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]