Anish Kapadia

Anish Kapadia sought Todd Abbott's strategic viewpoint for Tamboran going forward, drawing insights from US shale gas production, including perceived big positives, negatives, and the overall strategic direction.

Answer

CEO Todd Abbott reiterated that Tamboran's forward strategy remains unchanged as an upstream gas company focused on drilling great gas wells. He emphasized that success, similar to US shale plays, relies on smart people (company and partners), learning from every data point, and allowing experts to execute their work.

Anish Kapadia sought CEO Todd Abbott's strategic viewpoint for Tamboran, drawing on his U.S. shale gas production experience, to understand the big positives, negatives, and the company's strategic direction going forward.

Answer

CEO Todd Abbott affirmed that Tamboran's forward strategy remains unchanged: to operate as an upstream gas company focused on drilling great gas wells. He emphasized that success, similar to U.S. shale plays, relies on leveraging smart people and partners (Baker Hughes, Liberty, H&P, Santos, Daly Waters Energy) and diligently learning from every data point.

Anish Kapadia asked for an update on the funding strategy for the SPCF facility (sell-down or debt) and whether it ensures full funding to first gas, the potential for selling more gas into the local market beyond 40 MMcf/day in 2027-2028, and Tamboran Resources' thoughts and participation in Santos's planned drilling in EP161 in mid-2026.

Answer

CFO Eric Dyer confirmed they are pursuing an infrastructure debt facility for the SPCF, with good interest, and noted opportunities to sell down a portion. He highlighted the potential to expand the facility at modest incremental cost to double production, addressing unmet local demand. Chairman and Interim CEO Dick Stoneburner expressed excitement for Santos's two-well drilling program in EP161 in 2026, confirming Tamboran's planned participation and anticipating significantly better results than previous wells due to improved design.

Anish Kapadia of Hannam & Partners requested an update on the SPCF funding, asking if Tamboran Resources is still considering a sell-down or debt funding and if this would ensure full funding to first gas. He also inquired about the nearer-term upside potential beyond the current 40 MMcf/day plan, specifically regarding unmet local market demand in the 2027-2028 timeframe. Finally, Kapadia asked for Tamboran's thoughts on Santos's planned drilling in EP161 in mid-next year and Tamboran's participation.

Answer

Eric Dyer, CFO, confirmed that Tamboran is pursuing an infrastructure debt facility for the SPCF, with about $20 million gross spent to date and a balance of $70-80 million needed. He noted strong interest and opportunities to expand the facility for modest incremental cost to meet additional local demand, potentially through sell-down or debt, subject to approvals. Dick Stoneburner, Chairman and Interim CEO, expressed excitement about Santos's two-well drilling program in EP161 for 2026, noting the area's potential and Tamboran's plan to participate, expecting significantly improved results over past tests due to better well design.

Anish Kapadia with Hannam & Partners posed several questions, including an update on the SPCF funding strategy (sell-down vs. debt funding) and whether Tamboran Resources would be fully funded to first gas. He also asked about the nearer-term upside potential beyond the planned 40 MMcf/day, specifically if there's scope for increased local market sales in the 2027-2028 timeframe. Finally, Kapadia sought Tamboran's thoughts on Santos's planned drilling in EP161 in mid-next year and Tamboran's participation.

Answer

Eric Dyer, CFO, confirmed that Tamboran is pursuing an infrastructure debt facility for the SPCF, with good interest, and noted the potential to expand the facility for modest incremental cost to meet additional unmet local demand. Dick Stoneburner, Chair & Interim CEO, expressed excitement about Santos's two-well drilling program in EP161 for 2026, noting the area's potential and Tamboran's plan to participate, expecting significantly better results than previous tests due to improved well design.

Anish Kapadia (Palissy Advisors) asked about TotalEnergies' outlook for global gas prices, particularly if TTF falls below the $10 assumption, and how the integrated power business, including the EPH acquisition, helps mitigate such price declines.

Answer

Stéphane Michel, President, Gas, Renewables & Power, TotalEnergies, explained that the portfolio is balanced to sell gas more on Brent formula than spot, reducing exposure to TTF/JKM decreases. He added that lower gas prices would stimulate Asian demand and improve gas competitiveness in Europe for power production, providing a 'parachute effect' through the CCGT fleet and full integration in Europe.

Anish Kapadia asked for TotalEnergies' viewpoint on the outlook for global gas, particularly regarding a potential narrowing of global gas prices and Henry Hub. He inquired about measures in place to mitigate further falls in TTF pricing and how the integrated power business, including the EPH acquisition, could help.

Answer

President, Gas, Renewables & Power Stéphane Michel explained that TotalEnergies has balanced its portfolio to sell more gas on Brent formula rather than spot, reducing exposure to TTF or JKM decreases. He noted that lower gas prices would stimulate Asian demand and improve gas competitiveness for power production in Europe. The integrated power business, with its CCGT fleet and full integration along the gas and power value chain in Europe, would provide a 'parachute effect' to benefit from such market movements.