Latest news with #DWE
Business Wire
3 days ago
- Business
- Business Wire
Tamboran announces successful closing of First Tranche of PIPE
NEW YORK--(BUSINESS WIRE)-- Tamboran Resources Corporation (NYSE: TBN, ASX: TBN): Private Placement Transaction Pursuant to the First Tranche, a total of 2,180,515 Common Stock were issued within the Company's placement capacity under Listing Rule 7.1. An Appendix 2A with the details of the issue of new shares of Common Stock has been filed on ASX today. The Second Tranche of the Placement is subject to shareholder approval to be sought at a Special Shareholder Meeting of the Company held on or around August 18, 2025. Pursuant to the Second Tranche: 54,463 Common Stock will be issued to certain directors of the Company, subject to shareholder approval under Listing Rule 10.11; 563,697 Common Stock will be issued Formentera Partners, an entity founded by Bryan Sheffield, subject to shareholder approval under Listing Rule 10.11; and 322,569 Common Stock will be issued to certain non-affiliated investors, subject to shareholder approval under Listing Rule 7.1. Uses of funds from the private placement include: Drilling of the remaining three wells required for Tamboran's proposed 40 million cubic feet per day (MMcf/d) Pilot Project at the Shenandoah South location in the Beetaloo Basin to reach first production, which is planned for mid-2026, subject to weather and standard stakeholder approvals; Funding of the Sturt Plateau Compression Facility until Tamboran and DWE finalize terms with lenders; and General working capital. The shares of common stock being issued and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Tamboran has agreed to file a registration statement to register the resale of the shares of common stock being sold in the private placement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Acreage Sale As previously announced on May 14, 2025, in conjunction with the checkerboard, Tamboran and Daly Waters Energy, LP (DWE) have entered into a binding agreement whereby DWE will acquire a non-operating and non-controlling interest across 100,000 acres within two areas of Tamboran's post-checkerboard acreage position for consideration of US$15 million. The transaction is subject to certain conditions precedent including, and not limited to, DWE obtaining approval from the Formentera Australia Fund, LP's Limited Partner Advisory Committee, and regulatory approvals. The Company confirms that Shareholder approval under the ASX Listing Rules or NYSE Rules is not required to proceed with the transaction. This announcement was approved and authorized for release by Joel Riddle, Chief Executive Officer of Tamboran Resources Corporation. About Tamboran Resources Corporation Tamboran Resources Corporation ('Tamboran' or the 'Company'), through its subsidiaries, is the largest acreage holder and operator with approximately 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets include a 47.5% operating interest over 20,309 acres in the proposed northern Pilot Area, a 38.75% non-operating interest over 20,309 acres in the proposed southern Pilot Area, a 58.13% operating interest in the 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 and a 25% non-operated working interest in EP 161, which are all located in the Beetaloo Basin. The Company has also secured ~420 acres (170 hectares) of land at the Middle Arm Sustainable Development Precinct in Darwin, the location of Tamboran's proposed NTLNG project. Pre-FEED activities are being undertaken by Bechtel Corporation. 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,' 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 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.
Hi Dubai
4 days ago
- Business
- Hi Dubai
Dubai Women Establishment Signs MoU with Dubai Media Academy to Boost Women's Media Leadership
Dubai Women Establishment (DWE) has signed a Memorandum of Understanding with Dubai Media Academy to strengthen women's leadership in the media sector and advance their professional development through joint initiatives and training programmes. The agreement was signed by Naeema Ahli, CEO of DWE, and Muna Bu Samra, Director of Dubai Media Academy, on the closing day of the Arab Media Summit 2025. The summit was held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Naeema Ahli said the MoU aligns with the vision of Her Highness Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of DWE, and supports efforts to build strategic collaborations that raise the visibility of women in key sectors. She highlighted that the agreement will facilitate joint programmes aimed at enhancing the media skills of women in middle and senior roles across Dubai's public sector. She also praised the ongoing partnership with Dubai Media Incorporated, noting its role in enabling women's advancement in the media industry. Muna Bu Samra described the MoU as a significant step toward deepening collaboration between the two institutions. She said the partnership reflects a shared commitment to empowering women and fostering leadership across media and other sectors. The agreement will see the launch of workshops, capacity-building programmes, and media-focused initiatives, equipping women with the tools needed to thrive in a rapidly evolving media landscape. News Source: Emirates News Agency
Gulf Today
25-05-2025
- Business
- Gulf Today
DWE hosts UAE Women's Dialogue in Japan
As part of its ongoing efforts to spotlight the UAE's leadership in empowering women, Dubai Women Establishment (DWE) organised the 'UAE Women's Dialogue' at the UAE National Pavilion at Expo 2025 Osaka. The dialogue was held under the patronage of Sheikha Manal Bint Mohammed Bin Rashid Al Maktoum, President of Dubai Women Establishment, wife of His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court. The dialogue opened with a welcoming speech by Mona Ghanem Al Marri, Chairperson and Managing Director of DWE, followed by an opening keynote from Sheikha Lubna Bint Khalid Al Qasimi. The session also featured contributions from Hala Badri, Director-General of Dubai Culture and Arts Authority; Huda Al Hashimi, Deputy Minister of Cabinet Affairs for Strategic Affairs; and Khawla Al Mehairi, Executive Vice President of Strategy and Government Communications at DEWA. The session was moderated by Maryam Altayer from Dubai Future Foundation in the presence of Khadija Al Bastaki, Senior Vice President, part of TECOM Group PJSC, Board Member of DWE; Fahima Al Bastaki, Former CEO of the Business Development Division at Dubai Financial Market, Board Member of DWE, and Naeema Ahli, CEO of Dubai Women Establishment. The dialogue highlighted the UAE's success in advancing women's empowerment, focusing on four key themes: gender balance, cultural identity, governance and policy, sustainability and green economy. On this occasion, Sheikha affirmed that DWE's participation at Expo 2025 Osaka reinforces its unwavering commitment to promoting Emirati women's global presence and celebrating their achievements across various fields for over five decades. These milestones have been made possible by the legacy of the late Sheikh Zayed Bin Sultan Al Nahyan and the continued support of Her Highness Sheikha Fatima Bint Mubarak, 'Mother of the Nation.' Sheikha Manal extended her most profound gratitude to President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, for their enduring support of women's empowerment and their guidance in mobilising resources to ensure women's role in national development. She stated that the UAE is now witnessing the tangible outcomes of its leadership's foresight and sustainable approach. Ranking among the top countries in global competitiveness indicators for gender balance and women's empowerment, the UAE has also become a global reference for best practices in this field. WAM
Yahoo
14-05-2025
- Business
- Yahoo
Falcon Oil & Gas Ltd. - Beetaloo Operational Update – Stimulation Campaign & Remaining Shenandoah South Pilot Project
Falcon Oil & Gas Ltd. Beetaloo Operational Update – Stimulation Campaign & Remaining Shenandoah South Pilot Project 14 May 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) notes the press releases from Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) ('Tamboran') issued on 13 May 2025. Tamboran's announcements confirmed: the commencement of flow testing at the Shenandoah S2-2H ST1 ('SS-2H ST1') well in the Beetaloo Sub-basin, Northern Territory, Australia; agreements entered to complete a US$55.4 million private placement and a US$15 million asset sale (at US$150/acre) to provide Tamboran with necessary funding to drill three wells commencing in mid-2025 and stimulate four wells (including the Shenandoah S2-4H well drilled late last year) in a single campaign planned for late 2025 / 1H 2026 subject to JV approval; and the finalisation of the checkerboard of the joint acreage position across exploration permits 76, 98 and 117 between Tamboran and Daly Waters Energy, LP ('DWE'). Key points to note: SS-2H ST1 Flow testing of SS-2H ST1 has commenced after a longer soaking period following analysis of wells across the Beetaloo Sub-basin, allowing water to imbibe into the rock, increasing the formation's relative permeability to gas. The IP30 flow test is expected to be announced in June 2025 and testing is planned to continue for a full 90-days, subject to weather or unforeseen events. Checkerboard Tamboran and DWE have signed a binding agreement to finalise the checkerboard of their joint acreage across the three exploration permits: EP 76, 98 and 117. Both parties will hold operated working interest areas at 77.5% (except in the two smaller areas which are the subject of the sale of 100,000 acres by Tamboran to DWE), with Falcon Oil & Gas Australia Limited ('Falcon') having the remaining 22.5% non-operating interest across the wider acreage. Ownership of the proposed northern Pilot Area containing 20,309 acres, the focus for initial gas production in the Northern Territory, remains unchanged with Falcon at 5%, Tamboran (operator) 47.5% and DWE 47.5%. Ownership of the anticipated expansion into the southern Pilot Area containing 20,309 acres will be Falcon at 22.5%, Tamboran 38.75% and DWE (operator) 38.75%. Falcon is uniquely placed as the only party with an interest across all checkboard pieces. Operator Funding for the completion of the Shenandoah South Pilot Project Tamboran has confirmed that following the completion of its fundraising, it expects to be fully funded to drill and complete the remaining three wells required to deliver first gas under the Shenandoah South Pilot Project, with first gas planned for mid-2026. Falcon has opted to reduce its interest in these three remaining wells to be drilled to zero %. Valuation of acreage DWE and Tamboran have entered into a binding agreement whereby DWE will acquire a non-operating and non-controlling interest across 100,000 acres within two areas of Tamboran's post-checkerboard acreage position for a consideration of US$15 million, equating to US$150/acre. The US$150/acre would translate to a valuation of Falcon's acreage at a minimum of US$150 million. Investor Meet Philip O'Quigley, Falcon's CEO, will conduct a Q&A via the Investor Meet Company platform on 21 May 2025 at 4:00pm (London time) to discuss this press release and comment on the related press releases issued by Tamboran yesterday. The event is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9.00am (London time) on 20 May 2025 or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Falcon Oil & Gas Ltd. via: Investors who already follow Falcon Oil & Gas Ltd. on the Investor Meet Company platform will automatically be invited. Philip O'Quigley, CEO of Falcon commented: 'We look forward to updating the market on the SS-2H ST1 IP30 flow test results as soon as they become available. We are extremely encouraged by the read-through valuation on Falcon's net 1 million acres from the sale of acreage by Tamboran to DWE and we welcome the completion of the checkerboard where Falcon is uniquely placed as being the only company with an interest in each of the checkerboard pieces. Reducing our participation in the next three wells has an insignificant impact on our overall net acres in the Beetaloo which remains at circa 1 million acres and our interest across the wider acreage remains at 22.5%. This demonstrates the optionality and financial engineering afforded by the drilling and spacing units, which enable Falcon to strategically and efficiently deploy its capital. This reduction in our participation in the next three wells significantly reduces our 2025 capital expenditure whilst at the same time leaving us very well positioned to capture the overall success of the Beetaloo. Lastly, we look forward to working with DWE as an additional operator in the Beetaloo. ' Ends. CONTACT DETAILS: Falcon Oil & Gas Ltd. +353 1 676 8702 Philip O'Quigley, CEO +353 87 814 7042 Anne Flynn, CFO +353 1 676 9162 Cavendish Capital Markets Limited (NOMAD & Broker) Neil McDonald / Adam Rae +44 131 220 9771This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd's Technical Advisor. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG. About Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland. Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd. For further information on Falcon Oil & Gas Ltd. Please visit About Beetaloo Joint Venture (EP 76, 98 and 117) Proposed northern Pilot Project Area (gross acreage of 20,309) Company Interest Falcon Oil & Gas Australia Limited (Falcon Australia) 5.0% Tamboran (B2) Pty Limited 95.0% Total 100.0%Proposed southern Pilot Project Area (gross acreage of 20,309) Company Interest Falcon Oil & Gas Australia Limited (Falcon Australia) 22.5% Tamboran (B2) Pty Limited 77.5% Total 100.0%Areas excluding the northern and southern Pilot Project Areas Company Interest Falcon Oil & Gas Australia Limited (Falcon Australia) 22.5% Tamboran (B2) Pty Limited 77.5% Total 100.0%About Tamboran (B2) Pty LimitedTamboran (B1) Pty Limited ('Tamboran B1') is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Corporation and Daly Waters Energy, LP. Tamboran Resources Corporation is a natural gas company listed on the NYSE (TBN) and ASX (TBN). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management's experience in successfully commercialising unconventional shale in North America. Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. ('PE'), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company. Advisory regarding forward-looking statementsCertain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as 'may', 'will', 'should', 'expect', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'projects', 'dependent', 'consider' 'potential', 'scheduled', 'forecast', 'anticipated', 'outlook', 'budget', 'hope', 'suggest', 'support' 'planned', 'approximately', 'potential' or the negative of those terms or similar words suggesting future outcomes. In particular, forward-looking information in this press release includes, details on the commencement of flow testing at SS-2H ST1 and the associated IP30 results and the plan to continue for 90 days; Falcon's ownership in the northern and southern pilot areas and remaining acreage following the execution of the checkerboard; Falcon's election to reduce its interest to zero for the remaining three wells in the Pilot and it significantly reducing 2025 capital expenditure; and the readthrough acreage valuation for Falcon based on the DWE Tamboran acreage sale. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and/or their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation. Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon's filings with the Canadian securities regulators, which filings are available at including under "Risk Factors" in the Annual Information Form. Any references in this news release to initial production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Falcon. Such rates are based on field estimates and may be based on limited data available at this time. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Tamboran Finalizes the Checkerboard of Beetaloo Basin Blocks and Announces US$15 Million Acreage Sale to Daly Waters Energy, LP
Highlights Tamboran and Daly Waters Energy, LP (DWE) have signed a binding agreement to finalize the checkerboard of the joint acreage position across EPs 76, 98 and 117. In conjunction with the checkerboard, Tamboran and DWE have entered into a binding agreement whereby DWE will acquire a non-operating and non-controlling interest in 100,000 acres within two areas for a consideration of US$15 million. The transaction is subject to certain conditions precedent and regulatory approvals. On completion, Tamboran will have retained approximately 1.9 million net prospective, development-ready acres across the Beetaloo Basin. Tamboran has reserved 406,693 gross acres as its Phase 2 Development Area, located immediately north of the Pilot Area, where Tamboran plans to focus development on supplying gas into Australia's East Coast domestic gas market. On completion of the sale to DWE, Tamboran is expected to hold 236,370 net acres (58.12% operated interest) over the Phase 2 Development Area, with DWE (19.38%) and Falcon Oil & Gas Australia Limited (Falcon) (22.5%) holding the remaining interest. Tamboran has engaged RBC Capital Markets to commence a formal farm-down of the Phase 2 Development Area. The formal process will commence on release of the IP30 flow test from the Shenandoah South 2H sidetrack (SS-2H ST1) well, planned for June 2025. DWE will have participation rights to any transaction on the same terms. Ownership of the proposed northern Pilot Area, which will provide initial gas production to the Northern Territory, remains unchanged (Tamboran 47.5% operator) with expansion into the proposed southern Pilot Area (Tamboran 38.75%) anticipated in accordance with the terms of the acreage sale. Future working interests are subject to participation of parties in the Joint Venture. Tamboran will hold 77.5% operating interest in the remaining half of the ex-EP 76, 98 and 117 acreage positions following the completion of the checkboard process, with Falcon holding the remaining 22.5% interest. NEW YORK, May 13, 2025--(BUSINESS WIRE)--Tamboran Resources Corporation (NYSE: TBN, ASX: TBN): Tamboran Resources Corporation Chief Executive Officer, Joel Riddle, said: "We have engaged RBC Capital Markets to progress a farm down of acreage to carry Tamboran through the delineation of gas resources to underpin our Phase 2 strategy. "Tamboran and DWE will continue working together on the Pilot Area, where we are focused on the development of the proposed 40 MMcf/d Shenandoah South Pilot Project. Tamboran's recently secured funding is expected to support the drilling activities required to reach initial production in mid-2026, subject to weather and customary regulatory approvals. "DWE will also participate in our Phase 2 Development Area and we look forward to continuing to work with DWE on progressing our joint ambition to be a major gas supplier to the East Coast gas market at a time when the market is anticipating a shortfall at the back end of the decade." Checkerboard update Tamboran and DWE (100% owned by Formentera Australia Fund, LP) have signed a binding agreement to finalize the checkerboard of the joint acreage position across EPs 76, 98 and 117. Under the process, Tamboran and DWE selected acreage, resulting in each party holding regions at a 77.5% owned and operated working interest (Falcon hold the remaining 22.5% non-operating interest). Ownership of the proposed northern Pilot Area, the focus for initial gas production in the Northern Territory, remains unchanged (Tamboran 47.5% operator, DWE 47.5% and Falcon 5%) with expansion into the southern Pilot Area (Tamboran 38.75%, DWE 38.75% operator and Falcon 22.5%) anticipated in accordance with the terms of the acreage sale. Acreage sale In conjunction with the checkerboard, Tamboran and DWE have entered into a binding agreement whereby DWE will acquire a non-operating and non-controlling interest across 100,000 acres within two areas of Tamboran's post-checkerboard acreage position for a consideration of US$15 million. The transaction is subject to certain conditions precedent including, and not limited to, DWE obtaining approval from the Formentera Australia Fund, LP's Limited Partner Advisory Committee, Tamboran shareholder approval and regulatory approvals. Farm down update Tamboran has engaged RBC Capital Markets to conduct a farm down process of the area designated as Phase 2 Development Area. This area covers 406,693 acres located immediately north of the Pilot Area. The process is expected to commence following results of the SS-2H ST1 well, which is planned to be released in June 2025. DWE will have the right to participate in any farm down deal at the same terms provided to Tamboran. Figure 2: Tamboran net prospective acres across the Beetaloo Basin assets Company Gross Acreage Interest Net Acreage Proposed northern Pilot Project Area1 20,309 47.50% 9,647 Proposed southern Pilot Project Area 20,309 38.75% 7,870 Phase 2 Development Area 406,693 58.12% 236,370 Proposed Retention Lease 10 219,030 67.83% 148,568 Remaining ex-EP 76, 98 and 117 acreage 1,487,418 77.50% 1,152,749 EP 136 207,000 100.00% 207,000 EP 161 512,000 25.00% 128,000 Total 2,872,759 1,890,204 May not add due to rounding.1Subject to the completion of the SS-2H ST1 and SS-3H wells on the Shenandoah South pad 2. Working Interests – Phase 2 Development Area Company Previous New Tamboran (West) Pty Limited1 38.75% 58.12% Daly Waters Energy, LP 38.75% 19.38% Falcon Oil and Gas Australia Limited 22.50% 22.50% Total 100.0% 100.0% Working Interests – Proposed RL10 Company Previous New Tamboran (West) Pty Limited1 38.75% 67.83% Daly Waters Energy, LP 38.75% 9.67% Falcon Oil and Gas Australia Limited 22.5% 22.50% Total 100.0% 100.0% Working Interests – Remaining Tamboran owned Ex-EP 76, 98 and 117 acreage Company Previous New Tamboran (West) Pty Limited1 38.75% 77.5% Daly Waters Energy, LP 38.75% - Falcon Oil and Gas Australia Limited 22.5% 22.5% Total 100.0% 100.0% 1Denotes operatorship of the assets. This announcement was approved and authorized for release by Joel Riddle, Chief Executive Officer of Tamboran Resources Corporation. About Tamboran Resources Corporation Tamboran Resources Corporation ("Tamboran" or the "Company"), through its subsidiaries, is the largest acreage holder and operator with approximately 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets include a 47.5% operating interest over 20,309 acres in the proposed northern Pilot Area, a 38.75% non-operating interest over 20,309 acres in the proposed southern Pilot Area, a 58.13% operating interest in the 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 and a 25% non-operated working interest in EP 161, which are all located in the Beetaloo Basin. The Company has also secured ~420 acres (170 hectares) of land at the Middle Arm Sustainable Development Precinct in Darwin, the location of Tamboran's proposed NTLNG project. Pre-FEED activities are being undertaken by Bechtel Corporation. 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 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 Contacts Investor enquiries: Chris Morbey, Vice President – Corporate Development and Investor Relations+61 2 8330 6626Investors@ Media enquiries: +61 2 8330 6626Media@
