Tamboran advances Beetaloo pilot as funding and infrastructure build gather pace in Q2

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].