v3.25.2
Supplemental Oil and Gas Disclosures (unaudited)
 12 Months Ended
Jun. 30, 2025
Extractive Industries [Abstract]  
Supplemental Oil and Gas Disclosures (unaudited)
Note 15 – Supplemental Oil and Gas Disclosures (unaudited)
The following information was prepared in accordance with the FASB’s Accounting Standards Update no. 2010-03, Extractive Activities – Oil and Gas (ASC 932). The supplementary information summarized below presents the results of natural gas and oil activities for the Group in accordance with the successful efforts method of accounting for production activities.
The Group’s oil and natural gas activities for fiscal years 2025 and 2024 were located solely in Australia.
Costs Incurred in Natural Gas Exploration and Development
Costs incurred in natural gas producing activities for the years ended on June 30, 2025 and 2024 were as follows:
For the years ended June 30,
20252024
Property acquisition costs:
Proved
$— $— 
Unproved
— — 
Exploration costs:
Geological and geophysical
4,111,793 2,161,424 
Development costs
132,468,298 74,000,638 
Total cost incurred
136,580,091 76,162,062 
Asset retirement obligations
523,732 72,433 
Total cost incurred
$137,103,823 $76,234,495 
Capitalized Costs
Capitalized costs consist of Group’s properties, equipment, and facilities for natural gas exploration projects, which are pending the determination of proven or probable reserves. Capitalized costs for unproved properties include costs for acquiring oil and natural gas properties where no proved reserves have been identified, including costs of exploratory wells that are in the process of drilling or in active completion, and costs of exploratory wells suspended or waiting on completion.
The table below sets forth capitalized costs, impairment, and depreciation, depletion and amortization relating to the Group’s oil and natural gas properties as of June 30, 2025 and 2024:
June 30,
20252024
Natural gas properties, successful efforts method:
Unproved properties
$342,313,782 $230,119,448 
Accumulated impairment to unproved properties
— — 
Net unproved properties$342,313,782 $230,119,448 
Assets under construction- natural gas equipment24,441,262 7,542,064 
$366,755,044 $237,661,512 
In conjunction with the capital raise in September 2022, Tamboran granted Daly Waters Royalty, an ORRI of 2.34358% to the Petroleum (as defined in the Petroleum Act 1984 (NT)) produced from each of the permits above. The payment received from Daly Waters Royalty for the ORRI grant has been offset against the asset to which the payment related. While the above permits are subject to royalties, Tamboran has excluded all royalties from contingent payments and the initial measurement of the assets acquired as well as royalties for existing permits. Tamboran will recognize a liability for royalties only when the contingent payment crystallizes.
Natural Gas Reserves
Proved reserves are estimated quantities of natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs using existing economic and operating conditions. Estimating natural gas reserves is complex and inexact because of the numerous uncertainties inherent in the
process. The process of estimating proved reserves requires certain economic assumptions, including, but not limited to, natural gas prices, drilling, completion and operating costs and expenses, capital expenditures and taxes. The process relies on interpretations of available geological, geophysical, petrophysical, engineering and production data. The data for a given reservoir may also change substantially over time as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions.
All of the Group’s exploration and evaluation projects are pending the determination of proven or probable reserves. As such, the estimates of Group’s total proved reserves were nil as of June 30, 2025 and 2024.