Key Highlights

  • Tamboran and Liberty Energy (NYSE: LBRT) entered a non-binding MOU to extend their hydraulic fracture stimulation and wireline services agreement for an initial three-year term from September 2026, with a mutual option for a further two-year extension.
  • In July 2026, the companies completed the largest stimulation campaign in Beetaloo Basin history, placing 178 stages across approximately 30,000 feet of the Mid Velkerri B Shale and setting records of 12 stages in a single day.
  • Liberty intends to phase in lower-emissions pumping equipment from 2027, consistent with Tamboran's objective of producing Beetaloo gas on a Scope 1 Net Zero basis.
  • The MOU also contemplates priority access for Tamboran to Liberty's gas processing, remote gas-fired power generation, and PropX sand slurry capabilities as they are introduced to Australia.

Shares in Tamboran Resources Corporation (ASX:TBN) eased 1.75%, or $0.005, to $0.28 as at 11:44 am AEST on 4 September 2026. The modest decline might comes after Tamboran announced a Memorandum of Understanding (MOU) with US oilfield services company Liberty Energy (NYSE: LBRT) on 2 September 2026 to extend their hydraulic fracture stimulation services Partnership in the Beetaloo Basin.

The Liberty Energy Partnership: History and Extension

Liberty Energy commenced stimulation operations in the Beetaloo Basin in January 2025 as part of a partnership with Tamboran that began in 2023. Liberty currently operates what is described as the largest stimulation fleet in Australia. The partnership has been central to Tamboran's ability to progress its exploration and appraisal activities in the Mid Velkerri B Shale, one of the most prospective shale gas formations in the Beetaloo Basin.

Under the MOU, the two companies intend to extend the existing services agreement for an initial three-year term running from 1 September 2026 to 31 August 2029, with a mutual option to extend by a further two years to 31 August 2031. The extended arrangement gives Tamboran operational continuity planning for a multi-year development programme, providing greater cost curve visibility. The MOU is expressly non-binding and final terms remain subject to negotiation and documentation.

July 2026 Stimulation Campaign: Basin Records Set

The most significant technical development noted in the MOU announcement was the completion in July 2026 of what Tamboran and Liberty describe as the largest stimulation campaign in the history of the Beetaloo Basin. The campaign placed 178 hydraulic fracture stages across approximately 30,000 feet (roughly 9,144 metres) of the Mid Velkerri B Shale, using a three-well zipper stimulation — a technique where multiple adjacent wells are stimulated simultaneously to improve efficiency and reduce cycle time.

The campaign averaged 6.7 stages per day and set a single-day basin record of 12 stages, with pumping operations exceeding 20 hours per day on peak days. These operational benchmarks are commercially significant because they demonstrate the ability to deliver high-intensity stimulation programmes in a remote Northern Territory environment, which reduces cost and schedule uncertainty for future development phases.

Lower Emissions Strategy

A notable element of the MOU is the commitment to lower-emissions completion technology. Liberty intends to begin phasing lower-emissions pumping equipment into the Beetaloo fleet from 2027, and the companies intend to jointly evaluate the deployment of a next-generation, lower-emissions completions fleet over the term of any extension. The concept involves using on-site conditioned Beetaloo gas to power completions operations — reducing diesel consumption and heavy vehicle movements on Northern Territory roads.

This emissions reduction roadmap is directly aligned with Tamboran's stated objective of producing Beetaloo gas on a Scope 1 Net Zero basis upon commencement of commercial production. Tamboran has also used the July 2026 campaign to achieve the first Placement of locally produced Beetaloo Red Sand as proppant, representing progress in developing local Supply chain capabilities.

Access to Liberty's Broader Capabilities

Beyond hydraulic fracture services, the MOU contemplates priority access for Tamboran to a broader suite of Liberty capabilities as they become available in Australia. These include gas processing and conditioning through Liberty Power Innovations, remote gas-fired power generation, and PropX sand slurry delivery. The breadth of the arrangement suggests that Liberty is positioning itself as an integrated service provider for the Beetaloo, rather than a single-service contractor — a potentially differentiated model for a basin that lacks established local service infrastructure.

Conclusion

Tamboran Resources and Liberty Energy have taken a significant step in formalising the continuity of their Beetaloo Basin partnership, with the MOU providing a framework for up to five years of operational services. The completion in July 2026 of the largest stimulation campaign in the basin's history demonstrates the technical capability now established in the Beetaloo and reduces some of the operational risk previously associated with frontier unconventional gas development in Australia. However, Tamboran remains a pre-revenue development stage company with material Capital requirements ahead, and the non-binding nature of the MOU means investors should track the eventual execution of definitive documentation as the next formal milestone.

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