Tamboran Resources Corporation · NYSE:TBN
Tamboran Resources — Credit Suisse Conference 2023
30 slides from Tamboran Resources's conference presentation, Mar 2, 2023
Slide 1: Building a 1 BCFD Low-Cost LNG Business in the Beetaloo Basin by 2028-30
For personal use only Building a 1 BCFD Low-Cost LNG Business in the Beetaloo Basin by 2028-30 Credit Suisse Conference | February 2023 1 ASX: TBN, US OTC: TBNNY AMUNGEE WELLPAD, NORTHERN TERRITORY, AUSTRALIA
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Tamboran Resources Limited (Tamboran). The information in this presentation is information of a general nature and is subject to change without notice. This presentation contains information in a summary form only and should For personal use only be
Slide 3: Tamboran Resources at a glance
Tamboran Resources at a glance Focused strategy on developing 1 BCFD low cost gas business from the Beetaloo by 2028-30 For personal use only Target is to become a Focused, Low-cost development Expertise in High quality assets Net Zero equity Scope 1 & high growth targeting multiple markets, unconve
Slide 4: Corporate overview
Tamboran Resources (ASX: TBN) Corporate overview For personal use only Tamboran Resources Limited (as at close 24 February 2023) 12-month share price performance6 0.35 9.0 Stock code: TBN (ASX), TBNNY (OTC) Share Price (A$ per share) 0.30 8.0 7.0 Volume (millions) Shares on issue (m): 1,416.0 0.25 6
Slide 5: Tamboran's Board of Directors and key management
Tamboran’s Board of Directors and key management Deep technical knowledge and track record in early-stage E&P success For personal use only Dick Stoneburner Dan Chandra Chairman Non-Executive Director − Over 35 years’ experience in petroleum geology. − Over 20 years of investing experience across a
Slide 6: Global energy crisis providing perfect storm to accelerate new LNG supply
Global energy crisis providing “perfect storm” to accelerate new LNG supply Decarbonisation planning has created a structural shortage for reliable energy For personal use only Underinvestment in energy… … resulting in higher gas prices … and driving global geopolitics Global annual average of natur
Slide 7: Russia's invasion of the Ukraine has re-based global energy markets
Russia’s invasion of the Ukraine has re-based global energy markets LNG is the most viable solution to reducing emissions, while meeting the world’s energy demand For personal use only Global LNG supply v demand forecast range 800 − Coal still makes up ~48% of global energy emissions. 700 − Since 20
Slide 8: Strategy focused on delivering ~1 BCFD low-cost gas business by 2030
Tamboran’s Strategy focused on delivering ~1 BCFD1 low-cost gas business by 2030 Focused on accelerating commercialisation of the “World Class” Beetaloo Basin For personal use only Tamboran aims to supply gas to the Australian East Coast Pathway to revenue of ~$3 billion3 per annum and global LNG ma
Slide 9: Beetaloo acquisition consolidates Tamboran as the leading Beetaloo company
Beetaloo acquisition consolidates Tamboran as the leading Beetaloo company Transformational acquisition of Origin Energy’s assets For personal use only Consolidation Pathway to New Assets Existing Assets Provides Scale Cash Flow Dominant acreage position in 10-year Gas Sales the Beetaloo Basin with
Slide 10: Scale of consolidated acreage on par with the US Marcellus Shale
Scale of consolidated acreage on par with the US Marcellus Shale Tamboran’s continuous Beetaloo Basin acreage equivalent to double EQT’s Marcellus acreage position For personal use only LEGEND “Core” Marcellus Greater Marcellus Tamboran Beetaloo Permits Tamboran’s consolidated Beetaloo Basin acreage
Slide 11: Mid-Velkerri B Shale superior rock properties very similar to Marcellus shale
Mid-Velkerri “B Shale” superior rock properties very similar to Marcellus shale High productivity potential with original gas in place equivalent to three stacked Marcellus shale plays For personal use only 80% more gas per square mile ~50% deeper in ‘Core’ Beetaloo Equivalent effective porosity Mid
Slide 12: Pathway to ~5.0 TCF of net 2P gas reserves by end-2025
Pathway to ~5.0 TCF of net 2P gas reserves by end-2025 Targeting first production in 2025 from the proposed ~100 TJ per day Beetaloo Pilot Development For personal use only Targeting delivery of ~3 TCF net 2C contingent gas resources by the end of 2025. ✓ Q3 2022 – Drill Maverick 1V (EP 136). * ✓ Q4
Slide 13: Amungee 2H Drilling Results
EP 98 Amungee 2H Drilling Results Successfully drilled to 3,883-metres, including 1,275-metre horizontal section For personal use only Amungee 2H Top (TVDRT) Geologic Unit Undifferentiated Surficial Sediments 90m 18 5/8” Conductor @ 116m MDRT Gum Ridge 197m Antrim Volcanics Cambrian 311m Cambrian Ss
Slide 14: Proving operational capability and transfer of US Shale Technology
Proving operational capability and transfer of US Shale Technology Maverick 1V and Amungee 2H drilling performance – Fastest vertical and horizontal wells in Beetaloo to date1 For personal use only - Maverick 1 − Tamboran has been able to leverage learnings Amungee NW-2H from drilling of Tanumbirini
Slide 15: Upcoming wells to be optimised with US-style stimulation design
Upcoming wells to be optimised with “US-style” stimulation design Increased lateral length designed to improve flow rates and increase well economics For personal use only EP 161 Tanumbirini 2H and 3H wells IP30 flow tests from T2H and T3H delivered 3.3 and 5.2 mmscfd per 1,000-metre (3,280 feet) la
Slide 16: Strategic initiatives provide foundation for near-term cash flow generation
Strategic initiatives provide foundation for near-term cash flow generation Aiming to secure long-term LNG export solution by the end of calendar year 2023 For personal use only − Strategic Alliance between Tamboran and H&P to import a modern US unconventional Securing a drilling rig into Australia.
Slide 17: Targeted full-cycle cost from Beetaloo: Domestic and global LNG markets
Targeted full-cycle cost from Beetaloo: Domestic and global LNG markets Proposed EP 98 Pilot Development will initially target the Australian East Coast domestic gas market For personal use only 1 2 3 2028+ Illustrative pipeline to commercialise Beetaloo gas 2023-2024 2025 Domestic & LNG backfill Co
Slide 18: Beetaloo Basin positioned to be one of the lowest cost producers into Asia Pacific LNG
Beetaloo Basin is positioned to be one of the lowest cost producers into Asia Pacific LNG market LNG feed gas from Beetaloo has potential to be comparable with Qatar LNG Expansion and Papua LNG For personal use only 1 12.00 Delivered cost to Japan for LNG projects (US$ per mmBtu) 10.00 8.00 6.00 ~US
Slide 19: The Beetaloo – An emissions reduction opportunity
The Beetaloo – An emissions reduction opportunity Tamboran’s business model to deliver first commercial gas with Net Zero Scope 1 and 2 emissions1 For personal use only Potential for ~60 million tonnes CO2e per annum reduction in global emissions if low-CO2 Beetaloo gas is used to displace coal in p
Slide 20: Tamboran Resources
Tamboran Resources Focused strategy on developing 1 BCFD low cost gas business from the Beetaloo by 2028-30 For personal use only Target is to become a Focused, Low-cost development Expertise in High quality assets Net Zero equity Scope 1 & high growth targeting multiple markets, unconventional E&P
Slide 21: Appendix A Resources
Appendix A For personal use only Resources 21
Slide 22: NSAI estimates of contingent gas resources
NSAI estimates of contingent gas resources 268% increase to net 2C contingent gas resources1,2 For personal use only Pre-Acquisition Net 38.75% Acquired Interests Post Completion Contingent Gas Resources (EP 161 + 136) Contingent Gas Resources Contingent Gas Resources Low Estimate Best Estimate High
Slide 23: NSAI estimates of prospective gas resources
NSAI estimates of prospective gas resources 370% increase to net 2U prospective gas resources1,2 For personal use only Pre-Acquisition Net 38.75% Acquired Interests Post Completion Unrisked Prospective Gas Resources Unrisked Prospective Gas Resources Unrisked Prospective Gas Resources Low Estimate B
Slide 24: Resources statement
For personal use only Resources statement The estimates of contingent and prospective gas resources in the permits contained in the announcement were prepared by Netherland, Sewell & Associates, Inc., qualified resource evaluators. The resource assessment was independently carried out by John G. Hat
Slide 25: Appendix B Additional background information
Appendix B For personal use only Additional background information 25
Slide 26: The Big Picture
“The Big Picture” Shortfalls and war has led to higher energy prices – Australia has a decision to make… For personal use only Option 1 Option 2 US Approach European Approach Energy Security (Development of own resources) Energy reliance on others (i.e. Russia, Qatar) Reduced emissions from coal-fir
Slide 27: The role of natural gas in Australia
The role of natural gas in Australia Critical need for gas-fired generation will remain through the Integrated System Plan time horizon to 2050 For personal use only Natural gas provided 17.4% Gas provided 21% of Australia’s Gas supplies energy to of Australia’s total energy electricity generation i
Slide 28: $104 million investment from strategic US unconventional experts
$104 million investment from strategic US unconventional experts Strategic partnership brings significant US unconventional development expertise to the Beetaloo Basin For personal use only About Bryan Sheffield About Helmerich & Payne, Inc. (H&P) Mr. Sheffield was the Founder, Chairman and CEO of E
Slide 29: Potential for competitive economics from Beetaloo development
Potential for competitive economics from Beetaloo development Targeting upstream costs of $2.00 – 3.00 per mscf1 For personal use only Horizontal well 30-day IP flow test (mmscfd) 1,000-metre horizontal well 2.0 mmscfd 2.5 mmscfd 3.5 mmscfd 4.0 mmscfd 5.5 mmscfd 6.0 mmscfd 3,000-metre development we
Slide 30: For personal use only
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