Tamboran Resources Corporation · NYSE:TBN
Tamboran Resources — Corporate Update (September 2025)
46 slides from Tamboran Resources's corporate update, Sep 1, 2025
Slide 1: Beetaloo Basin Site Tour
For personal use only NYSE: TBN, ASX: TBN Beetaloo Basin Site Tour August 31 – September 2, 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: Company overview
For personal use only Company overview
Slide 4: Investment Highlights
Investment Highlights Significant gas development in the Beetaloo Basin, with potential to become Australia’s next major gas province For personal use only Significant unconventional gas resource 1 Beetaloo Basin resource properties compare favourably with leading unconventional Marcellus plays Exce
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 August 28, 2025) Tamboran’s Beetaloo Basin acreage position ~1.9 million acres (net) For personal use only Stock c
Slide 6: Significant acreage position compared to U.S. peers
Significant acreage position compared to U.S. peers Tamboran’s net acreage position is a similar size to EQT’s Marcellus and Utica shale regions US peer acreage position(1) − Tamboran holds ~1.9 million net prospective acres of For personal use only 2.5 high quality Beetaloo Basin acreage, a signifi
Slide 7: Permit ownership structure
Permit ownership structure Tamboran holds 1.9 million acres over the ~5 million net prospective acreage position over the Beetaloo Basin For personal use only Beetaloo Basin Acreage Positions Prospective Tamboran Resources Daly Waters Energy Falcon Oil & Gas Santos (ASX: STO) Acres Northern Pilot Pr
Slide 8: 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 most “development- For personal use only ready” acreage in the Beetaloo Basin given derisked Phase 2 Development Area (TBN: 58.12%*, DWE: 19.
Slide 9: Community benefits
Community benefits FY25 was a record year for investment in the Beetaloo Basin | Proud to support local contractors and suppliers For personal use only Tamboran’s annual spend with Indigenous businesses Tamboran’s annual spend with NT-based businesses 1.3 36.1 +58% +89% 0.8 (A$ millions) (A$ million
Slide 10: Community engagement
Community engagement Tamboran actively promotes community participation to empower host communities including in Elliott and Katherine For personal use only Tamboran ‘Top End Cup’ (Katherine, NT) − As part of the NRL NT program in Katherine that involves Kununurra from Western Australia, Darwin City
Slide 11: Beetaloo Basin overview
Beetaloo Basin overview For personal use only
Slide 12: 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 13: 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 14: Well data inventory
Well data inventory Significant data across the Beetaloo Basin depocenter, including high quality logs, core and production data Marmbulligan 1 For personal use only • Wireline Logs Kalala S 1 Amungee NW 1 Tanumbirini 1 • Wireline Logs • Wireline Logs • Wireline Logs • RSWC Analysis • Whole Core Ana
Slide 15: Focused strategy targeting development in the Shenandoah South area
Tamboran’s focused strategy targeting development in the Shenandoah South area Regional study leveraged learnings from successful US shale gas basins over last 10 years For personal use only − Mid-Velkerri dry gas play in deep Beetaloo West area (~1 million net prospective acres at >8,200-foot depth
Slide 16: 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 17: 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 Rate − Record Beetaloo Basin IP90 flow For personal use only 10.0 rate of 6.7 MMcf/d 9.0 − 2% increase in flow rate during final 30 days,
Slide 18: Shenandoah South 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 19: Proposed Shenandoah South Pilot Project
Phase 1 – Proposed Shenandoah South Pilot Project For personal use only
Slide 20: Proposed Shenandoah South Pilot Project
Phase 1 – Proposed Shenandoah South Pilot Project Initial phase to deliver 40 TJ/d and expansion capability to ~100 TJ/d via existing infrastructure − Targeting delivery of gas into the local Northern For personal use only Territory gas market from mid-2026, subject to weather and remaining customar
Slide 21: 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 22: 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 (~19 TJ/d net Tamboran) − Term: Total term of ~15 ye
Slide 23: Proposed Shenandoah South Pilot Project
Phase 1 – Proposed Shenandoah South Pilot Project SS2 well pad site as of July 24, 2025 For personal use only SS-2H ST1 flare Camp site SS2 drill pad SPCF pad SS2 water tank pad 23
Slide 24: Integrated overview: binding 40 TJ/d GSA with the Northern Territory Government
Phase 1 – Proposed Shenandoah South Pilot Project Integrated overview: binding 40 TJ/d GSA with the Northern Territory Government sold into the Amadeus Gas Pipeline For personal use only Northern Pilot Gas flow Area (TB2: 95%*, FOG 5%) Sturt Plateau Amadeus Gas Sturt Plateau Pipeline Compression Fac
Slide 25: 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 stimulation intensity compared to SS-1H SS-2H ST1 For personal use only (average) − Successfully completed stimulation of SS-2H ST1 ac
Slide 26: 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% ethane) and requires dehydration and compression of gas For personal use only stream prior to injection in the transmission pipel
Slide 27: 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 Group (ASX: APA) Route to Darwin (~50 TJ/d) − Planned to connect
Slide 28: Water management strategy
Water management strategy Proposed produced fluid re-use | Minimizing bore consumption and disposal requirements 1. Well Production For personal use only Produced gas and water from existing and new well sites piped to the SPCF for processing 2. SPCF Wastewater Production stream processed in SPCF. P
Slide 29: Future market opportunities
Future market opportunities For personal use only
Slide 30: 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 31: 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 32: Opportunity to supply gas into the East Coast gas network
Phase 2 – 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 Potential Beetaloo to Ballera Pipeline (concept For personal use only largest gas retailers
Slide 33: Domestic gas price
Phase 2 – Domestic gas price Average contracted price for East Coast producers in 2025 is >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 seller over short- to medium-
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: 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 36: Cost reduction and value-add initiatives
Cost reduction and value-add initiatives For personal use only
Slide 37: Tamboran's Strategic Partnerships
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 38: Drilling cost progression
Drilling cost progression Tamboran has a robust cost progression plan to reduce well costs by ~40% to US$7.2 million over its well program Targeted savings throughout drilling program For personal use only Pilot Program (2026) Early Development (2026 – 2030) − Six well pad development with shared se
Slide 39: Completions cost progression
Completions cost progression Targeting cost savings totaling ~US$10 million per well over the 5-year completion program have already been identified Targeted savings throughout stimulation program For personal use only Pilot Program (2026) Early Development (2026 – 2030) − Six well pad development w
Slide 40: SS Pilot Project drilling in 2H 2025
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 Tamboran-operated Beetaloo Basin Wells − Drilling of SS-4H, -5H and -6H wells (Tamboran 50% For personal use only - operator, DWE 50%) commenced in
Slide 41: 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 42: Upcoming catalysts
For personal use only Upcoming catalysts
Slide 43: Upcoming catalysts
Upcoming catalysts Progressing towards production from proposed ~40 TJ/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 proposed 2H 20
Slide 44: Appendix
For personal use only Appendix
Slide 45: 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 46: For personal use only
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