Fourth quarter activities report for period ended 30 June 2023

Highlights

• The Northern Territory Government granted Tamboran exclusivity over 170-hectares (420-acres) on the Middle Arm Sustainable Development Precinct (Middle Arm) for a proposed LNG development, Northern Territory LNG (NTLNG).

• Tamboran selected APA Group (ASX: APA) as the preferred transmission pipeline partner. The parties will work towards jointly developing pipelines to connect Tamboran’s Beetaloo Basin assets to Australia’s domestic East Coast gas market and Tamboran’s proposed NTLNG development.

• Tamboran announced two non-binding MOUs with bp and Shell to each purchase up to 2.2 million tonnes of LNG per annum (MTPA) over a 20-year period from the proposed NTLNG development.

• Tamboran entered a framework agreement with Clean Energy Fuels Australia (CEFA) group of companies to obtain exclusivity over gas compression, liquefaction and mini-LNG facilities for potential early production from the Beetaloo Basin.

• During the quarter, the Amungee 2H (A2H) well in EP 98 achieved gas breakthrough. Modelling and independent third-party analysis of fluids recovered from the well have identified potential skin with options to clean up the well being evaluated, subject to JV approval.

• Tamboran completed analysis of flow tests from the Tanumbirini 2H (T2H) and 3H (T3H) wells in EP 161 (Tamboran 25 per cent). The independently modelled decline curves demonstrated a 20- year Estimated Ultimate Recovery (EUR) of approximately 16.8 billion cubic feet (BCF) and 18.5 BCF, respectively, in-line with the most productive regions of the Marcellus Basin, USA.

• In June, Tamboran announced a $71.4 million capital raise to fund further drilling activity at Shenandoah South and Amungee. The raise included a placement of $53.2 million (before costs) at $0.18 per share, a $13.3 million Convertible Note with Helmerich & Payne (H&P) and a Share Purchase Plan to raise up to $5 million.

• At 30 June 2023, the Company had a cash balance of $10.6 million

To view full ASX Announcement, click here.