By Digifin Pty Ltd · About this coverage
Key Points
- Total net gas sales of 0.31 Bcf and revenue of US$1.8 million in the first quarter of Beetaloo gas sales
- SS2-2H ST1 averaged 10.2 MMcf/d over 720 hours of interrupted production
- NSAI estimated a P50 EUR of 17 Bcf per 10,000-foot lateral
- Capital expenditure of US$56.9 million; EBITDAX negative US$14.5 million
- Cash balance of US$165 million and net cash of US$128 million at September 30
About Tamboran (ASX:TBN)
Tamboran Resources Corporation is a natural gas exploration and production company incorporated in the United States and listed on both the New York Stock Exchange and the ASX, where its securities are quoted as CDIs. Its operations are concentrated in the Beetaloo Basin in the Northern Territory of Australia, where it holds acreage and is developing natural gas resources. The company maintains an Australian office at Barangaroo in Sydney.
Tamboran (ASX:TBN) released its first quarter activities report for the period ended September 30, 2026, the first quarter in which it and Daly Waters Energy sold gas from the Beetaloo Basin.
Figures are in US dollars. Tamboran delivered total net gas sales of 0.31 Bcf and earned revenue of US$1.8 million, with first cash inflows received in early November 2026. Sales revenue and direct costs for the Pilot Project were capitalized to the balance sheet because the project has not reached Practical Completion of the SPCF or the Commercial Operations Date under the GSA. EBITDAX was negative US$14.5 million, against negative US$5.7 million in the prior quarter. The SS2-2H ST1 well delivered an average rate of 10.2 MMcf/d over 720 hours of interrupted production across ~5,500 feet of lateral, and the SS2-3H and SS2-5H wells delivered average IP30 rates of 8.8 and 10.0 MMcf/d. Netherland, Sewell & Associates has estimated a P50 EUR of 17 Bcf per 10,000-foot lateral based on these initial results. Capital expenditure was US$56.9 million. The cash balance was US$165 million, with drawn debt of US$37 million and net cash of US$128 million, and the company puts cash and near-term inflows at US$180 million.
The release does not state when the SPCF will reach Practical Completion, and the take-or-pay contract with the Northern Territory Government is expected to begin in early 2027. Stimulation of the SS1 pad wells is planned for 4Q 2026, and additional Orion wells depend on finalizing a strategic partnership.
Source: Tamboran Resources Corporation (ASX:TBN), 13 November 2026. Summary content supplied by Digifin Pty Ltd.
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