Tamboran Resources Corporation Stock Price, News & Analysis

Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) is a growth-driven independent natural gas exploration and production company in the energy sector. The company focuses on the exploration, appraisal and commercial development of natural gas resources in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Through its subsidiaries, Tamboran holds approximately 1.9 million net prospective acres and describes itself as the largest acreage holder and operator in the Beetaloo Basin.

According to company disclosures and press releases, Tamboran’s strategy centers on an integrated approach to developing unconventional natural gas. The business is at an early stage of development, with its assets and operations concentrated in the Beetaloo. The company has stated that it does not expect material revenue until around mid-calendar year 2026 and that it requires substantial additional capital to execute its business plan. This capital is being raised through public offerings of common stock, private investment in public equity (PIPE) transactions and security purchase plans, as reflected in its SEC filings and transaction announcements.

Core assets and acreage position

Tamboran’s portfolio is focused on unconventional shale gas in the Mid Velkerri B Shale and related formations in the Beetaloo Sub-basin. The company reports that, through its subsidiaries, it holds:

• Approximately 1.9 million net prospective acres in the Beetaloo Sub-basin.
• A 47.5% operating interest over 20,309 acres in a proposed northern Pilot Area.
• A 38.75% non-operating interest over 20,309 acres in a proposed southern Pilot Area.
• A 58.13% operating interest in a proposed Phase 2 development area covering 406,693 acres.
• A 67.83% operated interest over 219,030 acres in a proposed Retention License 10.
• A 77.5% operating interest across 1,487,418 acres over ex-EPs 76, 98 and 117.
• A 100% working interest and operatorship in EP 136.
• A 25% non-operated working interest in EP 161.

These interests are all located in the Beetaloo Basin, and the company emphasizes that this geographic concentration exposes it to region-specific risks, including regulatory, operational and community-related factors.

Development focus: Shenandoah South Pilot Project

A key element of Tamboran’s current business is the Shenandoah South Pilot Project in the Beetaloo Basin, developed through the Beetaloo Joint Venture (BJV). The company has announced that the BJV reached a Final Investment Decision (FID) for this pilot project. The project is designed to provide long-term production testing of multiple wells and, together with additional resource delineation, has the potential to underpin a larger-scale development targeting the Australian East Coast gas market.

The Shenandoah South program has included batch drilling of horizontal wells such as SS-4H, SS-5H and SS-6H, each with target lateral lengths of about 10,000 feet. Tamboran reports that these wells have been drilled, cased and suspended ahead of stimulation activities. The company has highlighted efficiency gains from the application of drilling technology supplied by Baker Hughes and the use of modern stimulation equipment from Liberty Energy for multi-stage fracture stimulation programs.

Gas sales, approvals and regulatory framework

Tamboran has disclosed that it and its joint venture partners have secured important regulatory and commercial approvals for the Shenandoah South Pilot Project. These include:

• Approval from the Northern Territory Government (NTG) under the Beneficial Use of Gas (BUG) legislation to sell appraisal gas from exploration permits in the Beetaloo Basin.
• Consent from Native Title Holders for the sale of up to 60 terajoules (TJ) per day from the Shenandoah South Pilot Project over a three-year period.
• A binding Gas Sales Agreement (GSA) between the BJV and the Northern Territory Government to supply 40 TJ per day of gas with a fixed price escalated annually at the Australian Consumer Price Index (pricing terms are confidential).
• A Gas Processing Agreement with the SPCF Trust (50% Tamboran, 50% Daly Waters Infrastructure, LP) that underpins financing and operation of the Sturt Plateau Compression Facility (SPCF).
• A Gas Transportation Agreement with APA Group to utilize the Sturt Plateau Pipeline and deliver gas to the sales point at the inlet of the Amadeus Gas Pipeline.

The company states that the BUG approval allows gas that might otherwise have been flared during the exploration and appraisal phase to be sold into the local Northern Territory gas market, with associated royalties for the NTG and Native Title Holders. Tamboran also notes that its activities are subject to complex laws and regulations, community expectations and native title and heritage considerations.

Midstream infrastructure and financing

Tamboran, together with Daly Waters Infrastructure, has arranged project financing for the Sturt Plateau Compression Facility, which is intended to process gas from the Shenandoah South Pilot Project. An indirect subsidiary, SPCF Financing Pty Ltd, entered into a syndicated facility agreement providing up to approximately A$179.8 million in debt funding, split into multiple tranches. The facility is secured by customary collateral and guarantees, including a guarantee from the Northern Territory Government for a portion of the facility and guarantees from Tamboran and certain affiliates.

The company describes this debt facility as supporting construction of compression, flowlines and related infrastructure associated with the SPCF. Interest margins, guarantee fees and prepayment premiums are set out in the financing documentation, and the facility has a four-year term from financial close.

Capital markets activity and dual listing

Tamboran’s common stock trades on the New York Stock Exchange under the symbol TBN, and the company also has CHESS Depositary Interests (CDIs) listed on the Australian Securities Exchange (ASX: TBN). The company has been active in the capital markets, with SEC filings and press releases detailing:

• An underwritten public offering of common stock, including an option exercised by underwriters to purchase additional shares.
• A concurrent PIPE financing through subscription agreements with certain investors, including directors and large shareholders, subject to shareholder approval under ASX Listing Rules.
• A security purchase plan under which existing CDI holders in specified jurisdictions could subscribe for new CDIs at a set issue price.

Proceeds from these equity financings are described as intended for funding Tamboran’s development plan, working capital and other general corporate purposes. Shareholder meetings and proxy statements have addressed approvals required under ASX Listing Rules for these issuances and related director and officer compensation arrangements.

Corporate governance and leadership

Tamboran is incorporated in Delaware and files reports with the U.S. Securities and Exchange Commission. The company holds annual and special meetings of stockholders, conducted virtually, to elect directors, ratify auditors and approve equity-related proposals. Proxy statements and 8-K filings describe governance matters, director elections and equity incentive plans.

The board appointed Todd Abbott as Chief Executive Officer, effective January 15, 2026, succeeding Richard (Dick) Stoneburner, who had served as Interim CEO and continues as Chairman of the Board. SEC filings outline Mr. Abbott’s employment terms, long-term incentive awards and relocation expectations. The company also discloses that certain directors may receive equity in lieu of cash fees under its equity incentive plan, subject to shareholder approval.

Strategic transactions and Beetaloo consolidation

Tamboran has announced a definitive agreement to acquire Falcon Oil & Gas Ltd.’s subsidiaries in a transaction intended to create a combined Beetaloo Basin business with approximately 2.9 million net prospective acres across much of the Beetaloo depocenter. Under the agreement, Tamboran will issue shares of NYSE-listed common stock and pay cash consideration, with Falcon shareholders receiving Tamboran shares at a specified exchange ratio.

The company characterizes this transaction as a logical consolidation of two active Beetaloo Basin participants and notes that, on completion, Falcon shareholders are expected to own a significant minority of the pro forma business. The transaction is subject to various closing conditions, including approvals by Falcon shareholders, Tamboran stockholders and minority shareholders of a Falcon Australian subsidiary, as well as court and regulatory processes. Tamboran also notes that the transaction is expected to strengthen its working interest in the Phase 2 Development Area and align interests with Daly Waters Energy across certain acreage.

Proposed NTLNG project and Darwin footprint

In addition to upstream and pilot development activities, Tamboran reports that it has secured approximately 420 acres (about 170 hectares) of land at the Middle Arm Sustainable Development Precinct in Darwin. This site is described as the proposed location of the company’s NTLNG project. The company has indicated that pre-FEED (front-end engineering and design) activities for this project are being undertaken by Bechtel Corporation, although detailed project parameters and timelines are subject to further study, permitting and commercial arrangements.

Risk factors and operating context

Tamboran’s SEC filings and forward-looking statements highlight a range of risks and uncertainties affecting its business. These include its early stage of development, absence of proved reserves, the speculative nature of drilling, dependence on additional capital, concentration of assets in the Beetaloo, volatility in natural gas prices, regulatory complexity, community opposition, native title and heritage issues, and operational risks associated with drilling, completions and hydraulic fracturing.

The company also notes obligations and internal goals related to producing natural gas on a Scope 1 net zero basis upon commencement of commercial production, and the potential impact of environmental, social and governance (ESG) considerations and conservation measures on its operations and costs. Tamboran’s disclosures emphasize that its future performance may differ from expectations due to these and other factors discussed in its SEC reports.

Business model overview

Based on the company’s own descriptions, Tamboran’s business model is centered on:

• Exploring and appraising unconventional natural gas resources in the Beetaloo Basin.
• Advancing pilot projects, such as Shenandoah South, to long-term production testing and initial gas sales under gas sales agreements.
• Developing associated midstream infrastructure, including compression and pipeline connections, often through joint ventures and project financing structures.
• Using equity and debt capital markets transactions to fund drilling, infrastructure and corporate activities.
• Pursuing strategic acreage consolidation and partnerships to increase working interests in key development areas.

Investors analyzing TBN stock can refer to Tamboran’s SEC filings, ASX disclosures and company press releases for detailed information on its projects, financing arrangements, governance and risk factors.