Tamboran Announces US$55.4 Million PIPE of Common Stock to Fund Ongoing Drilling Activities to Reach Plateau Production From the Proposed SS Pilot Project

Tamboran Resources Corporation (NYSE: TBN, ASX: TBN):

Tamboran Resources Corporation Chief Executive Officer, Joel Riddle, said:

“The additional capital, raised through the PIPE and the asset sale to Daly Waters allows us to be fully funded to drill and complete the three remaining wells that are expected to support production of appraisal gas reaching ~40 MMcf/d at our proposed Shenandoah South Pilot Project in mid-2026. The three well drilling program is planned to commence in mid-2025 and will allow continuous operations until the end of 2025 to support cost efficiency.

“The SS-2H ST1 well, which has been soaking since mid-March, 2025, has now commenced flow testing. We are on track to announce the IP30 flow result in June 2025.

“We thank our shareholders for their support in the PIPE and look forward to a busy 2H 2025 and delivery of first gas from our operations in mid-2026.”

Private Placement Transaction

Tamboran Resource Corporation today announced it has entered into subscription agreements to issue approximately 3.1 million shares of Common Stock in a PIPE to institutional investors. Tamboran expects to receive gross proceeds of approximately US$55.4 million from the PIPE, before deducting placement agent fees and other offering expenses.

The PIPE was conducted at a price of US$17.74 per share of Common Stock, representing a 15% discount to the closing price of US$20.87 per share on Monday May 12, 2025.

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.

The transaction was supported by a US$10 million from Formentera Partners, an entity founded by Bryan Sheffield and was well backed by Tamboran’s existing shareholders.

Use of funds from the PIPE includes:

• Drilling of the remaining three wells expected to be required for Tamboran’s proposed 40 MMcf/d Pilot Project at the Shenandoah South location in the Beetaloo Basin to reach first production, which is planned for mid-2026, subject to weather and standard stakeholder approvals;
• Funding of the Sturt Plateau Compression Facility until Tamboran and DWE finalize terms with lenders; and
• General working capital.

BofA Securities is acting as sole placement agent to the Company in connection with the PIPE.