Tamboran Resources Corporation (ASX:TBN) has disclosed its first quarter activities report for the period ended September 30, 2026, reporting total net gas sales of 0.31 Bcf and revenue of US$1.8 million, marking the first gas sold from the Beetaloo Basin by Tamboran and Daly Waters Energy.

Key Points

  • Tamboran and Daly Waters Energy became the first parties to sell gas from the Beetaloo Basin, delivering 0.31 Bcf in net gas sales and earning revenue of US$1.8 million for the quarter ended September 30, 2026.
  • The SS2-2H ST1 well delivered an average flow rate of 10.2 MMcf/d over an interrupted 720-hour period across approximately 5,500 feet, with minimal water flow back after being shut in for a year.
  • Cash balance and near-term inflows totalled US$180 million as of September 30, 2026, including Tamboran's 50% share of restricted cash, with net drawn debt of US$37 million.
  • Total capital expenditure for the quarter was US$56.9 million, covering drilling and stimulation on the SS2 pad, drilling on the SS1 pad, EP 161 drilling, and construction of the Sturt Plateau Compression Facility.

First Beetaloo Basin Gas Sales and Well Performance

During the quarter, Tamboran and Daly Waters Energy completed the first gas sales from the Beetaloo Basin, with first cash inflows received in early November 2026. The SS2-3H and SS2-5H wells delivered average IP30 rates of 8.8 MMcf/d and 10.0 MMcf/d respectively, confirming performance in line with prior testing. Both wells were tied in without soaking and are sustaining relatively high bottomhole pressures. The SS2-2H ST1 well, reopened after being shut in for a year, produced minimal water flow back and delivered an average rate of 10.2 MMcf/d over 720 hours of interrupted production across approximately 5,500 feet.

SS1 Pad Drilling Program and EP 161 Appraisal

A three-well drilling program on the SS1 pad was completed using the Helmerich & Payne super-spec FlexRig Flex 3 Rig, achieving approximately 29,000 feet of combined usable lateral. Stimulation activities using the Liberty Energy frac fleet are planned for the fourth quarter of 2026. Santos (ASX:STO) commenced a two-well appraisal program in EP 161, in which Tamboran holds a 25% non-operated interest. The Jibera South 1H DW1 pilot hole reached total depth and logged all Velkerri Shale formations in line with expectations.

Liquidity Position and Capital Structure

As of September 30, 2026, Tamboran reported a cash balance of US$165 million, with net cash of US$128 million after accounting for drawn debt of US$37 million associated with construction of the Sturt Plateau Compression Facility. Undrawn debt of US$26 million (net Tamboran) remained available. Total Common Stock equivalent stood at 34,960,006 shares. No new shares were issued since the release of the fourth quarter FY26 report, with only a minor transfer of CHESS Depositary Interests to Common Stock recorded during the period.