Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Note 4 – Leases As a Lessee The Group’s operating lease activities consist of leases for office premises and modular buildings at the camp pad site. Commencing on October 1, 2025 the Group entered into the use of additional bunkhouses and accommodation verandahs pursuant to the lease arrangement entered into with Northern Transportables on August 14, 2025 (the “Stage 3 Hire of Goods”). The term of the lease arrangement is fifteen months, with an option to further renew the lease (as needed). Commencing on August 14, 2025, the Group entered into a new lease arrangement with Northern Transportables for the hire of modular buildings and related equipment (the “Stage 1 and 2 Hire of Goods”). The term of the lease arrangement is seventeen months, with an option to further renew the lease (as needed). Commencing May 24, 2025, the Group entered into a new lease arrangement with Mackwell 33 Queen Pty Ltd for their office premises in Brisbane, Australia. The term of the lease is five years. Commencing July 1, 2024, the Group entered into a new lease agreement with Drecom Pty Ltd ATF English Family Trust for their office premises in Darwin, Australia. The term of the lease is three years, with an option to further renew the lease for two years. On October 1, 2023, the Group entered into a new lease agreement with Lendlease IMT (OITST ST) Pty Ltd for their office premises in Barangaroo, Australia. The term of the lease is four years, with no option to renew. On September 9, 2022, Sweetpea Petroleum Pty Ltd (“Sweetpea”), a wholly owned subsidiary of Tamboran, entered into a drilling contract with Helmerich & Payne International Holdings LLC (“H&P”) for H&P to assist the Group in carrying out its onshore drilling operations in Australia. The drilling contract grants Tamboran the right to use the drilling rig from H&P over the initial non-cancellable contract term of 25 months starting from July 1, 2023. Under the terms of the agreement, the Group has the right to place the drilling rig on a temporary suspension rate between wells for a period up to 270 days (the “Gap Period”). For each day of the original Gap Period consumed, and subsequent suspension periods negotiated, additional days are added to the fixed minimum term. As of December 31, 2025, the end date of the drilling contract for the current rig is early January 2028 (inclusive of additional days). The drilling contract is recognized as a finance lease under ASC 842 (“H&P Rig Lease”). The present value of the minimum future obligations was calculated based on an interest rate of 15.60% per annum, which was recognized in finance lease liabilities in the condensed consolidated balance sheet. The following table presents the classification and location of the Group’s leases on the condensed consolidated balance sheets (in thousands):
For the three months and six months ended December 31, 2025, and 2024, the components of the lease costs were as follows (in thousands):
The following table presents the cash flow information related to lease payments for the six months ended December 31, 2025, and 2024 (in thousands):
The following table presents supplemental information for the Group’s non-cancellable leases for the six months ended December 31, 2025, and 2024:
As of December 31, 2025, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are as follows (in thousands):
1 Includes both current and long-term portion of the lease liabilities.
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| Leases | Note 4 – Leases As a Lessee The Group’s operating lease activities consist of leases for office premises and modular buildings at the camp pad site. Commencing on October 1, 2025 the Group entered into the use of additional bunkhouses and accommodation verandahs pursuant to the lease arrangement entered into with Northern Transportables on August 14, 2025 (the “Stage 3 Hire of Goods”). The term of the lease arrangement is fifteen months, with an option to further renew the lease (as needed). Commencing on August 14, 2025, the Group entered into a new lease arrangement with Northern Transportables for the hire of modular buildings and related equipment (the “Stage 1 and 2 Hire of Goods”). The term of the lease arrangement is seventeen months, with an option to further renew the lease (as needed). Commencing May 24, 2025, the Group entered into a new lease arrangement with Mackwell 33 Queen Pty Ltd for their office premises in Brisbane, Australia. The term of the lease is five years. Commencing July 1, 2024, the Group entered into a new lease agreement with Drecom Pty Ltd ATF English Family Trust for their office premises in Darwin, Australia. The term of the lease is three years, with an option to further renew the lease for two years. On October 1, 2023, the Group entered into a new lease agreement with Lendlease IMT (OITST ST) Pty Ltd for their office premises in Barangaroo, Australia. The term of the lease is four years, with no option to renew. On September 9, 2022, Sweetpea Petroleum Pty Ltd (“Sweetpea”), a wholly owned subsidiary of Tamboran, entered into a drilling contract with Helmerich & Payne International Holdings LLC (“H&P”) for H&P to assist the Group in carrying out its onshore drilling operations in Australia. The drilling contract grants Tamboran the right to use the drilling rig from H&P over the initial non-cancellable contract term of 25 months starting from July 1, 2023. Under the terms of the agreement, the Group has the right to place the drilling rig on a temporary suspension rate between wells for a period up to 270 days (the “Gap Period”). For each day of the original Gap Period consumed, and subsequent suspension periods negotiated, additional days are added to the fixed minimum term. As of December 31, 2025, the end date of the drilling contract for the current rig is early January 2028 (inclusive of additional days). The drilling contract is recognized as a finance lease under ASC 842 (“H&P Rig Lease”). The present value of the minimum future obligations was calculated based on an interest rate of 15.60% per annum, which was recognized in finance lease liabilities in the condensed consolidated balance sheet. The following table presents the classification and location of the Group’s leases on the condensed consolidated balance sheets (in thousands):
For the three months and six months ended December 31, 2025, and 2024, the components of the lease costs were as follows (in thousands):
The following table presents the cash flow information related to lease payments for the six months ended December 31, 2025, and 2024 (in thousands):
The following table presents supplemental information for the Group’s non-cancellable leases for the six months ended December 31, 2025, and 2024:
As of December 31, 2025, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are as follows (in thousands):
1 Includes both current and long-term portion of the lease liabilities.
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| Leases | Note 4 – Leases As a Lessee The Group’s operating lease activities consist of leases for office premises and modular buildings at the camp pad site. Commencing on October 1, 2025 the Group entered into the use of additional bunkhouses and accommodation verandahs pursuant to the lease arrangement entered into with Northern Transportables on August 14, 2025 (the “Stage 3 Hire of Goods”). The term of the lease arrangement is fifteen months, with an option to further renew the lease (as needed). Commencing on August 14, 2025, the Group entered into a new lease arrangement with Northern Transportables for the hire of modular buildings and related equipment (the “Stage 1 and 2 Hire of Goods”). The term of the lease arrangement is seventeen months, with an option to further renew the lease (as needed). Commencing May 24, 2025, the Group entered into a new lease arrangement with Mackwell 33 Queen Pty Ltd for their office premises in Brisbane, Australia. The term of the lease is five years. Commencing July 1, 2024, the Group entered into a new lease agreement with Drecom Pty Ltd ATF English Family Trust for their office premises in Darwin, Australia. The term of the lease is three years, with an option to further renew the lease for two years. On October 1, 2023, the Group entered into a new lease agreement with Lendlease IMT (OITST ST) Pty Ltd for their office premises in Barangaroo, Australia. The term of the lease is four years, with no option to renew. On September 9, 2022, Sweetpea Petroleum Pty Ltd (“Sweetpea”), a wholly owned subsidiary of Tamboran, entered into a drilling contract with Helmerich & Payne International Holdings LLC (“H&P”) for H&P to assist the Group in carrying out its onshore drilling operations in Australia. The drilling contract grants Tamboran the right to use the drilling rig from H&P over the initial non-cancellable contract term of 25 months starting from July 1, 2023. Under the terms of the agreement, the Group has the right to place the drilling rig on a temporary suspension rate between wells for a period up to 270 days (the “Gap Period”). For each day of the original Gap Period consumed, and subsequent suspension periods negotiated, additional days are added to the fixed minimum term. As of December 31, 2025, the end date of the drilling contract for the current rig is early January 2028 (inclusive of additional days). The drilling contract is recognized as a finance lease under ASC 842 (“H&P Rig Lease”). The present value of the minimum future obligations was calculated based on an interest rate of 15.60% per annum, which was recognized in finance lease liabilities in the condensed consolidated balance sheet. The following table presents the classification and location of the Group’s leases on the condensed consolidated balance sheets (in thousands):
For the three months and six months ended December 31, 2025, and 2024, the components of the lease costs were as follows (in thousands):
The following table presents the cash flow information related to lease payments for the six months ended December 31, 2025, and 2024 (in thousands):
The following table presents supplemental information for the Group’s non-cancellable leases for the six months ended December 31, 2025, and 2024:
As of December 31, 2025, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are as follows (in thousands):
1 Includes both current and long-term portion of the lease liabilities.
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