Tamboran Resources Corporation · NYSE:TBN
Tamboran Resources — Non-Deal Roadshow (October 2023)
41 slides from Tamboran Resources's roadshow presentation, Oct 31, 2023
Slide 1: Building a potential 2 Bcf/d Beetaloo Basin gas development
For personal use only Building a potential 2 Bcf/d (gross) Beetaloo Basin gas development as early as 2030 Non-Deal Roadshow | October/November 2023 1 ASX: TBN, US OTC: TBNNY SHENANDOAH SOUTH 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 be read in conjunction wi
Slide 3: Tamboran Resources investment highlights
Tamboran Resources investment highlights For personal use only Largest acreage operator in the Beetaloo Basin with >1.9 million net prospective acres and similar shale properties to the core Marcellus shale Proposed Beetaloo Basin Three distinct gas markets pricing at a significant premium to Henry
Slide 4: Emerging next generation E&P company
Tamboran Resources – Emerging next generation E&P company Our role in the energy transition 65 140 For personal use only Our Vision 44 Estimated LNG trade volume To play a role in the global energy transition by in 20303 investing in the development of natural gas (million tonnes per annum) resource
Slide 5: Australia's East Coast gas market
Australia’s East Coast gas market ~450 MMcf/d shortfall forecast by 2028, increasing to 1 Bcf/d by 20311 Projected East Coast gas market supply/demand1 For personal use only − Australia’s East Coast gas market 1.8 requires significant investment in new gas developments to meet forecast 1.6 demand −
Slide 6: Global LNG markets
Global LNG markets >30 MTPA shortfall forecast by 2030, increasing to 75 MTPA by 20321 For personal use only Projected Global LNG supply/demand forecast1 − The global LNG market is expected to be 700 >30 MTPA short by 2030 due to: Tamboran targeting to commence proposed 6.6 MTPA development as early
Slide 7: Pathway to premium gas markets
Pathway to premium gas markets Australian domestic and international LNG markets provide materially higher gas pricing than the U.S. 25.00 50.00 For personal use only Australian East Coast Gas Price Historical and projected LNG Price and Futures (JKM) 20.00 40.00 US$/MMBtu 30.00 15.00 16.45 US$/MMBt
Slide 8: Tamboran Resources key operator of Beetaloo Basin acreage
Tamboran Resources (ASX: TBN) Key operator of ~4.7 million gross prospective acres in world class Beetaloo Basin shale play Tamboran Resources Limited (as at close 25 October 2023) Tamboran’s Beetaloo Basin acreage position – 4.7 million acres (gross) For personal use only Stock code: TBN (ASX), TBN
Slide 9: Scale of consolidated acreage on par with Marcellus shale
Scale of Tamboran’s consolidated acreage in Beetaloo Basin on par with the US Marcellus shale Tamboran’s contiguous Beetaloo Basin acreage equivalent in size to entire Marcellus gas window acreage For personal use only Marcellus shale delivers >25 Bcf/d1 LEGEND “Core” Marcellus Marcellus shale play
Slide 10: Beetaloo Basin contiguous high quality subsurface resource
Beetaloo Basin - contiguous high quality subsurface resource over ~5 million acres Initial drilling results demonstrate geological properties that are comparable to the properties of the Marcellus shale 30% more gas per square mile For personal use only Gas-In-Place >50% deeper in 200 BCF/sq mi EP 1
Slide 11: Recent well performance confirming 'core' Beetaloo focus
Recent well performance confirming Tamboran’s ‘core’ Beetaloo focus SS-1H (EP 117) demonstrated 1-million-acre prospective development area with high-quality shale 2 3 Amungee Area (EP 98) Tanumbirini Area (EP 161) For personal use only ▪ Mid Velkerri B Shale (~8,000 ft ▪ Mid Velkerri B Shale (~11,1
Slide 12: 'Core' Beetaloo well performance consistent with Marcellus
‘Core’ Beetaloo well performance at EP 161 consistent with Marcellus shale wells Independently verified analysis indicates 20-year EUR of 16.8 – 18.5 Bcf1,2 for assumed development well at Tanumbirini Beetaloo Basin (Northern Territory, Australia) Tanumbirini 2H Tanumbirini 3H For personal use only
Slide 13: 'Core' Beetaloo geological overview - Shenandoah South 1H
‘Core’ Beetaloo geological overview - Shenandoah South 1H Intersected ~300 ft of high quality Mid Velkerri B Shale, thickest section in the Beetaloo depocenter1 to date A A’ − Drilled vertical section to For personal use only Amungee NW1 Shenandoah S1 Beetaloo W1 Velkerri S2 1 Maverick 1 Tanumbirini
Slide 14: Progressing proposed Shenandoah South Pilot Development
Progressing proposed Shenandoah South Pilot Development Targeting sanction of proposed ~40 MMcf/d Pilot Development in H1 2024to supply NT domestic gas market by 20261 − Regional analysis post-acquisition of EP 76/98/117 and evaluation of EP For personal use only 161 flow tests validates Tamboran’s
Slide 15: Proposed Beetaloo Basin development strategy
Tamboran’s proposed Beetaloo Basin development strategy Aspiration to grow Beetaloo Basin gas production to 2 Bcf/d (gross) by 20301 to supply NT, East Coast and Asia Pacific markets For personal use only Phase 4 – NTLNG (2035+) Potential additional volumes to NTLNG 2 Bcf/d (775 MMcf/d net TBN) Phas
Slide 16: Strategic Midstream Partnership with APA Group
Tamboran’s Strategic Midstream Partnership with APA Group APA selected as Tamboran’s transmission pipeline partner to support the Beetaloo Basin development Strategic midstream partnership with APA Group For personal use only − APA Group (ASX: APA) and Tamboran have signed a term sheet Darwin to joi
Slide 17: Multiple pathways to commercialise Beetaloo Basin gas
Multiple proposed pathways to commercialise Beetaloo Basin gas Oversized 42-inch pipeline would assist development of Beetaloo Basin feed gas to supply additional Middle Arm projects Middle Arm Sustainable Development Precinct For personal use only Blue Hydrogen Blue Ammonia and Urea/Fertilizer Path
Slide 18: H&P and Tamboran Strategic Alliance
H&P and Tamboran Strategic Alliance Rig imported into Beetaloo Basin, already delivering step change in drilling efficiency and cost reduction For personal use only − Tamboran / H&P Strategic Alliance to import modern US unconventional drilling rigs into the Beetaloo Basin − H&P aligned with Tambora
Slide 19: Latest wells proving operational capability
Latest wells proving operational capability and transfer of US shale technology H&P rig already delivering a significant step change in drilling efficiency, reaching TD at Amungee NW 3H in <18 days Tamboran operated drilled wells For personal use only - − Legacy wells within the Basin have historica
Slide 20: SS-1H to be optimised with advanced US-style stimulation
SS-1H to be optimised with advanced “US-style” stimulation design Increased lateral length with US stimulation intensity designed to improve flow rates and increase well recoveries For personal use only EP 98 Amungee NW-1H EP 161 Tanumbirini 2H and 3H wells IP30 flow tests from Tanumbirini 2H and Ta
Slide 21: Pathway to reducing drilling, stimulation and completion costs
Pathway to reducing drilling, stimulation and completion costs Targeting long-term development well cost of US$16 million per well (~9,800 feet, 60 stages) Total drill, frac and completion cost (US$ millions) For personal use only 43 31 27 23 23 21 16 2024 2025 2026 2028+ 2019 2022/23 2023 (1 well/p
Slide 22: Proposed NT LNG Project at Middle Arm
Tamboran’s proposed NT LNG Project at Middle Arm Proposed NTLNG project leading Australia’s third wave of LNG, focused on supporting Asia Pacific energy transition1 Location LNG Capacity Marine For personal use only Northern Territory Concept Select phase Federal Government Government awarded to uti
Slide 23: NTLNG site at Middle Arm awarded to Tamboran
Site for proposed NTLNG site at Middle Arm Sustainable District awarded to Tamboran1 Targeting first fully integrated LNG development in onshore Northern Australia − Northern Territory Government awarded Tamboran a 170-hectare (~420 acre) site at Middle Arm Sustainable Development Precinct (MASDP),
Slide 24: New GHG regulations and Net Zero Scope 1 rules
Australian Government’s new GHG regulations and Net Zero Scope 1 rules on the Beetaloo Basin First regulated Net Zero Scope 1 gas development in the world − Australian Government’s Safeguard Mechanism establishes “GHG baselines” for facilities in Australia Tamboran's Beetaloo Basin asset has low-res
Slide 25: The Beetaloo – Potential emissions reduction opportunity
The Beetaloo – Potential emissions reduction opportunity Tamboran’s business model targets are expected to deliver first commercial gas with Net Zero equity Scope 1 and 2 emissions1 Potential for ~60 million tonnes CO2e per annum reduction in global emissions if 3 Bcf/d of Beetaloo Basin gas For per
Slide 26: Attractive Australian fiscal regime
Attractive Australian fiscal regime For personal use only − ~9% Private Royalties1 − 25% leasehold royalty − Crown royalty ranges from − 10% Northern Territory burden 1% to a maximum of 40% Government Royalty − 21% Corporate Tax Rate depending on payout status, commodity, − Native Title Royalty2 − S
Slide 27: Upcoming catalysts
Upcoming catalysts Progressing towards sanctioning decision on proposed ~40 MMcf/d (gross) Pilot Development in H1 2024 For personal use only Stimulation of SS-1H well to commence in November 2023 (10 stages, 1,640 feet) Announcement of SS-1H flow rates expected early-2024 Completion of Concept Sele
Slide 28: Appendix A: Additional Information
Appendix A: Additional Information For personal use only 28
Slide 29: Tamboran Executive Team
Tamboran Executive Team Deep technical knowledge and experience in early-stage E&P For personal use only Joel Riddle Eric Dyer Faron Thibodeaux Managing Director and CEO Chief Financial Officer Chief Operating Officer − Joined Tamboran Resources as CEO in − Over 20 years’ experience in finance, − Ov
Slide 30: 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 Joel Riddle Fred Barrett Patrick Elliott Chairman Managing Director and CEO Non-Executive Director Non-Executive Director − Over 35 years’ experience in − Joined
Slide 31: Tamboran's Board of Directors (Cont'd)
Tamboran’s Board of Directors (Cont’d) Deep technical knowledge and track record in early-stage E&P success For personal use only David Siegel Stephanie Reed Ryan Dalton John Bell Andrew Robb AO Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive
Slide 32: Bryan Sheffield | Strategic Alliance
Bryan Sheffield | Strategic Alliance Bryan Sheffield brings over 20 years of shale, unconventional and public company expertise − Sheffield, through Sheffield Holdings, first began For personal use only acquiring interests in Tamboran in November of 2021 − Since then, Sheffield has grown to be the l
Slide 33: Beetaloo-focused company since 2009: capital raised
Tamboran Resources – Beetaloo-focused company since 2009 >US$400 million of capital raised for the Beetaloo Basin, Northern Territory 2015-2016 2019-2020 September 19, 2022 For personal use only Announced JV with E&P A$30 million Capital November 23, 2021: Announced acquisition of Origin 2012 compan
Slide 34: Beetaloo-focused company since 2009: operational developments
Tamboran Resources – Beetaloo-focused company since 2009 Operational Developments For personal use only 2009: 2012-2014: 2015-2016: 2017-2018: 2019-2020: 2021: 2022 – 2023: EP 161 (25%) EP EP 161 (25%), EP 136/143 (100%), EP 161 (100%) EP 161 (25%) EP 161 (25%) EP 161 (25%) EP 161 (25%) 136/143 (100
Slide 35: Northern Territory domestic gas market
Northern Territory domestic gas market Declining Blacktip production leads to risk of shortfalls in the NT market, provides opportunity for Tamboran Bonaparte Gas Pipeline1 For personal use only 120 100 Daily Volume (MMcf/d) New Blacktip well and 80 workover campaign 60 40 20 - Apr19 Apr20 Apr21 Apr
Slide 36: Opportunity to future proof East Coast gas supply
Beetaloo Basin provides an opportunity to future proof East Coast gas supply Expressions of interest from six potential buyers for up to 600 – 875 MMcf/d1 demonstrates LT gas supply requirements − Tamboran has secured separate non-binding letters of intent (LOIs) with six of For personal use only Au
Slide 37: Sustainability highlights
Sustainability highlights Focused on partnering with NT communities to bring new opportunities and a sustainable future Community For personal use only − >A$100,000 (US$63,000) invested in community contribution to sporting, cultural and other initiatives − Local presence in Elliott to accelerate de
Slide 38: Appendix B: Resource Disclosure
Appendix B: Resource Disclosure For personal use only 38
Slide 39: NSAI estimates of contingent gas resources
NSAI estimates of contingent gas resources 2.0 Tcf 2C contingent gas resources1 and 147 Tcf 2U prospective gas resources2,3 For personal use only Contingent Gas Resources Unrisked Prospective Gas Resources Low Estimate Best Estimate High Estimate Low Estimate Best Estimate High Estimate (1C) (2C) (3
Slide 40: Resources statement
Resources statement For personal use only The estimates of contingent gas resources in the permits contained in the announcement were prepared by Netherland, Sewell and Associates Inc., qualified resource evaluators. The resource assessment was independently carried out by John G. Hattner, Senior Vi
Slide 41: For personal use only
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