Tamboran Resources Corporation (NYSE:TBN, ASX:TBN, OTC:TBNRL) says it remains on track to deliver first gas from the Beetaloo Basin in the third quarter of 2026, with its December quarterly outlining steady drilling progress, advancing infrastructure and strengthened funding.
The company’s Shenandoah South (SS) Pilot Project remains the centrepiece of its near-term development plans, with multiple wells drilled and stimulated and compression and pipeline infrastructure nearing completion.
Tamboran’s Beetaloo Basin asset location map.
Drilling and stimulation advance at Shenandoah South
Tamboran holds a 47.5% working interest and operates the Northern Pilot Area of the SS project. During the quarter, it completed its first batch drilling program in the Beetaloo Basin, with the SS-4H, SS-5H and SS-6H wells drilled and cemented with 10,000-foot horizontal sections in the Mid Velkerri B shale.
The wells were drilled with an average spud-to-target depth of less than 27 days, with the full program completed nine days ahead of schedule and below budget. Baker Hughes anti-vibration drilling technology was deployed to improve efficiency.
The company completed 58 stimulation stages across a 10,009-foot (~3,050-metre) horizontal section in the SS-6H well using a Liberty Energy (NYSE: LBRT) frac fleet. Stage spacing was increased during the campaign, reducing the total number of stages.
During clean-out operations, Tamboran identified a potential flow issue in the final 1,374-foot section of the lateral. The well was shut in for a 60-day soaking period in early January ahead of a planned 30-day flow test. IP30 flow results are expected in 2Q 2026.
Three additional 10,000-foot wells are suspended ahead of a stimulation campaign planned for 2Q 2026.
In the DWE-operated Southern Pilot Area, where Tamboran holds a 38.75% working interest, planning progressed for a two-well program targeting plateau production of around 40 million cubic feet per day (MMcf/d) under the Northern Territory Government Gas Sales Agreement. Drilling is scheduled to begin in 2Q 2026.
Infrastructure build nearing completion
Construction of the Sturt Plateau Compression Facility (SPCF), a 50/50 joint venture with DWE, was 78% complete at the end of January 2026. The project remains on budget and on schedule for commissioning in 3Q 2026, subject to weather conditions.
During the quarter, the APA Group (ASX: APA) completed construction of the Sturt Plateau Pipeline (SPP), which will connect the SPCF to the Amadeus Gas Pipeline. The SPP has passed pressure and hydro testing and is expected to be tied in shortly.
Tamboran and DWE have also commenced a sales process for the SPCF and plan to undertake concept select studies to evaluate a potential expansion to up to 100 terajoules per day, subject to approvals.
Funding and corporate developments
Tamboran strengthened its balance sheet during and after the quarter, raising US$56.1 million (pre-fees) via a public offer at US$21 per share and US$11.3 million through a share purchase plan. The public offer included a US$10 million cornerstone investment from strategic partner Baker Hughes.
In January, shareholders approved and completed a US$32 million private investment in public equity (PIPE), supported by Tamboran’s largest shareholder Bryan Sheffield and board members.
As of December 31, 2025, Tamboran held US$90.9 million in cash (including restricted cash) and had drawn US$16.3 million in debt associated with SPCF construction, with US$42 million undrawn. The company also expects to receive US$15 million in 2026 relating to an acreage sale to DWE.
Separately, Falcon Oil & Gas shareholders approved the sale of Falcon’s 98.1% interest in Falcon Oil & Gas Australia to Tamboran as part of a broader transaction expected to complete in early March 2026, subject to final approvals.
Leadership transition
In January 2026, Todd Abbott was appointed chief executive officer, bringing more than two decades of upstream experience. Chairman Dick Stoneburner remains in his role.
“This year is shaping up to be Tamboran’s most active year in the Betaloo Basin, with the company participating in more than five well stimulations and the drilling of more than four wells across both the Beetaloo East and West depocentres,” Abbott said.
“Importantly, we are tracking towards first gas sales from the Beetaloo Basin during 3Q 2026 with the team actively progressing construction activities on the SPCF and SPP, both of which remain on schedule and budget,” he added. “This will be a significant milestone for the Northern Territory, given it will provide initial royalties for Native Title Holders and the NT Government and energy security to Territorians.”
With drilling campaigns planned, infrastructure nearing completion and capital secured, Tamboran says it remains focused on delivering first gas from the Beetaloo Basin in 3Q 2026.