Tamboran Resources Limited Stock Market Press Releases and Company Profile
Half Year Accounts
Half Year Accounts

Sydney, Mar 15, 2023 AEST (ABN Newswire) - Tamboran Resources Limited (ASX:TBN) (TBNRF:OTCMKTS) is the largest acreage holder in the Beetaloo Sub-basin of the Northern Territory, focused on the development of its early-stage, unconventional low reservoir CO2 natural gas resources within its portfolio (EP 76, EP 98, EP 117, EP 136, EP 143, EP 161 and EP(A) 197).

The Tamboran Board believes that there is a considerable opportunity for the Company to commercialise the prospective gas resources within its Beetaloo Sub-basin acreage. This opportunity coincides with the anticipated supply shortfall, as forecast by both the Australian Energy Market Operator ("AEMO") and the Australian Competition and Consumer Commission ("ACCC"), on Australian's East Coast and the push by the Australian Government and industry towards shifting to lower emissions power.

During the first half of financial year 2023, Tamboran announced the acquisition of three Beetaloo Basin permits in a 50:50 Joint Operations (JO) with Daly Waters Limited (the JV), called Tamboran B2 Pty Ltd. Under the transaction, Sheffield and Tamboran each acquired 38.75% of permits EPs 76, 98 and 117. Existing partner, Falcon Oil and Gas Australia Limited (Falcon) holds the remaining 22.5%.

The JO acquired the 77.5% interest for the following consideration:

- Upfront cash payment of $60 million, which is shared equally between the JO participants.

- 5.5% revenue royalty on production on a 77.5% working interest basis.

Tamboran has committed to solely funding the remaining Origin Stage 3 farm-in commitments, which includes the drilling of two horizontal wells, A2H and A3H, at an estimated cost of $80 million, and back costs to the effective date of 1 July 2022.

The transaction provides Tamboran with a dominant position in the Beetaloo Basin, with ~1.9 million net prospective acres, resulting in a ~270 per cent increase in Tamboran's estimate of net 2C contingent gas resources to ~1.5 TCF.

On 20 September 2022, the Company completed an equity raise of $137 million through a two-tranche placement and share purchase plan. The placement to new and existing shareholders was an issue of 652,452,288 ordinary shares at $0.21 per share.

As a result of the equity raise, the Group purchased Origin Energy's 77.5% interest in the Beetaloo Basin Assets, via a 50:50 joint operation with Bryan Sheffield whereby the Group will hold a 38.75% interest and operatorship, with Bryan Sheffield holding a 38.75% non-operating interest and Falcon Oil & Gas retaining their 22.5% non-operating interest.

*To view the full Half Year Report, please visit:

About Tamboran Resources Limited

Tamboran Resources LtdTamboran Resources Ltd (ASX:TBN) is a natural gas company that intends to play a constructive role in the global energy transition towards a lower carbon future by developing low CO2 unconventional natural gas resources in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets are a 25% working interest in EP 161 and a 100% working interest in EP 136, EP 143 and EP(A) 197 which are located in the Beetaloo Sub-basin.



Investor enquiries:
Chris Morbey
Vice President - Investor Relations

Media enquiries:
+61 2 8330 6626

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