completions Ongoing discussions with potential third-party strategic partners to develop first Beetaloo Basin local sand mine in 2026 Darwin Area Wash Plant in Northern Territory For personal use only Beetaloo Basin Sand Costs − Tamboran
Slide 19: Upcoming catalysts
Upcoming catalysts Progressing towards production from proposed 40 TJ/d (~39 MMcf/d) SS Pilot Project in mid-2026 For personal use only Commence RBC farmout process for Phase 2 2H 2025 Development Area 2H 2025 Drilling of SS-4H/5H/6H Pilot development wells Target Final Investment Decision of the pr
Slide 20: Investment highlights
Investment highlights Significant gas development in the Beetaloo Basin, with potential to become a world class gas province(1) For personal use only 1 Significant unconventional gas resource 2 Exceptional well results 3 Large and attractively priced gas markets 4 Partnerships de-risking execution 5
Slide 21: Appendix
For personal use only Appendix
Slide 22: Proposed Shenandoah South Pilot Project
Phase 1 – Proposed Shenandoah South Pilot Project Initial phase to deliver 40 TJ/d (~39 MMcf/d) and expansion capability to ~100 TJ/d (~98 MMcf/d) via existing infrastructure − Targeting delivery of gas into the local Northern Territory gas For personal use only market from mid-2026, subject to weat
Slide 23: SS Pilot Project drilling in 2H 2025
Phase 1 – SS Pilot Project drilling in 2H 2025 to focus on driving further reduction in cost Successfully drilled SS-5H with 10,000-foot horizontal section | Currently drilling SS-4H horizontal section Tamboran-operated Beetaloo Basin Wells − Batch drilling of three wells (Tamboran 50% operator, For
Slide 24: Upstream operational update
Phase 1 – Upstream operational update Initial five wells on track for stimulation by mid-2026 ahead of first gas sales to the Northern Territory Government SS-2H ST1 For personal use only − Successfully completed stimulation of SS-2H ST1 across 35 stages over a 5,483-foot (1,671- metre) horizontal s
Slide 25: Sturt Plateau Compression Facility (SPCF)
Phase 1 – Sturt Plateau Compression Facility (SPCF) Dehydration and compression of gas ahead of sale to the NTG | Targeting completion in mid-2026 − Raw gas is lean (~92% methane) and requires dehydration and compression of gas For personal use only stream prior to injection in the transmission pipe
Slide 26: Sturt Plateau Pipeline (SPP)
Phase 1 – Sturt Plateau Pipeline (SPP) Pipeline designed to deliver gas to the local Northern Territory market | On track for completion in mid-2026 − ~23-mile, 12” gas pipeline owned and operated by APA For personal use only AGP North Route to Group (ASX: APA) Darwin (~50 TJ/d) − Planned to connect
Slide 27: Northern Territory gas market dynamics
Phase 1 – Northern Territory gas market dynamics Immediate opportunity to meet gas demand for the local market delivering energy security to Territorians AEMO Northern Territory Supply/Demand Forecast(1) − Gas is the primary source of electricity generation for the Northern For personal use only 80
Slide 28: Gas contract
Phase 1 – Gas contract Initial gas from the Beetaloo Basin to be sold to the NTG, delivering energy security to Territorians − Customer: Northern Territory Government (Aa3, stable) or its For personal use only nominated assignee − Volume: 40 TJ/d (~39 MMcf/d) (~19 TJ/d net Tamboran) − Term: Total te
Slide 29: Supply to the East Coast gas market
Phase 2 – Supply to the East Coast gas market Opportunity to supply gas into the East Coast gas network via a new high pressure gas transmission pipeline from Beetaloo − Strong demand for Beetaloo Basin gas from six of the largest Potential Beetaloo to Ballera Pipeline (concept For personal use only
Slide 30: East Coast domestic gas price
Phase 2 – East Coast domestic gas price ~US$8 per mcf average contracted price for East Coast producers in 2025 | >200% higher than Henry Hub Agreed gas prices to the East Coast market for 2025 supply(1) − Australian gas contracts typically negotiated between For personal use only 18 buyer and selle
Slide 31: East Coast gas market dynamics
Phase 2 – East Coast gas market dynamics Emerging shortfall on Australia’s East Coast gas market provides near-term Beetaloo Basin opportunity Forecast East Coast supply-demand outlook(1) Australia’s East Coast gas market has two key components: For personal use only ‒ Domestic demand: ~1.3 Bcf/d fo
Slide 32: East Coast domestic gas market dynamics
Phase 2 – East Coast domestic gas market dynamics Domestic gas demand expected to remain resilient driven by an increase in GPG to support renewable energy stability For personal use only East Coast Domestic Demand (by use)(1) East Coast gas demand forecast(1) 1.4 By industry 2025 2040 Change 1.2 In
Slide 33: Tamboran's proposed NTLNG Project at Middle Arm, Darwin
Phase 3 – Tamboran’s proposed NTLNG Project at Middle Arm, Darwin Secured Middle Arm site to progress NTLNG | Targeting first fully integrated LNG development in onshore Northern Territory − Northern Territory Government awarded For personal use only Tamboran ~420-acre (170-hectare) site at Darwin i
Slide 34: Middle Arm LNG export opportunities
Phase 3 – Middle Arm LNG export opportunities Available capacity at Darwin is driven by Ichthys LNG ullage and INPEX’s offshore drilling success For personal use only − INPEX-operated Ichthys LNG (8.9 MTPA): Commenced production in Potential available capacity at Ichthys(1) 2018 with gas supplied fr
Slide 35: Glossary
Glossary AEMO Australian Energy Market Operator AGP Amadeus Gas Pipeline For personal use only APA APA Group (ASX: APA) APLNG Australia Pacific LNG Bcf Billion Cubic Feet BJV Beetaloo Joint Venture (TBN, DWE and Falcon Oil & Gas Australia Limited) Bpm Beats per minute CDI Chess Depositary Interest (
Slide 36: For personal use only
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