Tamboran Resources (TBN) Q3 2026 earnings summary

Executive summary

• Farm-out/farm-down of ~10,000 acres to Daly Waters Energy for a $28.5 million carry, validating Beetaloo acreage value and providing a capital-efficient development pathway.

• Sturt Plateau Compression Facility (SPCF) construction reached 88% completion, on time and on budget, with commissioning and first gas sales targeted for 3Q 2026.

• Major capital raises and PIPE transactions resulted in a pro forma cash balance of $298 million, supporting 2026–2027 drilling and development programs.

• Falcon Oil & Gas acquisition is nearing completion, with all regulatory and court approvals received or pending final clearance.

• Record IP20 flow rate of 10.3 MMcf/d achieved at SS-6H well, demonstrating high-quality acreage.

Financial highlights

• Pro forma cash balance of $298 million at March 31, 2026, including $95 million cash and $203 million in near-term inflows.

• April 2026 capital raise included $119 million public offer, $61 million institutional entitlement, and $18 million retail entitlement.

• Drawn debt of $23 million for SPCF construction, with $39 million undrawn as of March 31, 2026.

• Issuance of new shares and CDIs increased total equivalent Common Stock to 28.3 million.

• Net loss for the quarter was $10.6 million, with an accumulated deficit since inception of $191.5 million.

Outlook and guidance

• First gas sales from the Beetaloo Basin pilot project targeted for 3Q 2026, with no material revenue expected until then.

• Well funded to execute 2026–2027 programs, including stimulation and drilling of multiple wells and participation in Santos-operated EP 161.

• Funding supports activities beyond first gas, including further appraisal drilling and resource delineation through 2027.

• Anticipated cost reductions if local sand stimulation in SS-4H proves successful.

• Additional funding may be required post-June 2026 to execute the full development strategy.