Tamboran Resource Enters Into Subscription Agreements To Issue About 3.1M Shares In PIPE To Institutional Investors At US$17.74/Shr; Expects To Receive Gross Proceeds Of About US$55.4M

Highlights

• Tamboran Resource Corporation has entered into subscription agreements to issue approximately 3.1 million shares of Common Stock in a Private Investment in Public Equity (PIPE) to institutional investors at a price of US$17.74 per share, representing a 15% discount to the closing price on May 12, 2025. Tamboran expects to receive gross proceeds of approximately US$55.4 million, before deducting placement agent fees and other offering expenses.
• The initial US$44.4 million of the PIPE is expected to close on Friday May 16, 2025, subject to the satisfaction of customary closing conditions. The closing of the remaining US$11.0 million is subject to approval by Tamboran's shareholders and the satisfaction of other customary closing conditions.
• Following the completion of the PIPE, Tamboran expects to be fully funded to drill and complete the remaining three wells required to deliver first gas under the proposed ~40 MMcf/d (~19 MMcf/d net Tamboran) Shenandoah South (SS) Pilot Project. First gas is planned for mid-2026, subject to weather and customary regulatory approvals.
• Flow testing of the SS-2H sidetrack (SS-2H ST1) well has commenced after a longer "soaking" period following analysis of wells across the Beetaloo Bain to date. The IP30 flow test is expected to be announced in June 2025 and testing is planned to continue for a full 90-days.
• Having secured funding, Tamboran plans to drill three wells commencing in mid-2025 to supply gas to the proposed SS Pilot Project. Following the drilling, Tamboran will stimulate four wells (the SS-3H well and the three wells drilled in 2025) under a single campaign to maximize cost and operational efficiencies planned for late 2025/1H 2026, subject to JV approval.
• One well is planned to be flow tested following the stimulation campaign, with the remaining wells being cased and "soaked" ahead of production in mid-2026.