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Tamboran Resources Limited
(Sydney:TBN)
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Rating:49Neutral
Price Target:
AU$0.19
â–¼(-21.25% Downside)
Action:Reiterated
Date:10/17/26
The score is held back primarily by weak financial performance (no revenue, ongoing losses, and persistent cash burn) and a bearish technical setup (price below key moving averages with negative MACD). The earnings call provides a partial offset through tangible operational milestones (first gas, below-budget facility completion) and cost-improvement potential, but commissioning, volume nominations, and longer-term well performance remain key uncertainties. Valuation contributes only modestly due to negative earnings and no dividend yield data.
Positive Factors
Commercialization Milestone
First gas sales demonstrate that Tamboran has moved beyond pure exploration toward operating commercial infrastructure and serving customers. This milestone can establish production credibility, support future offtake discussions, and create a foundation for recurring revenue as commissioning progresses.
Negative Factors
Persistent Unprofitability
Tamboran remains an early-stage developer without an established revenue base or positive earnings stream. Continued losses reduce internal funding capacity and leave future profitability dependent on successful production growth, commercialization, and execution across the development portfolio.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercialization Milestone
First gas sales demonstrate that Tamboran has moved beyond pure exploration toward operating commercial infrastructure and serving customers. This milestone can establish production credibility, support future offtake discussions, and create a foundation for recurring revenue as commissioning progresses.
Read all positive factors
Tamboran Resources Limited (TBN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.57B
Dividend YieldN/A
Average Volume (3M)3.05M
Price to Earnings (P/E)―
Beta (1Y)0.81
Revenue GrowthN/A
EPS Growth51.03%
CountryAU
Employees46
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding6,992,001,500
10 Day Avg. Volume4,386,837
30 Day Avg. Volume3,046,814
Financial Highlights & Ratios
PEG Ratio0.73
Price to Book (P/B)1.30
Price to Sales (P/S)0.00
P/FCF Ratio-13.01
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.1
Revenue Forecast (FY)AU$53.66M
Tamboran Resources Limited Business Overview & Revenue Model
Company Description
Tamboran Resources Limited is an Australian natural gas company specializing in the development of unconventional gas reserves. Its portfolio includes significant stakes in exploration licenses within the Northern Territory's Beetaloo Sub-basin. T...
Tamboran Resources Limited Earnings Call Summary
Earnings Call Date:Sep 25, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call was predominantly positive, with Tamboran achieving First Gas Sales, completing its compression facility on time and approximately USD 9 million below budget, reporting improved drilling and stimulation performance, identifying potential USD 4 million-per-well savings from local sand, and strengthening its cash position to a pro forma USD 240 million. The main challenges are that commissioning is ongoing, current nominations are limited to 25 terajoules per day versus the 40-terajoule-per-day contract quantity, long-term well decline and local-sand performance remain unproven, and partner and infrastructure decisions do not yet have firm timelines.Positive Updates
First Gas Sales Delivered from the Beetaloo Basin
Tamboran delivered First Gas Sales from the Beetaloo Basin to the Northern Territory gas market, with gas flowing into the market for 20 days. The sales are supplying homes and businesses in Darwin, generating royalties for the Northern Territory Government and native title holders, and supporting local employment.
Negative Updates
Gas Volumes Currently Below Contract Quantity
Gas volumes have been limited by market demand, with the Northern Territory Government currently nominating 25 terajoules per day as the territory exits its lower-demand season, compared with the 40-terajoule-per-day contract quantity.
Read all updates
Q4-2026 Updates
Positive
Negative
First Gas Sales Delivered from the Beetaloo Basin
Tamboran delivered First Gas Sales from the Beetaloo Basin to the Northern Territory gas market, with gas flowing into the market for 20 days. The sales are supplying homes and businesses in Darwin, generating royalties for the Northern Territory Government and native title holders, and supporting local employment.
Read all positive updates
Company Guidance
Tamboran expects demand and nominations to keep growing through the Northern Territory's peak demand period; once the Gas Sales Agreement moves into the supply period, take-or-pay provisions will apply to the 40-terajoule per day contract quantity, while commissioning-period deliveries receive 75% of the gas price. The company expects Betaloo Red Sand could save USD 4 million per well with a 10,000-foot horizontal section, plans additional stages using the sand on the upcoming SS-1 pad, and could move to a 100% full program, or effectively 100%, once production history supports it. The company expects a nomination increase towards the end of this year, with a 40 terajoule a day target, expects seasonal restrictions to come back in next year, views 25 days as a realistic drilling target, and expects lower emissions pumping equipment to begin phasing into the Betaloo fleet from 2027. Its '27 and '28 campaigns will focus on drilling and stimulating at least 6 step-out wells over the next 18 months; over the next 2 quarters, some Pilot Project revenue and costs are expected to be capitalized under U.S. GAAP, and first quarterly gas sales and revenue are expected in 1Q fiscal '27 earnings in November.Tamboran Resources Limited Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
56
Neutral
Cash Flow
22
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -1.23M | -1.14M | -1.03M | -118.33K | -562.10K |
| EBITDA | -30.94M | -39.87M | -30.81M | -28.61M | -10.18M |
| Net Income | -25.68M | -37.22M | -33.45M | -47.62M | -10.80M |
Balance Sheet | |||||
| Total Assets | 1.15B | 446.46M | 358.64M | 255.46M | 134.07M |
| Cash, Cash Equivalents and Short-Term Investments | 230.99M | 39.44M | 74.75M | 26.81M | 26.81M |
| Total Debt | 84.69M | 50.35M | 27.89M | 723.54K | 1.11M |
| Total Liabilities | 184.34M | 57.01M | 50.96M | 34.62M | 5.46M |
| Stockholders Equity | 795.88M | 287.72M | 262.72M | 209.62M | 128.61M |
Cash Flow | |||||
| Free Cash Flow | -79.44M | -139.77M | -75.10M | -156.78M | -65.95M |
| Operating Cash Flow | -42.31M | -29.64M | -11.40M | -19.36M | -11.06M |
| Investing Cash Flow | -103.08M | -98.77M | -66.11M | -128.54M | -56.12M |
| Financing Cash Flow | 332.60M | 101.06M | 146.39M | 131.64M | 31.11M |
Tamboran Resources Limited Technical Analysis
Neutral
0.24
Price Trends
0.25
Negative
0.24
Negative
0.24
Negative
Market Momentum
-0.01
Positive
44.33
Neutral
49.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TBN, the sentiment is Neutral. The current price of 0.24 is above the 20-day moving average (MA) of 0.23, below the 50-day MA of 0.25, and above the 200-day MA of 0.24, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 44.33 is Neutral, neither overbought nor oversold. The STOCH value of 49.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:TBN.
Tamboran Resources Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | AU$1.17B | 7.03 | 12.15% | 2.56% | -19.58% | -39.27% | |
63 Neutral | AU$2.07B | 7.53 | 8.74% | 3.30% | -8.77% | ― | |
51 Neutral | AU$378.66M | -12.99 | -7.49% | ― | -13.67% | 85.97% | |
49 Neutral | AU$1.57B | -98.04 | -1.57% | ― | ― | 51.03% | |
47 Neutral | AU$187.80M | -45.83 | -1.58% | ― | ― | -220.00% | |
43 Neutral | AU$346.85M | -16.55 | -9.91% | ― | ― | 28.92% |
* Energy Sector Average
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Tamboran Resources Limited Corporate Events
Tamboran elevates Todd Abbott to Managing Director as Beetaloo gas moves into development
Oct 19, 2026
Tamboran Resources has elevated Chief Executive Officer Todd Abbott to the dual role of Managing Director and CEO, formalizing his position at board level as the company transitions from appraisal into full-scale development of its Beetaloo Basin ...
Tamboran adjusts CDI structure amid cross-market share transfers
Oct 6, 2026
Tamboran Resources reported a net reduction in CDIs on issue over its quoted securities in September 2026, with the total falling to about 1.32 billion after net transfers between CDIs and common stock. The number of CDI-equivalent securities incr...
Tamboran outlines FY2026 governance framework and diversity progress
Sep 27, 2026
Tamboran Resources has released its FY2026 corporate governance statement, outlining a Board-led framework that emphasises ethical conduct, robust oversight of management and risk, and adherence to the ASX Corporate Governance Council’s prin...
Tamboran Resources files 2026 annual report, confirms small-cap NYSE status
Sep 27, 2026
Tamboran Resources Corporation has filed its annual report for the fiscal year ended June 30, 2026 with the U.S. Securities and Exchange Commission, maintaining compliance with ongoing reporting requirements. The filing confirms the company is not...
Tamboran flags broad risks and uncertainties in 4Q FY26 update
Sep 25, 2026
Tamboran Resources Corporation, an oil and gas company, is primarily engaged in developing natural gas reserves and related infrastructure, including planned pipeline and LNG export projects. The group also promotes an ESG-focused strategy, seekin...
Tamboran hits first Beetaloo gas sales as major drilling and infrastructure push cuts costs
Sep 25, 2026
Tamboran Resources and partner Daly Waters Energy have achieved first gas sales from the Beetaloo Basin into the Northern Territory gas network, marking a pivotal operational milestone for the basin and supplying local homes and businesses in Darw...
Tamboran Wins ASX Waiver to Expand Capital-Raising Flexibility
Sep 18, 2026
Tamboran Resources has secured an ongoing waiver from ASX Listing Rule 7.1, allowing it to issue new securities without the usual 15% placement capacity restriction that typically requires prior security holder approval. The waiver aligns Tamboran...
Tamboran issues new tranche of unquoted options
Sep 18, 2026
Tamboran Resources Corporation has notified the market of the issue of 369,084 unquoted options, with an issue date of 18 September 2026. The creation of this new class of options expands the company’s pool of unquoted equity securities, ind...
Tamboran Sets Date for 4Q FY26 Earnings Release and Beetaloo Update
Sep 14, 2026
Tamboran Resources Corporation has scheduled the release of its fourth quarter FY26 earnings and operational update before the NYSE market opens on Friday, September 25, 2026. The timing underscores the company’s effort to engage global inve...
Tamboran adjusts CDI levels amid cross-market securities transfers
Sep 7, 2026
Tamboran Resources Corporation reported a decrease in the number of CDIs on issue over its quoted securities in August 2026, falling from 1,368,367,000 to 1,335,993,400. This reduction was driven by net transfers between CDIs and common stock, ref...
Tamboran Begins First Gas Sales from Beetaloo Basin to Northern Territory
Sep 6, 2026
Tamboran Resources and joint venture partner Daly Waters Energy have commenced initial gas sales from the Shenandoah South Pilot Project in the Beetaloo Basin, marking the first delivery of gas from this basin into the Northern Territory market. T...
Tamboran Extends Beetaloo Partnership with Liberty to Drive Lower-Emissions Gas Growth
Sep 1, 2026
Tamboran Resources Corporation has signed a non-binding Memorandum of Understanding with U.S.-listed Liberty Energy to extend their partnership covering hydraulic fracture stimulation and wireline services in the Beetaloo Basin. The agreement buil...
Tamboran outlines risk framework around Beetaloo Basin gas development
Aug 31, 2026
Tamboran Resources has released a presentation tied to a site tour at its Shenandoah South wellpad in Australia’s Beetaloo Basin, outlining its strategic focus on developing natural gas reserves and associated infrastructure. The document hi...
Tamboran adjusts CDI and common stock balances across ASX and NYSE
Aug 7, 2026
Tamboran Resources reported a net reduction in CDIs on issue for July 2026, with the total number of CDIs over quoted securities falling to about 1.37 billion from 1.41 billion. This shift reflects net transfers between CDIs and common stock as th...
Tamboran Issues New Securities to Falcon Australia Minority Shareholders
Jul 31, 2026
Tamboran Resources Corporation has issued 9,964,200 new CHESS Depositary Interests and 10,438 new common shares to minority shareholders of Falcon Oil Gas Australia Limited in exchange for their holdings in Falcon Australia. The securities were i...
Tamboran seeks ASX quotation for nearly 10m new CDIs
Jul 30, 2026
Tamboran Resources Corporation has applied for quotation on the ASX of 9,964,200 new CHESS Depositary Interests (CDIs), issued on 24 July 2026. These CDIs were issued to certain minority shareholders of Falcon in consideration for their Falcon sha...
Tamboran Resources Issues Additional Unquoted Common Stock
Jul 30, 2026
Tamboran Resources Corporation, an energy-sector company focused on oil and gas exploration and development, is listed on the ASX under the code TBN and uses a mix of quoted and unquoted equity securities to fund its projects and broader corporate...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.