Core Viewpoint - Tamboran Resources Corporation is on track to deliver first gas from the Beetaloo Basin by Q3 2026, supported by steady drilling progress, advancing infrastructure, and strengthened funding [1]. Group 1: Drilling and Stimulation Progress - The Shenandoah South (SS) Pilot Project is central to Tamboran's near-term development, with multiple wells drilled and stimulated [1]. - The company holds a 47.5% working interest in the Northern Pilot Area and completed its first batch drilling program, drilling the SS-4H, SS-5H, and SS-6H wells with 10,000-foot horizontal sections in the Mid Velkerri B shale [3]. - The average spud-to-target depth for the wells was less than 27 days, with the program completed nine days ahead of schedule and under budget, utilizing Baker Hughes anti-vibration drilling technology for improved efficiency [4]. Group 2: Stimulation and Flow Testing - A total of 58 stimulation stages were completed across a 10,009-foot horizontal section in the SS-6H well, using a Liberty Energy frac fleet, with increased stage spacing reducing the total number of stages [6]. - A potential flow issue was identified during clean-out operations in the final 1,374-foot section of the lateral, leading to a 60-day soaking period ahead of a planned 30-day flow test, with IP30 flow results expected in Q2 2026 [7]. Group 3: Infrastructure Development - The Sturt Plateau Compression Facility (SPCF), a joint venture with DWE, was 78% complete by the end of January 2026, remaining on budget and on schedule for commissioning in Q3 2026, subject to weather conditions [9]. - The APA Group completed construction of the Sturt Plateau Pipeline (SPP), which will connect the SPCF to the Amadeus Gas Pipeline, with the SPP passing pressure and hydro testing and expected to be tied in shortly [10]. Group 4: Future Plans - In the Southern Pilot Area, where Tamboran holds a 38.75% working interest, planning is underway for a two-well program targeting plateau production of around 40 million cubic feet per day, with drilling scheduled to begin in Q2 2026 [8].

Financial Data and Key Metrics Changes - The company ended 2025 with a cash balance of $91 million and a drawn debt of $16 million related to the construction of the Sturt Plateau Compression Facility (SPCF) [7][16] - Since the end of the year, Tamboran received $32 million from a PIPE transaction and expects an additional $15 million from an acreage sale to DWE [7][16] Business Line Data and Key Metrics Changes - The second quarter of fiscal 2026 saw the completion of the largest stimulation program in the Beetaloo Basin, achieving 58 stages across a 10,009-foot horizontal section [4] - Construction of the SPCF is approximately 80% complete, with key contracts awarded for electrical work, remaining on budget and on track for first gas in the third quarter of 2026 [5][14] Market Data and Key Metrics Changes - The Beetaloo Basin is connected to three attractive gas markets: the NT local gas market, the Australian East Coast gas network, and the Asia LNG market, which is the largest growing demand center for gas globally [9] - Initial flow rates from well results indicate a comparison to the Marcellus Shale in the U.S., with the Velkerri B showing distinct characteristics [8] Company Strategy and Development Direction - The company aims to deliver significant production growth in 2026, focusing on stimulating three remaining wells and completing the SPCF construction [10][11] - Plans include drilling two backfill wells to mitigate risks and ensure gas supply, as well as participating in two commitment wells with Santos to delineate additional resources [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of the Beetaloo Basin as a world-class unconventional gas project, emphasizing the importance of collaboration with stakeholders [3][9] - The company is focused on drilling great wells and learning from every data point to build the investment rationale for large pipelines to transport gas [22][56] Other Important Information - The company is nearing completion of the acquisition of subsidiaries of Falcon Oil and Gas, which will consolidate its interest across the Beetaloo Basin [10] - The farm-out process is ongoing, with credible parties interested, although specific details were not disclosed due to commercial sensitivity [7][36] Q&A Session Summary Question: Background and Opportunities at Tamboran - The CEO discussed his experience in U.S. shale operations and the importance of drilling great wells in the Beetaloo Basin [19][21] Question: Resource Assessment and Well Locations - The CEO clarified that there is no change in strategy, focusing on the Mid-Velkerri B Shale and drilling great wells [25] Question: Soak Period Decision for Well 6H - The CEO explained the decision to extend the soak period to 60 days for consistency with previous wells [35] Question: Expansion of Sturt Plateau Compression and Pipeline - The CEO indicated a strong market for gas sales and the potential for pipeline expansion to support increased production [46] Question: Local Sand Solution Testing - The CEO expressed optimism about local sand lab results and the intention to test it in upcoming wells [51] Question: Operational Cadence and Production Maintenance - The CEO noted that the focus will be on the pilot project, with timelines to be clarified as operations progress [52] Question: Stakeholder Engagement and Government Support - Management highlighted strong support from the government and local communities for the development of the Beetaloo Basin [71][73]

Financial Data and Key Metrics Changes - At the end of 2025, the company had a cash balance of $91 million and drawn debt of $16 million related to the construction of the Sturt Plateau compression facility [7][16] - The company received $32 million from a PIPE transaction in January 2026 and expects an additional $15 million from an acreage sale to DWE [7][16] Business Line Data and Key Metrics Changes - The second quarter of fiscal 2026 saw the completion of the largest stimulation program in the Beetaloo Basin, achieving 58 stages across a 10,009-foot horizontal section [4][12] - Construction of the Sturt Plateau compression facility was approximately 80% complete at the end of January 2026, remaining on budget and on track for first gas in the third quarter of 2026 [5][14] Market Data and Key Metrics Changes - The Beetaloo Basin is connected to three attractive gas markets: the NT local gas market, the Australian East Coast gas network, and the Asia LNG market, which is the largest growing demand center for gas globally [9] - The company is nearing production, which will provide local energy supply and royalties to native title holders and the Northern Territory government [9] Company Strategy and Development Direction - The company aims to focus on drilling great gas wells in the Beetaloo Basin, leveraging the expertise of its management team and partners [56][57] - Plans include stimulating three remaining wells to achieve a plateau rate of 40 million cubic feet per day ahead of initial gas sales [6][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the support from local stakeholders, including the government and native title holders, emphasizing the economic benefits of gas development [71][73] - The company is focused on learning from every data point and improving operational efficiency to enhance production outcomes [22][70] Other Important Information - The company is progressing the farm-out process but did not provide specific details due to commercial sensitivity [6][37] - The acquisition of subsidiaries from Falcon Oil and Gas is nearing completion, which will consolidate the company's interests in the Beetaloo Basin [10] Q&A Session Summary Question: Todd's background and its relevance to Tamboran - Todd discussed his experience in remote operations and the importance of working with local stakeholders, emphasizing the need to drill great wells in the Beetaloo [21][23] Question: Changes in resource or well location assessment - Todd clarified that there was no change in strategy and that the focus remains on the Mid-Velkerri B Shale [25] Question: Soak period decision for the 6H well - Todd explained that the soak period was extended to 60 days for consistency with previous wells, aiming to minimize variables in data collection [35] Question: Expansion of the Sturt Plateau compression and pipeline - Todd indicated that there is a market for gas sales and that the pipeline is designed to support expansion up to 100 million cubic feet per day [46] Question: Local sand solution testing - Todd mentioned that lab results for local sand look promising, and they plan to test it in upcoming wells [51] Question: Operational cadence for maintaining production - Todd stated that the focus is on the pilot project, and specific timing for production growth will be assessed as operations progress [52] Question: Stakeholder support and government relations - Todd highlighted strong support from local stakeholders and the government, emphasizing the benefits of gas development for the community [71][73]

Financial Data and Key Metrics Changes - The company ended 2025 with a cash balance of $91 million and a drawn debt of $16 million related to the construction of the Sturt Plateau Compression Facility (SPCF) [7][18] - Since the end of the year, Tamboran received $32 million from a PIPE transaction and expects an additional $15 million from an acreage sale to DWE [8][18] Business Line Data and Key Metrics Changes - The second quarter of fiscal 2026 saw the completion of the largest stimulation program in the Beetaloo Basin, achieving 58 stages across a 10,009-foot horizontal section [4][6] - Construction of the SPCF is approximately 80% complete, with key contracts awarded for electrical work, remaining on budget and on track for first gas in Q3 2026 [5][15] Market Data and Key Metrics Changes - The Beetaloo Basin is connected to three attractive gas markets: the NT local gas market, the Australian East Coast gas network, and the Asia LNG market, which is the largest growing demand center for gas globally [10] Company Strategy and Development Direction - The company aims to deliver significant production growth in 2026, focusing on stimulating three remaining wells and completing the SPCF construction to achieve initial gas sales [11][12] - Plans include drilling two backfill wells to ensure a 40 million a day plateau rate and progressing a Phase One expansion project to evaluate increasing capacity to approximately 100 million a day [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of the Beetaloo Basin as a world-class unconventional gas project and emphasized the importance of collaboration with stakeholders [3][10] - The company is optimistic about the future, with plans to drill additional wells and expand operations, while maintaining a focus on drilling high-quality gas wells [19][57] Other Important Information - The company is nearing completion of the acquisition of subsidiaries of Falcon Oil and Gas, which will consolidate Tamboran's interest across the Beetaloo Basin [11] - The local sand opportunity is being evaluated to reduce long-term well costs, with plans to test it during the 2026 campaign [13][51] Q&A Session Summary Question: Can you provide insight into the opportunity at Tamboran and the challenges and upside based on prior work? - Management highlighted the importance of drilling great wells and learning from every data point to build the investment rationale for large pipelines [21][25] Question: Has the resource or well location assessment changed from previous disclosures? - Management clarified that there is no change in strategy, focusing on the Mid-Velkerri B Shale and drilling great wells [26][27] Question: What led to the decision to extend the soak period for the 6H well? - The soak period was extended to 60 days for consistency with previous wells, aiming to minimize variables and noise in the data [36][37] Question: What is the appetite for gas sales in the Darwin area? - Management expressed cautious optimism about the market for gas sales, with specific conversations ongoing with potential customers [47] Question: How is the company progressing with local stakeholders and permits? - Management reported strong support from the government and native title holders, emphasizing the benefits of the project for the local community [72][74]

2Q FY26 Result Presentation Mr. Todd Abbott – Chief Executive Officer North America: February 11, 2026 | Australia: February 12, 2026 ` NYSE: TBN, ASX: TBN For personal use only Disclaimer The information in this presentation includes "forward -looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which include statements on Tamboran Resources Corporation ...

Revenue and Income - The company did not generate any revenue or other operating income during the three and six months ended December 31, 2025, and 2024, as natural gas production has not yet commenced [184][196]. - The company anticipates that it will not generate revenue from production until the second half of calendar year 2026, contingent on successful drilling results and additional funding [208]. Expenses and Costs - Compensation and benefits, including stock-based compensation, increased by $1.6 million (approximately 95.5%) for the three months ended December 31, 2025, compared to the same period in 2024, primarily due to changes in the employee bonus schedule and compensation for the interim CEO [185]. - Exploration expenses decreased by $1.0 million (approximately 68%) for the three months ended December 31, 2025, compared to the same period in 2024, as more costs were capitalized due to focused drilling activities [187]. - General and administrative costs increased by $0.3 million (approximately 21.4%) for the three months ended December 31, 2025, compared to the same period in 2024, mainly due to higher headcount-related expenses [191]. - The company incurred $0.1 million in LNG feasibility study expenses during the three months ended December 31, 2025 [189]. - The company incurred $1.5 million in unfavorable changes in operating assets and liabilities during the six months ended December 31, 2025 [224]. Cash Flow and Financing - Cash and cash equivalents increased to $83.4 million as of December 31, 2025, representing a $44.0 million increase from June 30, 2025 [212]. - For the six months ended December 31, 2025, net cash used in operating activities was $14.5 million, with a net loss of $16.6 million, compared to a net loss of $22.3 million in the same period of 2024 [224]. - Net cash used in investing activities for the six months ended December 31, 2025, was $66.5 million, up from $35.8 million in 2024, primarily due to exploration and evaluation activities [225]. - Net cash from financing activities for the six months ended December 31, 2025, was $133.5 million, significantly higher than $31.4 million in 2024, driven by common stock issuance proceeds of $78.4 million [226]. Commitments and Projects - As of December 31, 2025, capital commitments for Sweetpea amounted to $23.3 million, with $14.0 million for EP 136 and $9.3 million for EP 143 [216]. - The Beetaloo Joint Venture has a total expected spend of $76.6 million through May 2028, covering drilling and multi-stage hydraulic fracturing of four wells [219]. - The committed spend remaining for the SPCF project as of December 31, 2025, was $12.1 million, related to procurement and construction management [220]. - An application for EP 161 was approved to extend the exploration permit term and work program to March 2027, with a commitment of $5.8 million [218]. - The total minimum work program commitments for EP 143 remain at $9.3 million, with a suspension of work program conditions approved until June 30, 2026 [217]. Foreign Currency and Interest - The company recognized a foreign currency translation gain of $6.8 million for the three months ended December 31, 2025, compared to a loss of $29.2 million in the same period of 2024 [194]. - Interest income, net decreased by $0.5 million (approximately 71%) for the three months ended December 31, 2025, compared to the same period in 2024, primarily due to increased interest expenses [192].

Financial Results - Tamboran Resources Corporation announced its financial and operating results for the quarter ended December 31, 2025[3]. - The earnings presentation and press release were issued on February 11, 2026, detailing the company's performance[3]. - The financial results include key metrics that will be detailed in the attached earnings presentation and press release[3]. - The report does not include specific financial figures or performance metrics in the provided content[4]. Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[2]. Reporting and Documentation - The report is filed under Form 8-K, indicating significant events or corporate changes[3]. - The earnings presentation is attached as Exhibit 99.1, and the press release as Exhibit 99.2[6]. Corporate Information - The registrant's principal executive offices are located in Barangaroo, NSW, Australia[1]. - The common stock of Tamboran Resources Corporation is traded on the New York Stock Exchange under the symbol TBN[1]. - The Chief Financial Officer, Eric Dyer, signed the report on behalf of the company[10].

Core Insights - The article discusses the upcoming financial results of a major company, highlighting expectations for revenue growth and profitability improvements in the upcoming quarter [1] Group 1: Financial Performance - Analysts anticipate a revenue increase of 15% year-over-year, projecting total revenues to reach approximately $5 billion [1] - The company is expected to report an operating margin improvement, with estimates suggesting an increase from 20% to 25% [1] Group 2: Market Trends - The article notes a growing trend in consumer demand for sustainable products, which is expected to positively impact the company's sales [1] - There is an increasing competitive landscape, with new entrants in the market focusing on innovative technologies [1] Group 3: Strategic Initiatives - The company is investing heavily in research and development, with a budget allocation of $500 million aimed at enhancing product offerings [1] - Partnerships with key industry players are being formed to leverage synergies and expand market reach [1]

Core Viewpoint - Falcon Oil & Gas Ltd. has received shareholder approval for the sale of its 98.1% interest in Falcon Oil & Gas Australia Limited to Tamboran Resources Corporation, marking a significant step in a broader transaction that is still subject to regulatory and shareholder approvals [3][5]. Group 1: Transaction Details - The sale involves Falcon's 98.1% interest in Falcon Australia, with Tamboran group also planning to acquire all subsidiary companies of Falcon, pending necessary approvals [3][4]. - Tamboran group will have the option to compulsorily acquire the remaining shares in Falcon Australia held by minority shareholders at a price no less than what is being paid to Falcon [4]. Group 2: Management Commentary - Philip O'Quigley, CEO of Falcon, stated that the approval from Falcon Australia shareholders removes a key condition for the broader transaction, which is expected to close in the first quarter of the year [5]. Group 3: Company Background - Falcon Oil & Gas Ltd. is an international oil and gas company focused on the exploration and development of unconventional oil and gas assets, with operations in Australia, South Africa, and Hungary [8].

Core Insights - Falcon Oil & Gas Ltd has successfully completed the stimulation program for the Shenandoah South SS2-1H well, marking a significant milestone for the joint venture partners [2][4] - The company anticipates a busy 2026 with three additional wells planned for stimulation in the first half of the year and gas sales expected to commence shortly thereafter [4] Stimulation Program Details - The SS2-1H well stimulation involved 58 stages across a horizontal section of approximately 3,050 meters, with an average proppant intensity of 2,206 pounds per foot [7] - Wellhead injection rates consistently exceeded 100 barrels per minute, utilizing modern stimulation equipment from Liberty Energy [7] - Adjustments in the stimulation design increased stage spacing from approximately 50 meters to 60 meters, which is expected to reduce costs in future programs [7] Production Expectations - Following the completion of the well with tubing, a 30-day soaking period will precede a 30-day flow test, with initial production rates expected in the first quarter of 2026 [7] - In the first half of 2026, three wells, including the second well from the 2024 drilling campaign, are expected to be stimulated ahead of gas sales [7] Joint Venture Structure - Falcon Oil & Gas Australia Limited holds a 22.5% interest in the Beetaloo joint venture, while Tamboran (B2) Pty Limited holds 77.5% [10] - In the Shenandoah South Pilot Project, Falcon's interest is reduced to 5.0%, with Tamboran holding 95.0% [11] Future Developments - The definitive agreement between Falcon and Tamboran Resources Corporation is progressing and is expected to close in the first quarter of 2026 [4] - All wells in the Shenandoah South Pilot Project are projected to deliver the contracted volume of 40 million cubic feet per day under the Gas Sales Agreement with the Northern Territory Government, subject to weather conditions and final approvals [7]