Tamboran Resources Corporation has reported record performance in the Beetaloo Basin with strong drilling and flow test results, regulatory approvals, and key leadership changes during the latest quarter.
The company delivered record IP30, IP60 and IP90 flow testing from the Shenandoah South 2H sidetrack (SS-2H ST1) over a 5,483-foot stimulated horizontal in the Mid Velkerri B Shale.
Over the last 30 days of production testing, flow rates from the SS-2H ST1 well increased by approximately 2 per cent without any downhole intervention and while maintaining a 44/64-inch choke.
In July 2025, Tamboran commenced the largest drilling program ever undertaken in the Beetaloo Basin. The program consists of three batch-drilled wells (SS-4H, SS-5H and SS-6H), each targeting 10,000-foot horizontal sections.
The SS-4H and SS-5H wells have been successfully drilled to target depth, while the SS-6H well is preparing to commence building the curve and drill its horizontal section. The program remains on timeline and budget.
The company also advanced its commercial pathway, reaching an agreement with Native Title Holders to avoid flaring and securing consent to sell appraisal gas from the proposed Shenandoah South Pilot Project over a three-year period.
The Northern Territory government subsequently approved this arrangement under the Beneficial Use of Gas (BUG) Legislation.
Tamboran commenced the formal farmout of its approximately 400,000-acre Phase 2 Development Area, with RBC Capital Markets engaged to run the process.
Updates will be provided in due course.
On the corporate front, several leadership changes were implemented.
In July, Dick Stoneburner was appointed interim Chief Executive Officer, assuming the role of Chair and interim CEO following the resignation of former CEO and Managing Director Joel Riddle.
In addition, Scott Sheffield and Phillip Pace joined the company’s Board as Non-Executive Directors, while John Bell Sr. stepped down.
As of June 30, 2025, Tamboran held a cash balance of US$45.2 million, with expected receivables of around US$26 million from proceeds of Tranche 2 of the PIPE Transaction and from the sale of DWE acreage.
Tamboran Resources Chairman and Interim CEO Richard Stoneburner said: “The fourth quarter has been a period of incredible activity for Tamboran.
“Our team delivered record flow rates from the ~5,500-foot horizontal section in the SS-2H ST1 well.
“Importantly, the well delivered an extremely flat decline curve over the 90-day period, including a surprising 2 per cent increase over the last 30 days of testing without downhole intervention or changes to the choke.”
Stoneburner said the company launched the Beetaloo Basin’s largest drilling campaign in July 2025, which involves three batch-drilled wells, each planned with 10,000-foot horizontal sections in the Mid Velkerri B shale.
He noted that the second well recently reached target depth, achieving record drilling speeds through the horizontal formation.
Stoneburner added that Tamboran also secured approval from both Native Title Holders and the Northern Territory government to sell gas under the legislated appraisal framework, acknowledging the support of the Native Title Holders and the Northern Land Council in reaching what he described as a significant and positive agreement.
