Tamboran Resources Corporation · NYSE:TBN

Tamboran Resources — Q2 FY2025 Earnings Presentation

21 slides from Tamboran Resources's earnings presentation, Feb 25, 2025

  1. Slide 1: Updated 2Q FY25 Result Presentation (ASX Announcement)

    ASX ANNOUNCEMENT 25 February 2025 Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) Updated 2Q FY25 Result Presentation Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) (the “Company” or “Tamboran”) refers to its announcement dated 13 February 2025 titled ‘Second Quarter Results Presentation’

  2. Slide 2: 2Q FY25 Result Presentation

    For personal use only NYSE: TBN, ASX: TBN 2Q FY25 Result Presentation Joel Riddle – Managing Director and Chief Executive Officer North America: February 25, 2025 | Australia SHENANDOAH SOUTH 2 WELLPAD, NORTHERN TERRITORY, AUSTRALIA

  3. Slide 3: 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

  4. Slide 4: 2Q FY25 highlights

    Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) 2Q FY25 highlights Entered binding agreements with Completed SS-2H ST1 across 35 For personal use only Drilled, cased and cemented the SS-3H APA Group (ASX: APA) who will build, stages, delivering record proppant well, the first well drilled and c

  5. Slide 5: Shenandoah South Pilot Development update

    Shenandoah South Pilot Development update Successful stimulation of SS-2H ST1 well, preparing to commence IP30 flow testing in 1Q 2025 Stimulation sand Water Management For personal use only SS-2H ST1 Well − SS-3H was successfully drilled to ~21,169 feet (6,452 metres) in 25 days, incorporating less

  6. Slide 6: Continuous improvement drives step change in SS-3H drilling performance

    Continuous improvement initiatives drive step change in SS-3H drilling performance H&P’s FlexRig® 3 successfully drilled SS-2H and SS-3H wells to 10,000 feet | 43% drilling speed increase from SS-2H to -3H Key Beetaloo Basin Wells − Implementation of lessons and optimized mud system in For personal

  7. Slide 7: Geology remains consistent in SS-2H ST1 and SS-3H

    Geology remains consistent in SS-2H ST1 and SS-3H after material step out from SS-1H Increased confidence of reservoir continuity of Mid-Velkerri B shale within SS Pilot Development area − Geological rock properties across SS-2H ST1 and For personal use only SS3H horizontal sections are very consist

  8. Slide 8: SS-2H ST1 and SS-3H stimulation campaign update

    SS-2H ST1 and SS-3H stimulation campaign update Delivered record daily completions and highest proppant intensity of any completion in Beetaloo Basin to date Shenandoah South 2H ST1 For personal use only − SS-2H ST1 completed 35 total stages with new Liberty Energy stimulation equipment over 5,483 f

  9. Slide 9: Proposed SS Pilot Project to further optimize completion design

    Proposed SS Pilot Project to further optimize “US-style” completion design Incorporating lessons from SS-1H and SS-2H ST1 to further improve well performance and cost efficiency in SS-3H For personal use only Shenandoah South 1H (February 2024) Tamboran v1 Design (2,210 lbs/ft, 90 bpm) 10 stimulatio

  10. Slide 10: Phase 1: SS Pilot Project on track for first gas in 1H 2026

    Phase 1: SS Pilot Project on track for first gas in 1H 2026 Final approvals expected in 2Q 2025, ahead of Final Investment Decision in mid-2025 Roma North Compression Facility Existing − Results from the SS-2H ST1 and SS-3H wells will Amadeus Gas For personal use only 12” Pipeline determine total we

  11. Slide 11: Potential Phase Expansion: Northern Territory Data Center opportunity

    Potential Phase 1 Expansion: Northern Territory Data Center opportunity Northern Territory, on the doorstep of Asia, is well positioned as a regional hub for Data Centers For personal use only − The Northern Territory has the potential to become a major data center hub for the Asia-Pacific region −

  12. Slide 12: Non-Binding MOU with Santos to evaluate Darwin LNG expansion

    Executed Non-Binding MOU with Santos to evaluate Brownfield expansion of Darwin LNG Opportunity to potentially integrate Darwin LNG expansion as part of Tamboran’s Phase 3 NTLNG Development For personal use only EP 161 JV (Santos 75%, Tamboran 25%) SS Pilot − Entered non-binding MOU with Santos Limi

  13. Slide 13: Cash position provides runway to IP30 flow tests

    Cash position provides runway to IP30 flow tests US$59.4 million cash at December 31, 2024 | Funded to deliver IP30 flow rates from both wells by mid-2025 − US$59.4 million cash on hand on December 31, 2024 For personal use only 6.2 − Key cash inflows included: (8.9) 7.4 o US$8.0 million for sale of

  14. Slide 14: Upcoming catalysts

    Upcoming catalysts Progressing towards production from proposed ~40 MMcf/d (gross, ~19 MMcf/d net) Pilot Project in 1H 2026 For personal use only March 2025 Commence flow testing of the SS-2H ST1 well Announce IP30 flow test results from SS-2H ST1 April 2025 well April/May 2025 Stimulate and flow te

  15. Slide 15: Appendix A: Additional Information

    Appendix A: Additional Information For personal use only 14

  16. Slide 16: Shenandoah South drilling and stimulation activity

    Shenandoah South drilling and stimulation activity Step change in drilling and stimulation efficiency supported by implementation of lessons and imported US equipment Shenandoah South 1H Shenandoah South 2H ST1 (SS-2H For personal use only (SS-1H) ST1) Total Measured Depth 10,827 16,182 (feet) Drill

  17. Slide 17: SS-1H IP30 flow test vs. other Beetaloo Basin

    SS-1H IP30 flow test vs. other Beetaloo Basin Achieving the highest normalized IP30 flow test in the Beetaloo Basin to date Shenandoah South 1H Tanumbirini 3H Tanumbirini 2H Carpentaria 2H Carpentaria 3H (SS-1H)1 (T3H)2 (T2H)3 (C2H)4 (C3H)5 For personal use only Beetaloo Permit EP 117 EP 161 EP 161

  18. Slide 18: SS-1H IP90 flow test vs. other Beetaloo Basin

    SS-1H IP90 flow test vs. other Beetaloo Basin Achieving the highest normalized IP90 flow test in the Beetaloo Basin to date Shenandoah South 1H Tanumbirini 3H Tanumbirini 2H Carpentaria 2H Carpentaria 3H (SS-1H)6 (T3H)7 (T2H)8 (C2H)9 (C3H)10 For personal use only Beetaloo Permit EP 117 EP 161 EP 161

  19. Slide 19: Significant acreage position compared to U.S. peers

    Significant acreage position compared to U.S. peers Tamboran’s net acreage position is similar size to EQT’s Marcellus and Utica shale regions US peer acreage position − Tamboran holds ~1.9 million net acres of high quality For personal use only 2.5 Beetaloo Basin acreage, a significant land holding

  20. Slide 20: Sources: Peer Comparison Source Data

    Sources Peer Comparison Source Data 1Shenandoah South 1H well data. Source: Tamboran ASX Announcement (February 26, 2024). IP30 flow test of 3.2 MMcf/d over 501 metres (1,644 ft), which normalizes to 6.4 MMcf/d over 1,000 metres (3,281 ft). Flow testing For personal use only was over 10 stimulation

  21. Slide 21: For personal use only

    tamboran~ tamboran © RESOURCES

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