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 ...

Summary of LNG Market Conference Call Industry Overview - The conference call focused on the global Liquefied Natural Gas (LNG) market, highlighting a significant supply wave expected to last seven years, starting in 2025 and peaking around 2030 [4][25]. Key Points Supply Dynamics - 2025 is projected to be the first year of the largest global LNG supply wave, with supply expected to average 431 million tonnes per annum (mtpa), slightly below the previous expectation of 433 mtpa [4][5]. - The U.S. is anticipated to lead the supply growth, with a notable ramp-up at the Plaquemines facility contributing to the overall supply despite some disruptions and delays in other regions [4][29]. - Global LNG supply growth from 2025 to 2030 is expected to increase by 193 mtpa, which is 45% of the 2025 global supply, significantly outpacing Asia's demand growth of 144 mtpa [4][7]. Price Forecasts - A bearish cycle for European natural gas prices (TTF) and LNG (JKM) is anticipated, with forecasts suggesting prices could drop below $5/mmBtu by 2028/29, more than 50% lower than current prices [4][66]. - The JKM-TTF spread has turned negative, indicating that JKM prices have not fully adjusted to the recent TTF price rally [12][20]. Demand Insights - Asia's LNG demand is expected to rise by 14 mtpa in 2026, driven by a 5 mtpa increase in China and a 7 mtpa rise in Southeast Asia [41][43]. - The demand response to low gas prices is estimated to be over 40 mtpa from China alone, indicating a potential shift in consumption patterns [4]. Regional Supply Challenges - Structural supply losses are anticipated from Algeria and Indonesia due to rising domestic energy demands, with Algeria's export forecast lowered by 1 mtpa for future years [4][34]. - Delays in export capacity starts in the U.S., Canada, Congo, and Australia have led to a slower start for global LNG supply in 2026, although recovery is expected by the second half of the year [4][10]. Future Projects - All but one of the supply projects in the forecast through 2029 have reached a Final Investment Decision (FID), indicating strong commitment to future supply growth [4][3]. - Upcoming liquefaction projects are expected to increase global LNG supply by approximately 50% relative to 2024 by 2030 [4][36]. Additional Insights - The U.S. LNG export contracts are projected to remain profitable only through 2027, with significant implications for future export strategies [22][24]. - The conference highlighted the importance of monitoring the timing of liquefaction projects, as they are critical to balancing supply and demand in the LNG market [4][66]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the current and future state of the LNG market.

Market Overview - Asian stock markets are mostly trading lower, influenced by negative cues from Wall Street, particularly in technology stocks amid valuation concerns and the impact of artificial intelligence [1][15] - The Australian stock market is sharply lower, with the S&P/ASX 200 falling below the 8,750 level, driven by weakness across all segments, especially mining stocks [2][3] Australian Market Details - The S&P/ASX 200 Index is down 159.40 points or 1.79 percent to 8,729.80, after reaching a low of 8,714.10 [3] - Major miners are experiencing declines: Rio Tinto down 0.4 percent, BHP Group down almost 3 percent, Fortescue down almost 1 percent, and Mineral Resources down more than 4 percent [3] - Oil stocks are also weak, with Santos down more than 1 percent, Woodside Energy down almost 2 percent, and Beach Energy down almost 4 percent [4] - Among tech stocks, Afterpay-owner Block is down almost 7 percent, WiseTech Global down almost 5 percent, and Appen down almost 9 percent [4] Banking and Gold Mining Sector - In the banking sector, ANZ Banking and National Australia Bank are down more than 1 percent each, while Commonwealth Bank and Westpac are down 0.1 percent each [5] - Gold miners are facing significant losses, with Evolution Mining and Northern Star Resources down more than 2 percent each, and Newmont and Genesis Minerals down more than 6 percent each [5] Company-Specific News - REA Group shares are down more than 10 percent after first-half financial results missed analysts' expectations [6] - Web Travel Group shares plummeted almost 29 percent following an audit announcement by the Spanish Tax Agency [6] Japanese Market Overview - The Japanese market is showing a mixed performance, with the Nikkei 225 Index up 255.48 points or 0.47 percent to 54,073.52 after earlier lows [7][8] - SoftBank Group is gaining almost 2 percent, while Fast Retailing is down almost 1 percent [8] - In the banking sector, Sumitomo Mitsui Financial is up almost 2 percent, and Mizuho Financial is gaining more than 2 percent [9] Economic Indicators - Japan's household spending decreased by 2.9 percent month-on-month in December, missing forecasts [12][13]

Core Insights - The S&P/ASX 200 index closed down 7.70 points at 8,933.90, influenced by inflation data raising interest rate hike expectations [1][8] - The trimmed mean consumer price index rose 0.9% in Q4, exceeding forecasts of 0.8%, indicating persistent underlying price pressures [1][8] - Financial stocks fell 0.3%, with Westpac and ANZ declining by 0.2% and 0.5% respectively, amid expectations of a potential interest rate hike [1][9] Stock Performance - Deep Yellow Limited (DYL) led gains, closing at $2.590, up 10.683% [6][9] - Silex Systems Limited (SLX) rose 7.412% to finish at $7.680 [6][9] - Life360 Inc. (360) was the biggest loser, down 7.613% to $28.520 [7][9] - Catapult Sports Ltd (CAT) fell 6.836% to close at $3.680 [7][9] Sector Performance - The energy sector was the best performer, gaining 2.33% and 6.13% over the past five days [8][9] - 9 of 11 sectors ended lower, contributing to the decline of the S&P/ASX 200 index [8][9] Market Expectations - Swaps indicate over a 70% chance of a cash rate hike next week, up from 60% prior to the inflation data [1][8] - Financial stocks may see early boosts from net interest margin expectations if the rate hike is perceived as measured, though gains could be limited due to credit demand and growth risks [4][9]

Santos has announced the successful loading and dispatch of the first liquefied natural gas (LNG) cargo from the Barossa Gas Project off the coast of Australia's Northern Territory. The cargo, now en route to Japan, departed the Darwin LNG facility aboard tanker the Kool Blizzard on 25 January. This shipment is set for delivery to the Sakai terminal on a delivered ex-ship basis. Santos managing director and CEO Kevin Gallagher said: “This is an outstanding achievement for a project of this scale and com ...

Core Viewpoint - Santos anticipates increased production in 2026, driven by the Barossa gas project and the Pikka oil development, despite previous delays in the Darwin LNG plant [1][2] Production and Operational Updates - The first cargo from the Darwin LNG plant is being loaded onto the LNG tanker Kool Blizzard, destined for Sakai, Japan, following successful drilling in the Barossa gas field [2] - Production from Barossa gas and Pikka is expected to increase by up to 30% in 2026 [2] - Pikka phase one is nearing mechanical completion, with first oil expected in Q1 2026 [2] Financial Performance - For Q4 2025, total sales revenue was A$1.23 billion, a decrease of 12.1% from A$1.4 billion in Q4 2024 [3] - Free cash flow from operations in Q4 was approximately A$380 million, up 30% from the prior quarter, totaling around A$1.8 billion for the full year [3][6] - Quarterly production rose 5% to 22.3 million barrels of oil equivalent (mboe), with full-year production at 87.7 mboe [3] Sales Volume and Revenue Breakdown - Sales volumes increased 15% quarter-on-quarter to 24.8 mboe in Q4, with total sales volumes for the year reaching 93.5 mboe [4] - LNG sales revenue in Q4 was A$780 million, down 9.1% year-on-year, while domestic sales gas revenue increased by 5.9% to A$268 million [4] - Crude oil revenue fell 61.8% to A$66 million, and condensate revenue decreased by 1.9% to A$101 million, while liquefied petroleum gas revenue rose by 7.7% to A$14 million [4] Operational Highlights - Production commenced at the Hides F2 well in Papua New Guinea at an average rate of 60 million standard cubic feet per day [5] - Domestic gas production in Western Australia increased by around 19% due to project initiatives [5] - The company secured a mid-term LNG supply contract and is preparing for the Beetaloo Basin appraisal programme planned for Q3 2026 [5]

Core Viewpoint - Santos has demonstrated strong operational performance and cash generation in 2025, successfully navigating a period of lower commodity prices while advancing major growth projects into production [1] Financial Performance - The company generated approximately $380 million in free cash flow during Q4, bringing the total free cash flow for the year to around $1.8 billion, with a breakeven price below $30 per barrel [2] - Full-year sales revenue surpassed $4.9 billion, driven by increased sales volumes and improved marketing outcomes [2] Production and Sales - Q4 production increased by 5% quarter-on-quarter to 22.3 million barrels of oil equivalent (mmboe), with total annual output reaching 87.7 mmboe [3] - Sales volumes rose significantly, up 15% in Q4 to 24.8 mmboe, reflecting timing effects and portfolio flexibility [3] - Unit production costs for the year were below $7 per barrel of oil equivalent (boe), excluding Bayu Undan, and within guidance [3] Operational Milestones - The commencement of LNG production at Barossa is a key operational milestone, with the first LNG cargo being loaded for delivery to Japan [4] - The BW Opal FPSO is ramping up gas exports at approximately 450 million cubic feet per day, achieving about 75% of its nameplate capacity [4] - All six Barossa wells have been drilled and tested, showing strong reservoir quality with individual well deliverability estimated at around 300 million cubic feet per day [4] Project Developments - The start-up of Barossa follows the completion of the Darwin LNG life extension project, ensuring the plant's operation into the next decade despite a two-month commissioning delay due to repairs [5] - In Alaska, the Pikka Phase 1 oil development is nearing mechanical completion at 98%, with first oil expected in late Q1 2026 [6] - The company reported a $200 million increase in its share of Pikka Phase 1 capital expenditure due to inflation and logistics costs, but this was offset elsewhere in the portfolio, keeping 2025 capex at the low end of guidance [6] Operational Improvements - Santos reported operational enhancements across its portfolio, including Papua New Guinea, Western Australia, the Cooper Basin, and Queensland's LNG-linked gas assets [7] - The Hides F2 well in PNG was brought online ahead of schedule, and domestic gas output in Western Australia rebounded after maintenance shutdowns [7] - Production in the Cooper Basin recovered to pre-flood levels following severe weather disruptions, with consistent drilling activity maintained throughout the year [7]

Market Overview - The Australian share market finished up on Friday, with the ASX 200 increasing by 0.5%, or 42.90 points, to 8903.90, marking a weekly gain of 1.6% after five consecutive days of increases, the longest winning streak since May 2025 [1] Technology Sector - Technology stocks performed strongly, driven by Taiwan Semiconductor Manufacturing's forecast of nearly 30% revenue growth in 2026, which exceeded analyst expectations and alleviated concerns regarding AI-related demand. Local tech stocks such as NextDC rose by 3.5% to $13 and Life360 by 1.7% to $29.23 [2] Banking Sector - Major banks contributed to the market rally, with Commonwealth Bank shares rising 0.5% to $154.30 and ANZ shares also up 0.5% to $37.52. National Australia Bank shares increased by 0.7% to $42.67, Westpac shares rose 1.8% to $39.19, and Macquarie shares were up 2.6% to $211.86 [3][2] Mining Sector - Shares in major miners experienced profit-taking after strong gains, with BHP shares falling 0.8% to $48.99 after a weekly rise of over 6%. This decline was influenced by a drop in oil prices following comments from US President Donald Trump regarding Iran [4] Energy Sector - Energy stocks also saw declines, with Woodside shares down 1.4% to $23.68 and Santos shares falling 1.6% to $6.23, reflecting the broader market reaction to falling oil prices [5] Company-Specific News - Capstone Copper shares surged 7.1% to $15.63 after meeting its annual copper guidance of 224,764 tonnes, a company record. Catalyst Metals shares climbed 14.7% to $9 following record quarterly production at Plutonic and positive broker reviews [6] - Conversely, Novonix shares dropped 15.8% to 42.5¢ after delaying the start of mass production of anode material for Panasonic Energy to the second half of 2027 [7] Upcoming Economic Data - The December labour force survey is expected to show an increase of about 35,000 jobs, maintaining the unemployment rate at 4.3% despite a projected rise in the participation rate [8] - In the US, the core personal consumption expenditures (PCE) price index is anticipated to rise by 2.8% year-over-year [9] - China is set to release various economic indicators, with the fourth-quarter GDP growth expected to be around 4.9%, aligning with the government's target of approximately 5% growth [10] - Australia will also see quarterly updates from several mining and energy companies, including BHP and Santos, while Wall Street will report fourth-quarter earnings from major firms like Netflix and Johnson & Johnson [11]

Market Overview - Asian stock markets are mostly higher, driven by positive cues from Wall Street and easing geopolitical concerns regarding the U.S. and Iran [1] - The Australian stock market is modestly higher, continuing gains from the previous sessions, with the S&P/ASX 200 nearing the 8,900 level [2] - The Japanese market is notably lower, with the Nikkei 225 falling to 53,874.59, down 235.91 points or 0.44 percent [7] Australian Market Details - The S&P/ASX 200 Index gained 30.50 points or 0.34 percent to 8,892.20, after a low of 8,855.60 [3] - Major miners like Fortescue and Rio Tinto are gaining almost 1 percent, while BHP Group and Mineral Resources are losing almost 1 percent [4] - Oil stocks are weak, with Santos down almost 1 percent and Woodside Energy declining more than 1 percent [4] Technology Sector - In the tech sector, Afterpay-owner Block is losing almost 1 percent, while WiseTech Global is gaining almost 1 percent [5] - Appen is surging more than 10 percent after reporting that 4 million performance rights lapsed on December 31, 2025 [5] Japanese Market Details - SoftBank Group is gaining more than 1 percent, while Fast Retailing is down more than 1 percent [8] - Among automakers, Toyota is edging down 0.4 percent and Honda is declining more than 1 percent [8] - In the banking sector, Mizuho Financial is gaining more than 1 percent [9] Other Asian Markets - South Korea and Taiwan are up 1.0 and 1.5 percent, respectively, while New Zealand, China, Hong Kong, and Singapore are higher by 0.1 to 0.5 percent [12] Wall Street Performance - On Wall Street, major averages ended the day in positive territory, with the Dow advancing 292.81 points or 0.6 percent to 49,442.44 [14] - The Nasdaq climbed 58.27 points or 0.3 percent to 23,530.02, and the S&P 500 rose 17.87 points or 0.3 percent to 6,944.47 [14] Commodity Prices - Crude oil prices fell significantly, with West Texas Intermediate crude down $2.83 or 4.56 percent at $59.19 per barrel [15]