The Group held unproved natural gas properties as of December 31, 2025 and June 30, 2025 amounting to $415.6

million and $342.3 million, respectively. These amounts reflect the Group’s exploration and evaluation projects, which are

pending the determination of proven and probable reserves and were not being depleted for the six months ended

December 31, 2025, and 2024. These assets will be reclassified to proven gas properties upon commencement of

During the six months ended December 31, 2025 and December 31, 2024, the Group recognized no impairment


	Natural gas properties
(in thousands)	EP 161	EP 136	EP 76, 98 and 117	Total
Balance at July 1, 2025	$25,091	$45,483	$271,740	$342,314
Capital expenditure	525	104	60,094	60,723
Restoration assets	—	—	60	60
Interest on finance lease liability and related depreciation of ROU assets capitalized	—	—	5,992	5,992
Disposal	—	(444)	—	(444)
Government grants	(66)	(54)	—	(120)
Effect of changes in foreign exchange rates	421	878	5,749	7,048
Balance at December 31, 2025	$25,971	$45,967	$343,635	$415,574

On September 30, 2025, the Beetaloo Joint Venture made a FID for the Shenandoah South Pilot Project in EP 98 and

The Group held property, plant and equipment, including leasehold improvements, as of December 31, 2025 and

In April 2024, the Group began to execute agreements for the SPCF in the Beetaloo Basin which would deliver a

plant that would convert future raw gas to sales gas quality, subject to the terms of definitive development agreements. As

of December 31, 2025, construction of the facility is well underway. The Group held total assets under construction related

to the SPCF as of December 31, 2025 and June 30, 2025 of $47.8 million and $24.4 million, respectively. These costs of

construction include $1.7 million of capitalized borrowing costs for the three months ended and six months ended

The 40 TJ/d (39 MMcf/d) SPCF is expected to be connected to the Amadeus Gas Pipeline (“AGP”) via the

construction of the 35-kilometer Sturt Plateau Pipeline (“SPP”) subject to achieving project milestones.

On September 30, 2025, it was announced that Tamboran, Tamboran (Beetaloo) Pty Ltd, a company organized under

the laws of Australia and an indirect wholly owned subsidiary of Tamboran (“Australia Sub”), Tamboran Resources

Investments Holding Corporation, a Delaware corporation and an indirect wholly owned subsidiary of Tamboran (“U.S.

Sub”) and Falcon Oil & Gas Ltd., a corporation incorporated under the Business Corporations Act (British Columbia)

(“Falcon”), entered into an Arrangement Agreement (the “Arrangement Agreement”), pursuant to which, on the terms and

subject to the conditions set forth therein, (a) Australia Sub will acquire from Falcon approximately 98.1% of the issued

and outstanding equity interests (the “Falcon Interests”) of FOGA and (b) U.S. Sub will acquire from Falcon all of the

issued and outstanding equity interests (together with the Falcon Interests, the “Subject Interests”) of TXM Oil and Gas

Exploration Kft., Falcon Oil & Gas Ireland Limited, Falcon Oil & Gas Holdings Ireland Limited and Falcon Exploration

and Production South Africa (Pty) Ltd (collectively, the “Falcon Acquisition”). In exchange for the Subject Interests,

Tamboran will issue to Falcon 6,537,503 shares of common stock (the “Falcon Parent stock consideration”) and pay $23.7

The closing of the Falcon Acquisition (the “Closing”) is subject to certain conditions, including, among others, (a)

the approval of the Transactions by at least 66 ⅔% of the votes cast by Falcon shareholders and, if required by applicable

Canadian securities laws, a simple majority of the votes cast by Falcon shareholders, excluding Falcon common shares held

by persons required to be excluded under such laws, at a meeting of Falcon shareholders, (b) the approval of the issuance

of the Stock Consideration by a majority of the votes cast by Tamboran stockholders at a meeting of Tamboran

stockholders, (c) the approval of the Falcon Acquisition by the Supreme Court of British Columbia on terms consistent

with the Arrangement Agreement and otherwise reasonably satisfactory to the parties, (d) the authorization for listing of the

Stock Consideration on the New York Stock Exchange and (e) the absence of any law or order enjoining, restricting or

On December 30, 2025, FOGA secured necessary approval from its minority shareholders for the sale of Falcon's

Upon completion of the Falcon Acquisition, the Group will also enter into consulting agreements with certain

directors and officers of Falcon, pursuant to which the Group will issue to those directors and officers an aggregate of up to

Further, following completion of the Falcon Acquisition, upon Australia Sub owning the Australia Interests,

Australia Sub will become entitled to compulsorily acquire the remaining 1.9% of the issued and outstanding equity

interests of FOGA (the “FOGA minority stock”) held by the shareholders other than Australia Sub (the “FOGA minority

holders”). Australia Sub will proceed with the compulsory acquisition of the FOGA minority stock for cash consideration

at a price per share no less than the price paid to Falcon for the Australia Interests. To the extent that any FOGA minority

holders notify Australia Sub that they wish to receive shares of Tamboran common stock in lieu of cash, Tamboran and

Australia Sub will consider and may agree to such requests. If Tamboran and Australia Sub agree to issue shares of

Tamboran common stock in lieu of cash to such requesting FOGA minority holders, Tamboran may issue to the FOGA