Tamboran Resources Corporation · NYSE:TBN
Tamboran Resources — Investor Presentation (April 2026)
54 slides from Tamboran Resources's investor presentation, Apr 8, 2026
Slide 1: Equity Raising to Unlock and Accelerate Development in Beetaloo Basin
For personal use only NYSE: TBN, ASX: TBN Equity Raising to Unlock and Accelerate Development in Beetaloo Basin April 08, 2026 SHENANDOAH SOUTH WELLPAD, NORTHERN TERRITORY, AUSTRALIA
Slide 2: Disclaimer and Forward Looking Statements
Disclaimer This presentation is made pursuant to Rule 163B under the Securities Act of 1933, as amended (the “Securities Act”), and is intended solely for investors that are either qualified institutional buyers or institutions that are accredited investors, as such terms are defined under Securitie
Slide 3: Investment highlights
Investment highlights Significant gas development in the Beetaloo Basin, with potential to become a world class gas province(1) Significant unconventional gas resource with 1.9 million (2.9 million post closing of Falcon acquisition) net prospective acres(2) 1 For personal use only Beetaloo Basin re
Slide 4: Tamboran's dominant Beetaloo Basin acreage position
Tamboran’s dominant Beetaloo Basin acreage position Leading Beetaloo Basin depocenter position with 2.9 million net prospective acres (following the close of the Falcon acquisition) Tamboran Resources Corporation (as at close April 02, 2026) Tamboran’s Beetaloo Basin acreage position ~2.9 million ac
Slide 5: Building a large-scale net acreage position in the Beetaloo depocenter
Building a large-scale net acreage position in the Beetaloo depocenter Significant acreage position compared to US gas peers | Tamboran becomes largest pure gas play listed-ASX E&P For personal use only Net prospective acres compared to US peers US Peer Market Capitalization Pro forma business would
Slide 6: Beetaloo Basin key to future gas supply for Australia and Asia Pacific LNG
Beetaloo Basin key to future gas supply for Australia and the Asia Pacific LNG markets Middle East disruptions have exacerbated the need for energy security, both domestically and supporting neighbours in the region 3 Local NT gas market For personal use only 1 Tamboran to supply majority of domesti
Slide 7: Asia needs the stability of Australian LNG
Asia needs the stability of Australian LNG Disrupted Middle East production underscores the importance of Australia’s stable LNG supply to Asia. New sources of supply are needed to fill Australian LNG facilities. For personal use only 1 Supplier of Asian LNG Demand (MTPA) 2 LNG Shipping Duration to
Slide 8: Significant Beetaloo Basin drillable acreage position
Significant Beetaloo Basin drillable acreage position Potential for >10,000 drilling locations across a single Beetaloo Basin bench in a stacked shale region with 3 – 4 benches − Early delineation of US shale resources led to a massive inventory expansion across Beetaloo depocenter multiple counties
Slide 9: The Beetaloo Basin is poised for tremendous growth over next 12-18 months
The Beetaloo Basin is poised for tremendous growth over next 12-18 months Confluence of commodity price, capital and technology kicked off US shale revolution − Major US shale gas plays experienced exponential Horizontal Drilling Kicked Off Exponential Growth in US Shale Gas Basins For personal use
Slide 10: 2026 catalysts
2026 catalysts Planning most active year in the Beetaloo Basin | First gas sales from the Beetaloo Basin on track for 3Q 2026 Secured debt facility to fund processing infrastructure, backstopped by 3Q 2025 For personal use only the Northern Territory Government 6H, 5H, 4H 0 20 40 Kilometers 3Q 2025
Slide 11: Shenandoah South Pilot Project flow test results
Shenandoah South Pilot Project flow test results Continuous improvement in test rates from the SS Pilot Area acreage Tamboran’s recent Beetaloo Basin flow rates − Record IP20 flow rate of For personal use only 10.3 MMcf/d(1) from the SS-6H well 18.0 − 11.9 MMcf/d over a normalized 16.0 10,000-foot h
Slide 12: SS Pilot Project – 84% complete
Phase 1 – SS Pilot Project – 84% complete Initial wells drilled with processing infrastructure on track to deliver gas sales from 3Q 2026 − Tamboran to hold 44.375% ownership across the SS Pilot For personal use only Area (Northern and Southern Pilot Areas), following completion of the farmout to DW
Slide 13: EP upcoming activity
EP 161 upcoming activity Santos stating Beetaloo Basin gas as LNG backfill for GLNG and DLNG in the early 2030s | Targeting FID by mid-2029 For personal use only − Santos (ASX: STO) planning two 10,000-foot horizontal well, Jibera South 1H and Newcastle South 1H in EP 161 (Tamboran 25% non-operator)
Slide 14: Strategic farmout of BCDA with Daly Waters Energy
Strategic farmout of BCDA with Daly Waters Energy Recognizes a value premium on Tamboran’s core Beetaloo position Ichthys 0 10 20 LNG Kilometers 1. Clear value marker for Tamboran’s acreage from Japan’s largest E&P For personal use only NT − Farmout of ~10,000 net acres across the Northern and South
Slide 15: Tamboran's funding pathway
Tamboran’s funding pathway Funding allows Tamboran to further delineate activities across the Beetaloo East depocenter for future partnerships and development Uses of funds For personal use only Activity Existing Funding Deliver initial gas sales from SS Pilot Project ✓ SPCF infrastructure funded fr
Slide 16: Capital raise overview
Capital raise overview Up to approximately US$198 million of new capital to unlock and accelerate development in Beetaloo Basin ̶ The Offerings comprise: For personal use only o a registered underwritten public offering of 2,956,602 shares of common stock (with an additional 443,491 shares of common
Slide 17: Equity raising timeline
Equity raising timeline Process and key dates Event(1) Date (AEST) For personal use only Trading halt and ASX Announcement of Offer Wednesday, 8 April 2026 Institutional Entitlement Offer opens Wednesday, 8 April 2026 Institutional Bookbuild closes (ex-US investors) Wednesday, 8 April 2026, 5:00pm I
Slide 18: Tamboran's Strategic Partnerships
Tamboran’s Strategic Partnerships in place to accelerate large scale Beetaloo and LNG development Baker Hughes joined list of key strategic partners supporting the unlocking of the Beetaloo Basin For personal use only (3.5% TBN shareholder)(1) (3.7% TBN shareholder)(1) (1.6% TBN shareholder)(1) Stra
Slide 19: Tamboran's Board of Directors
Tamboran’s Board of Directors Deep technical knowledge and track record in early-stage E&P success | Board ownership of ~5.2%(1) For personal use only Dick Stoneburner Scott Sheffield Fred Barrett Jeff Bellman Ryan Dalton Patrick Elliott Phillip Pace Andrew Robb David Siegel Chairman Director Direct
Slide 20: Tamboran's Executive Management Team
Tamboran’s Executive Management Team Proven upstream and capital markets experience to support unlocking of the Beetaloo Basin Tamboran’s Executive Management Team Proven upstream and capital markets experience to support unlocking of the Beetaloo Basin For personal use only Todd Abbott Faron Thibod
Slide 21: Investment highlights
Investment highlights Significant gas development in the Beetaloo Basin, with potential to become a world class gas province(1) Tamboran’s Beetaloo Basin acreage position ~2.9 million acres (net)(2) 1 Significant unconventional gas resource For personal use only Potential for stable gas supply to 2
Slide 22: Appendix A
For personal use only Appendix A
Slide 23: 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 24: 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 Appalachian Basin Lithology Distribution Depth Thickness − Foreland basin formed during For personal use only tectonic collision. − Produces asymm
Slide 25: 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 26: SS Pilot Area performance vs. Marcellus Shale producers
SS Pilot Area performance vs. Marcellus Shale producers Results from the SS Pilot Area continue to deliver within the average of >11,000 Marcellus Shale wells produced for over 12 months Shenandoah South flow tests compared to Marcellus Shale rates(1) Marcellus, Appalachian Basin (US) Peer 1 (1,251)
Slide 27: SS Pilot Project drilling update
Phase 1 – SS Pilot Project drilling update Successfully delivered first three well batch drilling campaign in the Beetaloo Basin Tamboran-operated Beetaloo Basin Wells − Largest drilling program conducted in the For personal use only - Beetaloo Basin (three wells batched drilled – ~63,500 feet drill
Slide 28: Robust plans towards cost reduction
Robust plans towards cost reduction Targeting ~50% reduction in drilling and completion costs with progression towards continuous operations Targeted savings throughout drilling program Targeted savings throughout stimulation program For personal use only Costs in USD Costs in USD (10,000 ft well) 2
Slide 29: Sturt Plateau Pipeline (SPP)
Phase 1 – Sturt Plateau Pipeline (SPP) Pipeline designed to deliver gas to the local Northern Territory market | Construction completed in 1Q 2026 − ~23-mile, 12” gas pipeline owned and For personal use only operated by APA Group (ASX: APA) − Connecting the SPCF to the APA-owned AGP (running from Da
Slide 30: 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 3Q 2026 − Raw gas is lean (~92% methane) and requires dehydration and compression of gas stream For personal use only prior to injection in the transmission pipel
Slide 31: 2026 drilling and stimulation program
Phase 1 – 2026 drilling and stimulation program Remaining three wells to be stimulated in 2Q 2026 ahead of first gas sales | Backfill drilling planned on SS1 in 2Q 2026 For personal use only − Targeting stimulation of three remaining 10,000-foot DUCs during 2Q 2026 (SS-3H, -4H and -5H) from the Tamb
Slide 32: Supply to the East Coast gas market
Phase 2 – Supply to the 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
Slide 33: East Coast domestic gas price
Phase 2 – East Coast domestic gas price ~US$9.20 per mcf average contracted price for East Coast producers in 2027 | >158% higher than Henry Hub Agreed gas prices to the East Coast market for 2027 supply(1) − Majority of gas volumes on Australia’s East Coast are For personal use only 12 contracted b
Slide 34: Favorable East Coast gas market dynamics
Favorable East Coast gas market dynamics Emerging shortfall on Australia’s East Coast of ~1.2 Bcf/d from 2035 due to declining local production Limited northern supply and pipeline capacity to meet southern Emerging LNG ullage within the 25.3 MTPA of LNG projects in For personal use only market dema
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 For personal use only − Northern Territory Government awarded Tamboran 170-hectare (420-acre) site at Darwin in
Slide 36: Glossary
Glossary AEMO Australian Energy Market Operator AGP Amadeus Gas Pipeline APA APA Group (ASX: APA) APLNG Australia Pacific LNG For personal use only BCDA Beetaloo Central Development Area Bcf Billion Cubic Feet BJV Beetaloo Joint Venture (TBN, DWE and Falcon Oil & Gas Australia Limited) Bpm Beats per
Slide 37: Appendix B | Key risks and disclosures
Appendix B | Key risks and disclosures For personal use only
Slide 38: Key risks
Key risks New Common Stock and CDIs offered under the Entitlement Offer are considered speculative because of the inherent risks associated with a gas exploration and development company. In addition, there are risks inherent in investing in the share market in general. The risks set out below have
Slide 39: Key risks
Key risks 1.1.6 – Geographic Risks The Company’s operations are geographically concentrated in the Northern Territory, and specifically the Beetaloo Basin. As a result, the Company may be disproportionately exposed to the impact of regional supply and demand factors in the Beetaloo Basin caused by s
Slide 40: Key risks
Key risks 1.1.11 – Midstream project risks The second and third phase of Tamboran’s business requires the construction of midstream projects, including pipelines to access the East Coast and the proposed NTLNG terminal, some of which may take a number of years before commercial operation. These proj
Slide 41: Key risks
Key risks 1.1.14 – Price of gas currency volatility (cont.) (n) domestic, local and foreign governmental regulation and taxes; and (o) liquefied petroleum products supply and demand balances. For personal use only The Company cannot predict whether any volatility stemming from the factors will lead
Slide 42: Key risks
Key risks 1.1.21 – Future acquisition risk The Company’s growth plans, in part, may require the availability of appropriate and suitable project, asset and equipment acquisitions and may include potential mergers and acquisitions (Future Acquisitions). Future acquisitions may not achieve the intende
Slide 43: Key risks
Key risks 1.1.27 – Reliance on gas development and production activity The future growth of the Company is dependent on the continued economic importance of gas, development and production industry in Australia and internationally (as it relates to LNG trade). Any substantive and prolonged changes t
Slide 44: Key risks
Key risks 1.1.33 – Counterparty exposure and joint ventures (cont.) In particular, Tamboran is not the operator of EP 161, which is operated by Santos. As Tamboran carries out its exploration and development programs, it may enter into arrangements with respect to existing or future properties that
Slide 45: Key risks
Key risks 1.3 – Specific risks in relation to the Sweetpea Assets 1.3.1 – Overriding Royalties and Area of Mutual Interest Obligation in respect of Sweetpea Sweetpea Petroleum Pty Limited (Sweetpea) is a wholly owned subsidiary of Tamboran and owns a 100% interest in EP 136, EP 143 and EP(A) 197 (Sw
Slide 46: Key risks
Key risks 1.5 – General investment risks 1.5.1 – Force majeure events Events may occur within or outside Australia that could impact upon the global, Australian and other local economies, the operations of the Company and the price of the Common Stock/CDIs. These events include but are not limited t
Slide 47: Key risks
Key risks 1.5.8 – Litigation In the ordinary course of business, Tamboran may be involved in possible disputes. These disputes could give rise to litigation, the outcome of which could have a material adverse effect on its operations, financial performance and/or financial position. While the extent
Slide 48: Key risks
Key risks In addition, the investment activities of certain investors may be subject to legal investment laws and regulations, or review or regulation by certain authorities. Each potential investor should consult its legal advisers to determine, among other things, whether and to what extent: (a) t
Slide 49: International Offer Jurisdictions
International Offer Jurisdictions This Presentation does not constitute an offer of New Common Stock and New CDIs (New Securities) of the Company in any jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person, and the New Securities may not b
Slide 50: International Offer Jurisdictions
International Offer Jurisdictions European Union (Germany) This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New Securities be offered for sale, in the European
Slide 51: International Offer Jurisdictions
International Offer Jurisdictions Singapore This document and any other materials relating to the New Securities have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials
Slide 52: International Offer Jurisdictions
International Offer Jurisdictions United Kingdom Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2
Slide 53: Falcon Acquisition – Updated Indicative Timeline
Falcon Acquisition Updated Indicative Timeline − On March 26, the Canadian court approved the Plan of Arrangement relating to the acquisition (the “Final Order”), subject to Falcon amending the Plan of Arrangement in ways relating to the treatment of the Falcon shareholder that is subject to sanctio
Slide 54: For personal use only
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