Tamboran Resources reaches FID on Shenandoah South Pilot Project

Tamboran Resources (TBN)’ Beetaloo Joint Venture, or BJV, has made a Final Investment Decision – FID – for the Shenandoah South Pilot Project, which is currently on track to commence first gas sales from mid-2026. The decision by the BJV to take FID follows the execution of key commercial documents with APA Group and the SPCF Trust. This follows the signing of agreements to secure approvals required to commence sales of appraisal gas under the Beneficial Use of Gas legislation. Tamboran and Daly Waters Infrastructure have also secured up to A$179.8M, ~US$118M, via a three-tranche financing facility with a consortium of lenders for the construction of the Sturt Plateau Compression Facility. Tamboran is now in a position to fund its share of the upstream drilling and stimulation of the remaining Pilot Project wells required to reach plateau production and construction of the SPCF, and receiving the $15M from DWE for the recent acreage sale and an R&D tax incentive payment in respect of eligible expenditure for FY25. Tamboran expects to complete the current three well drilling program in early Q4. The Shenandoah South 4H well is planned to be flow tested over 30-days in early 2026. The remaining three wells are expected to be stimulated in 1H 2026 ahead of commencement of gas sales in mid-2026. Long-term production testing of the five wells is expected to deliver plateau production of 39 MMcf/d with additional wells required to maintain plateau production over the duration of the gas contract.