Tamboran Resources Corporation (ASX:TBN, NYSE:TBN, OTC:TBNRL) has delivered a record-breaking quarter of operational activity in the Beetaloo Basin, highlighted by strong flow test results, the start of its most ambitious drilling campaign to date and key approvals paving the way for first gas sales in 2026.
The company achieved basin-record 30-, 60- and 90-day average flow rates from its Shenandoah South 2H sidetrack (SS-2H ST1) well, drilled over a 5,483-foot horizontal section in the Mid Velkerri B shale. Notably, flow rates increased around 2% over the final 30 days of testing without downhole intervention, finishing the 90-day program at 6.5 million cubic feet per day (MMcf/d).
Tamboran’s Beetaloo Basin asset location map.
Interim CEO and chairman Richard Stoneburner said the results and record flow rates reinforced the commercial potential of Tamboran’s acreage.
“Importantly, the well delivered an extremely flat decline curve over the 90-day period, including a surprising 2% increase over the last 30 days of testing without downhole intervention or changes to the choke,” Stoneburner noted.
Beetaloo’s largest drilling program under way
In July, Tamboran launched the most extensive drilling campaign in Beetaloo history, with three batch-drilled horizontal wells (SS-4H, SS-5H and SS-6H), each planned at 10,000 feet. By late September, the SS-4H and SS-5H wells had successfully reached target depth in just 27 days each, with SS-6H preparing to drill its curve and lateral.
The SS-4H well is slated for stimulation with up to 60 stages in early 2026, before being shut in ahead of pilot gas sales expected mid-year. Tamboran plans to stimulate three further wells post-wet season, targeting contracted volumes of 40 million cubic feet per day (MMcf/d) under its binding Gas Sales Agreement with the Northern Territory Government (NTG).
First gas sales approvals secured
During the quarter, Tamboran secured consent from Native Title Holders to sell appraisal gas from the proposed Shenandoah South Pilot Project for three years. The NTG subsequently approved the sale under the Beneficial Use of Gas legislation — the first such approval issued under the new framework.
Construction is progressing at the Sturt Plateau Compression Facility and associated pipeline infrastructure, led by APA Group, to connect to the Amadeus Gas Pipeline.
Strategic initiatives and leadership changes
Tamboran also commenced a formal farmout process for its ~400,000-acre Phase 2 Development Area with RBC Capital Markets, while closing a US$55.4 million PIPE financing and finalising acreage swaps with Daly Waters Energy.
On the corporate front, the company saw a leadership transition, with Stoneburner stepping in as interim CEO following Joel Riddle’s departure. Industry veterans Scott Sheffield and Phillip Pace joined the board as non-executive directors.
Strong balance sheet
Tamboran ended the June quarter with US$45.2 million in cash and expects a further US$26 million from pending PIPE proceeds and acreage sale receipts.
Stoneburner said Tamboran remained focused on delivering its pilot project and positioning the Beetaloo Basin as a key supplier of East Coast gas.