Tamboran Resources (TBN) Q3 2025 earnings summary

Executive summary

• Completed 35-stage stimulation of SS-2H ST1 well in the Beetaloo Basin, followed by a 62-day soak and commencement of a 90-day flow test in May 2025; IP30 results expected in June and IP90 by end of August.

• Fully funded to drill and complete three additional wells (SS4, SS5, SS6) in H2 2025, with spud of SS4H targeted for early July and batch completions planned for late 2025 to 1H 2026.

• First gas from the Shenandoah South Pilot Project remains on track for mid-2026, targeting 40 million cubic feet per day to the Northern Territory market, with infrastructure and equipment delivered ahead of schedule.

• Pro forma cash position of US$96.0 million after May 2025 capital raise and acreage sale, fully funding remaining drilling and stimulation activities.

• Signed checkerboard and acreage sale agreements with Daly Waters Energy, and initiated a farm-out process for a 400,000-acre phase two development area, with RBC Capital Markets leading.

Financial highlights

• Cash balance at March 31, 2025: US$25.6 million; pro forma cash post-PIPE and acreage sale: US$96.0 million.

• $70 million capital raise completed, primarily to fund drilling, stimulation, and midstream infrastructure for the SS Pilot Project.

• No debt reported at quarter end.

• Major capital raises included a $7.4 million greenshoe option and a $5.95 million share issuance as a checkerboard fee.

• Total assets increased to $381.5 million from $358.6 million at June 30, 2024.

Outlook and guidance

• Plan to flow test SS2H for 90 days, with IP30 and IP90 results to be reported in June and August 2025, respectively.

• Drilling and batch completion of SS4, SS5, and SS6 to commence in July 2025, with first gas production expected in mid-2026.

• No material revenue expected until at least late 2026, contingent on successful drilling, funding, and infrastructure access.

• Formal farm-out process for Phase 2 Development Area to commence after IP30 flow test in June 2025.

• Multiple catalysts expected in the next 12 months, including flow test results, drilling, and construction milestones.