During the quarter ended September 30, 2025, Tamboran Resources Corporation (ASX:TBN, NYSE:TBN, OTC:TBNRL) advanced its Beetaloo development activities and strengthened its financial position.
The Beetaloo Joint Venture sanctioned the Shenandoah South Pilot Project following execution of key commercial documents with APA Group, the Sturt Plateau Compression Facility (SPCF) Trust, financial institutions and the Northern Territory Government (NTG).
Tamboran also received consent from Native Title Holders to sell appraisal gas from the Shenandoah South Pilot Project to avoid flaring, with the NTG subsequently approving the sale under the Beneficial Use of Gas (BUG) legislation.
“This quarter marks a significant milestone for Tamboran as we officially sanctioned the Shenandoah South Pilot Project, paving the way for first gas sales to the Northern Territory market in mid-2026," Tamboran Resources Corporation chairman and interim CEO, Richard Stoneburner, said.
“Our commitment to work closely with the Native Title Holders and Northern Territory Government was recognised with the agreement to avoid flaring and consent to sell appraisal gas from the proposed Shenandoah South Pilot Project.
“We completed the largest drilling program in the history of the Beetaloo Basin, successfully delivering three 10,000-foot horizontal wells, batch drilled with the H&P FlexRig, and have commenced the stimulation of the SS-6H well. The three wells are fundamental to delivering gas to the local Northern Territory market, which is predominantly powered by gas.”
First batch drilling
Operationally, Tamboran successfully completed the first batch drilling program in the Beetaloo Basin. The Shenandoah South 4H (SS-4H), 5H (SS-5H) and 6H (SS-6H) wells were all drilled and cemented with a 10,000-foot horizontal section in the Mid Velkerri B shale.
The stimulation program for SS-6H started in early November 2025, targeting up to 60 stages and expected to conclude by year-end ahead of IP30 testing in the first quarter of 2026, subject to weather conditions and soaking duration. Construction activities on the SPCF and the APA Group (ASX: APA) owned Sturt Plateau Pipeline (SPP) are well progressed, remaining on schedule and on budget to deliver first gas to the Northern Territory market in mid-2026, also subject to weather conditions.
Acquisition incoming?
Tamboran continued to consolidate its position in the Beetaloo Basin through corporate activity.
In September 2025, the company announced the expected acquisition of Falcon Oil & Gas Ltd. (Falcon), which would increase Tamboran’s Beetaloo acreage position to 2.9 million net prospective acres and expand its ownership of the Phase 2 Development Farmout Area.
Tamboran and Falcon shareholders are expected to vote on the transaction in the first quarter of 2026.
Money in the bank
The company also completed a significant capital raising during the period.
In October 2025, Tamboran completed a US$56.1 million (pre-fees) Public Offer at US$21.00 per share of common stock, with support from new strategic partner and leading energy technology company Baker Hughes.
Concurrent with the closing of the Public Offering, Tamboran entered into subscription agreements with certain investors for a Private Investment in Public Equity (PIPE), with expected gross proceeds of up to US$32 million, subject to shareholder approval.
As of September 30, 2025, Tamboran held a cash balance of US$39.6 million, with expected near-term cash inflows of approximately US$100 million following completion of the Public Offer, the PIPE transaction and a US$15 million acreage sale to DWE announced in May 2025.