Tamboran Resources Corporation Announces Commencement of SPCF Commissioning Activities

Tamboran Resources (NYSE/ASX: TBN) announced that the Sturt Plateau Compression Facility (SPCF), owned by the 50/50 SPCF Trust joint venture with Daly Waters Infrastructure, has commenced gas commissioning using wells from the Shenandoah South 2 pad.

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Highlights

• The Sturt Plateau Compression Facility Trust (SPCF Trust), a 50/50 Joint Venture between Tamboran and Daly Waters Infrastructure, LP (DWI), has commenced gas commissioning of the SPCF with gas from wells on the Shenandoah South 2 pad.
• The SPCF is the key processing infrastructure required to deliver gas from the Shenandoah South Pilot Area to the Northern Territory gas market.
• The facility will be capable of processing up to 50 TJ/d of gas, with 40 TJ/d contracted to the Northern Territory Government (NTG) under a long-term, take-or-pay gas sales agreement (GSA).
• The SPCF construction project remains on schedule and within the P50 gross budget of A$141 million (~US$99 million).
• During commissioning, the BJV will sell gas to the NTG at a discounted rate under the long-term GSA, consistent with industry practice.

NEW YORK--(BUSINESS WIRE)-- Tamboran Resources Corporation (NYSE: TBN, ASX: TBN):

Figure 1: Sturt Plateau Compression Facility site, Shenandoah South

Tamboran Resources Corporation Chief Executive Officer, Mr. Todd Abbott, said:

“Commissioning of the Sturt Plateau Compression Facility with gas from the SS2 well pad is a major milestone for Tamboran and the Beetaloo Basin. Full credit goes to the Tamboran team, our partners, as well as our key contractors, who have delivered the project on schedule and within budget.

“With all five wells on the Shenandoah South 2 pad drilled, stimulated and tied back to the facility, we look forward to imminently delivering first gas sales of up to 40 TJ/d to the Northern Territory Government under our long-term gas sales agreement, powering Northern Territory businesses and residences.

“The Beetaloo Basin is well positioned to deliver future energy security for Australia and our trading partners across the Asia Pacific, whilst also delivering lasting job and economic opportunities for Territorians and Native Title Holders.”

About the SPCF

Owner:	SPCF Trust (50% Tamboran Resources, 50% Daly Waters Infrastructure, LP under common ownership with Tamboran’s upstream joint venture partner, Daly Waters Energy, LP)
Capacity:	50 TJ/d (~48.5 MMcf/d)
Contracted Volume:	40 TJ/d (~38.8 MMcf/d) GSA for up to 14 years with the Northern Territory Government
P50 Budget:	A$141 million (US$99 million)

This announcement was approved and authorised for release by Mr. Todd Abbott, the Chief Executive Officer of Tamboran Resources Corporation.

About Tamboran Resources Corporation

Tamboran Resources Corporation (NYSE/ASX: TBN) is a growth-driven independent natural gas exploration and production company. Tamboran is focused on an integrated approach to the commercial development of the natural gas resources in the Beetaloo Basin located within the Northern Territory of Australia. Through its subsidiaries, Tamboran holds approximately 2.8 million net prospective acres and is the largest acreage holder in the Beetaloo Basin depocenter.

Disclaimer

Tamboran makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement. The forward-looking statements in this report reflect expectations held at the date of this document. Except as required by applicable law or the ASX Listing Rules, Tamboran disclaims any obligation or undertaking to publicly update any forward-looking statements, or discussion of future financial prospects, whether as a result of new information or of future events.

The information contained in this announcement does not take into account the investment objectives, financial situation or particular needs of any recipient and is not financial product advice. Before making an investment decision, recipients of this announcement should consider their own needs and situation and, if necessary, seek independent professional advice. To the maximum extent permitted by law, Tamboran and its officers, employees, agents and advisers give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Further, none of Tamboran nor its officers, employees, agents or advisers accept, to the extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the information contained in this announcement.

Note on Forward-Looking Statements

This press release contains “forward-looking” statements related to the Company within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the Company’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” “participate,” “progress,” “conduct” and the negatives of these words and other similar expressions generally identify forward-looking statements.

It is possible that the Company’s future financial performance may differ from expectations due to a variety of factors, including but not limited to: our early stage of development with no material revenue expected until the second half of 2026 and our limited operating history; the substantial additional capital required for our business plan, which we may be unable to raise on acceptable terms; our strategy to deliver natural gas to the Australian East Coast and select Asian markets being contingent upon constructing additional pipeline capacity, which may not be secured; the absence of proved reserves and the risk that our drilling may not yield natural gas in commercial quantities or quality; the speculative nature of drilling activities, which involve significant costs and may not result in discoveries or additions to our future production or reserves; the challenges associated with importing U.S. practices and technology to the Northern Territory, which could affect our operations and growth due to limited local experience; the critical need for timely access to appropriate equipment and infrastructure, which may impact our market access and business plan execution; the operational complexities and inherent risks of drilling, completions, workover, and hydraulic fracturing operations that could adversely affect our business; the volatility of natural gas prices and its potential adverse effect on our financial condition and operations; the risks of construction delays, cost overruns, and negative effects on our financial and operational performance associated with midstream projects; the potential fundamental impact on our business if our assessments of the Beetaloo are materially inaccurate; the concentration of all our assets and operations in the Beetaloo, making us susceptible to region-specific risks; the substantial doubt raised by our recurring operational losses, negative cash flows, and cumulative net losses about our ability to continue as a going concern; complex laws and regulations that could affect our operational costs and feasibility or lead to significant liabilities; community opposition that could result in costly delays and impede our ability to obtain necessary government approvals; exploration and development activities in the Beetaloo that may lead to legal disputes, operational disruptions, and reputational damage due to native title and heritage issues; the requirement to produce natural gas on a Scope 1 net zero basis upon commencement of commercial production, with internal goals for operational net zero, which may increase our production costs; the increased attention to ESG matters and environmental conservation measures that could adversely impact our business operations; risks related to our corporate structure; risks related to our common stock and CDIs; and the other risk factors discussed in the this report and the Company’s filings with the Securities and Exchange Commission.

It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company’s results of operations and financial condition, the Company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260831602336/en/

Investor enquiries:
Chris Morbey, Vice President – Investor Relations and Corporate Development
+61 2 8330 6626
Investors@tamboran.com

Media enquiries:
+61 2 8330 6626
Media@tamboran.com

Source: Tamboran Resources Corporation

Key Terms

take-or-pay financial

A take-or-pay clause is a contract term that requires a buyer to either take delivery of an agreed amount of a product or pay a penalty if they do not. For investors, it matters because it creates predictable revenue for the seller—like a subscription fee that must be paid whether fully used or not—reducing sales volatility but also introducing counterparty risk if the buyer’s ability to pay is uncertain.

tj/d technical

tj/d stands for terajoules per day, a unit that measures how much energy flows or is produced each day (one terajoule equals one trillion joules). Energy companies and utilities use it to report natural gas or energy throughput and capacity; for investors it provides a consistent way to compare scale and performance—similar to how gallons per day measures water or fuel flow.

p50 technical

p50 is the midpoint estimate that has a 50% chance of being met or exceeded — essentially the statistical “middle” outcome when looking at a range of possible results. For investors it’s a practical, risk-aware benchmark used in reserves, production forecasts and financial projections to represent the realistic or most likely case, like picking the middle value between optimistic and pessimistic scenarios so you can plan without assuming best- or worst-case results.

commissioning technical

Commissioning is the process of officially starting or activating a new project, system, or facility after it has been built or prepared. It involves testing and checking that everything functions correctly and safely before it begins full operation. For investors, commissioning signals that a project or asset is moving closer to generating value or revenue, which can impact its potential profitability and timing of returns.