Tamboran Resources Corporation (NYSE:TBN, ASX:TBN, OTC:TBNRL, FRA:O8R) says the March quarter marked another step forward in its Beetaloo Basin development strategy, with record well results, progress on key infrastructure and a strengthened balance sheet to support its 2026 and 2027 work programs.
“The March 2026 quarter represents another major step forward for Tamboran as we continue to execute our Beetaloo Basin strategy," Tamboran Resources Corporation CEO Todd Abbott said.
“We delivered record flow results from SS-6H well, which further demonstrates the high quality of our acreage position in the Beetaloo West. While the recently announced farmout to DWE, in conjunction with the DWE farmout to INPEX, provides a capital‑efficient pathway to progress the Pilot Area and BCDA."
Record flow from SS-6H
A key highlight was the Beetaloo Joint Venture’s record 20-day initial production flow rate of 10.3 million cubic feet per day from the Shenandoah South 6H well.
The flow test concluded in April, with SS-6H delivering a stable rate of 8.8 MMcf/d at flowing wellhead pressure of around 580 psi, while water continued to unload at about 270 barrels per day.
First gas remains on track
Construction of the Sturt Plateau Compression Facility was 88% complete by the end of April and remains on budget and on track for commissioning in the third quarter of 2026.
The Sturt Plateau Pipeline is also in final commissioning ahead of tie-in to the facility.
Tamboran said first commissioning gas sales remain targeted for Q3 2026.
2026 drilling and stimulation program imminent
The 2026 Beetaloo Basin program is expected to start shortly with stimulation of the SS-3H, SS-4H and SS-5H wells on the SS2 pad.
The joint venture also plans to drill the SS-7H and SS-8H wells on the SS1 pad from mid-2026 using Helmerich & Payne’s FlexRig Flex 3 rig.
Farm-down supports capital-efficient development
During the quarter, Tamboran agreed to farm down about 10,000 acres of its working interest across the Pilot Area and Beetaloo Central Development Area to Daly Waters Energy for a carry of up to US$28.5 million.
The transaction follows Daly Waters Energy’s strategic joint venture with INPEX Corporation, operator of the Ichthys LNG facility in Darwin.
Balance sheet strengthened
Tamboran completed a US$31 million PIPE transaction in January and raised US$188 million net of fees through an April capital raising.
At March 31, 2026, the company held US$95 million in cash and had US$23 million in net drawn debt linked to construction of the compression facility.
Following the April raising, pro forma cash stood at US$298 million, which Tamboran said funds its planned 2026 and 2027 programs to deliver first gas and delineate resources across Beetaloo West and East.