Slide 1: 2Q FY25 Result Presentation
NYSE: TBN, ASX: TBN 2Q FY25 Result Presentation Joel Riddle – Chief Executive Officer North America: February 12, 2025 | Australia: February 13, 2025 SHENANDOAH SOUTH 2 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: 2Q FY25 highlights
Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) 2Q FY25 highlights Entered binding agreements with Completed SS-2H ST1 across 35 Drilled, cased and cemented the SS-3H APA Group (ASX: APA) who will build, stages, delivering record proppant well, the first well drilled and cemented own and operat
Slide 4: 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 SS-2H ST1 Well − SS-3H was successfully drilled to ~21,169 feet (6,452 metres) in 25 days, incorporating lessons from SS-2H and SS-
Slide 5: Continuous improvement initiatives drive 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 - SS-3H deliv
Slide 6: Geology remains consistent in SS-2H ST1 and SS-3H after material step out from SS-1H
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 SS3H horizontal sections are very consistent in quality as the
Slide 7: 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 − SS-2H ST1 completed 35 total stages with new Liberty Energy stimulation equipment over 5,483 feet (1,671 metres) − A
Slide 8: Proposed SS Pilot Project to further optimize US-style 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 Shenandoah South 1H (February 2024) Tamboran v1 Design (2,210 lbs/ft, 90 bpm) 10 stimulation stages over ~1,640 f
Slide 9: 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 12” Pipeline determine total wells required to delive
Slide 10: Potential Phase 1 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 − The Northern Territory has the potential to become a major data center hub for the Asia-Pacific region − Existing fiber optic c
Slide 11: Executed Non-Binding MOU with Santos to evaluate Brownfield expansion of Darwin LNG
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 EP 161 JV (Santos 75%, Tamboran 25%) SS Pilot − Entered non-binding MOU with Santos Limited (ASX: STO) to unde
Slide 12: 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 6.2 − Key cash inflows included: (8.9) 7.4 o US$8.0 million for sale of US rig 8.0 (19.6)1,2
Slide 13: Upcoming catalysts
Upcoming catalysts Progressing towards production from proposed ~40 MMcf/d (gross, ~19 MMcf/d net) Pilot Project in 1H 2026 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 test the SS-3H well Mid-
Slide 14: Appendix A: Additional Information
Appendix A: Additional Information 14
Slide 15: 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 (SS-1H) ST1) Total Measured Depth 10,827 16,182 (feet) Drilled days 34.71 19.8 (da
Slide 16: 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) (T3H) (T2H) (C2H) (C3H) Beetaloo Permit EP 117 EP 161 EP 161 EP 187 EP 187 Operator IP30
Slide 17: 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) (T3H) (T2H) (C2H) (C3H) Beetaloo Permit EP 117 EP 161 EP 161 EP 187 EP 187 Operator IP90
Slide 18: 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 2.5 Beetaloo Basin acreage, a significant land holding on par with leading U
Slide 19: Tamboran Resources
tamboran~ tamboran © RESOURCES