Khalid Yasin

Khalid Yasin from Bank of America asked for insights into what a successful outcome for the ongoing farmout process would entail, given its critical timing. He also questioned whether Tamboran Resources, under the new leadership and in preparation for the next CEO, remains committed to its original business plan of pursuing both domestic gas sales and LNG development opportunities.

Answer

Dick Stoneburner, Chairman and Interim CEO, stated that it was premature to discuss specific valuation expectations for the farmout, emphasizing it's an ongoing, negotiated process aimed at achieving the best outcome for the company. He noted strong interest from a wide range of qualified counterparties. Regarding the business plan, Stoneburner affirmed Tamboran's commitment to both domestic gas sales and LNG development, highlighting different timelines for each. He explained that initial sales in mid-2026 would target the Northern Territory, with a ramp-up for Southeast markets as Phase Two, requiring significant infrastructure. LNG development, a long-dated exercise, could involve brownfield expansion at existing Darwin LNG facilities or a greenfield project at Northern NT LNG, with the ultimate path potentially influenced by the farming partner's views.

Khalid Yasin inquired about what a successful outcome for the ongoing farmdown process would entail and whether Tamboran Resources remains committed to pursuing both domestic gas sales and LNG development opportunities as part of its long-term strategy.

Answer

Chairman and Interim CEO Dick Stoneburner stated it is premature to discuss specific valuations for the farmdown but expressed encouragement due to strong interest from a diverse range of counterparties. He affirmed Tamboran's continued interest in both domestic gas sales (starting mid-2026 for Northern Territory, then Southeast markets) and long-dated LNG development (brownfield or greenfield options), noting that the farm-in partner's views would influence the optimal market strategy.