Tamboran Resources (TBN) is an early-stage Australian-focused natural gas developer with headquarters in Sydney and fiscal year ending June 30. As of Dec 31, 2024 the market value of non-affiliate equity was $221,466,938 and as of Sept 24, 2025 there were 17,820,758 shares outstanding. The company has no proved reserves and expects no material revenue until at least mid-2026. Key near-term developments include a binding development agreement with APA to build the 23-mile Sturt Plateau Pipeline, an NT Government gas sales agreement to supply ~40 MMcf/d starting mid-2026 (subject to conditions), TB1 joint-venture governance and development milestones, and a $15 million asset sale to DWE. Tamboran plans a ~40 MMcf/d Shenandoah South pilot plateau in 2H 2026, anticipates drilling and completion costs averaging ~$30M per well (targeting $16M longer-term), and reports recent private placements expected to fund operations through 2025. The filing highlights material risks: substantial capital needs, JV deadlines that could shift control if missed, regulatory and native title approvals, operational hazards, no historical operating results pre-reorganization, and potential going-concern uncertainty.
Tamboran Resources Corporation furnished an update on its financial and operating results for the quarter and year ended June 30, 2025. On September 25, 2025, the company issued an earnings presentation and a press release discussing these results.
The earnings presentation is provided as Exhibit 99.1 and the press release as Exhibit 99.2. These materials are furnished rather than filed, which means they are not subject to certain liability provisions of U.S. securities laws unless specifically incorporated by reference into another filing.
Tamboran Resources Corporation is reported to have a new disclosed stake held by HITE Hedge Asset Management LLC, HITE Hedge Asset Management LP and Robert Matthew Niblack totaling 1,206,725 shares, equal to 7.22% of the outstanding common stock. The filing shows the reporting parties have shared voting power and shared dispositive power over these shares and explicitly reports no sole voting or dispositive power. The statement certifies the position was acquired and is held in the ordinary course of business and was not acquired to change or influence control of the issuer. The reporting persons are identified as an investment adviser, a limited partnership and an individual.
Tamboran Resources Corp. (TBN) – Schedule 13D/A Amendment No. 3 (filed 28 Jul 2025)
Bryan Sheffield and related entities (the “Sheffield Group”) disclose an aggregate 3,123,601 common shares, equal to 17.6 % of the 17,770,758 shares outstanding. Record ownership is split between Sheffield Holdings LP (2.25 M; 12.6 %) and Daly Waters Energy LP (0.88 M; 4.9 %).
On 27 Jul 2025 the Sheffield Group entered into a Cooperation Agreement with Tamboran: (i) the company immediately adds Scott D. Sheffield (Class II, term exp. 2025 AGM) and Phillip Z. Pace (Class III, term exp. 2026 AGM) to the Board; (ii) Tamboran will nominate and recommend S. Sheffield at the 2025 AGM. In return, the Sheffield Group accepts a stand-still lasting until the earlier of the 2028 AGM or 31 Dec 2028, agreeing to vote all owned shares with Board recommendations on director elections and other proposals, except in extraordinary transactions.
No additional share purchases or sales were reported in the past 60 days. The filing signals constructive engagement between a 17.6 % holder and management, reducing the likelihood of a proxy contest while giving the investor board representation.