Tamboran Resources Corporation (ASX:TBN) Announces 3Q FY25 Results
Operational Achievements
Tamboran Resources completed 35 stages in the SS-2H ST1 well, reaching over 5,483 feet. After a 62-day soaking period, the well commenced IP90 flow testing in mid-May 2025. Drilling of SS-4H, 5H, and 6H wells is planned for the second half of 2025, targeting less than 25 days from spud to TD, demonstrating increased cost efficiencies for 10,000-foot horizontal drilling.
Project Updates
The first gas from the proposed SS Pilot Project remains on track for mid-2026. Tamboran is evaluating a Phase 1 expansion to meet incremental local Northern Territory demand, supported by a Letter of Intent with Arafura Rare Earths Limited (ASX: ARU). Approximately 240 stages of batch completions across SS-3H, 4H, 5H, and 6H wells are planned for late 2025 and the first half of 2026, incorporating local sand and learnings from SS-2H ST1. Tamboran has engaged RBC Capital Markets to commence the farmout of around 400,000 acres in the Phase 2 Development Area, following the completion of the checkerboard process with Daily Waters Energy, LP.
Financial Update
As of March 31, 2025, Tamboran held a cash balance of US$25.6 million. In May 2025, the company raised US$70.4 million, increasing the pro forma cash balance to US$96.0 million. This funding is expected to fully finance the drilling of the remaining three wells to deliver 40 MMcf/d to the proposed SS Pilot Project.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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