What were the key takeaways from Tamboran Resources's earnings call?

What guidance did Tamboran Resources's management provide for the next earnings period?

What does Tamboran Resources do and what are its main business segments?

What is the revenue and EPS growth rate for Tamboran Resources year over year?

What is Tamboran Resources's latest dividend and current dividend yield?

What factors drove the changes in Tamboran Resources's revenue and profit?

What is Tamboran Resources's gross profit margin?

What were the key takeaways from Tamboran Resources’s earnings call?

- **Pilot Project On Track**: Shenandoah South Pilot Project 68% complete, targeting 40M cf/day gas sales in mid-2026. 
- **$100M+ Near-Term Liquidity**: Public offer + PIPE transaction secures $100M+ cash inflows. 
- **Proppant Intensity Optimization**: Testing 2,250 lbs/ft vs. 2,800 lbs/ft designs to balance cost/performance. 
- **Strategic Acreage Expansion**: 500,000-acre farm-out expected Q1 2026, solidifying Tamboran's 92% stake in Phase Two area.

**【CEO Summary Section】**
- **Pilot Project Milestones**: Sanctioned Shenandoah South Pilot Project for mid-2026 gas sales, with SPCF construction 68% complete on budget. 
- **Operational Efficiency**: Drilling campaign completed 20% ahead of schedule, with 3 wells drilled and cemented in mid-Velkerri B Shale. 
- **Strategic Acquisitions**: Completed Falcon Oil & Gas transaction (22.5% Beetaloo Basin acreage) and raised $56M via public offer at $21/share. 
- **Funding Strength**: $39.6M cash balance + $100M near-term inflows from public offer and PIPE transaction. 
- **Partnerships**: Baker Hughes invested $10M for oilfield services partnership, supporting cost optimization.

**【CFO Financial Commentary】**
- **Public Offer Proceeds**: Raised $56.1M (pre-fees) and $32M via PIPE transaction, with shareholder vote scheduled for Q1 2026. 
- **Debt Facility**: Secured $118M for SPCF construction, backed by $75M NT Government guarantee. 
- **R&D Rebates**: Potential $10M+ R&D tax rebates pending approval for FY24-26.

**【Q&A Key Highlights】**
- **Capital Spend Timeline**: $70M Tamboran share of pilot project costs, with SPCF on track for mid-2026 commissioning. 
- **Stimulation Design**: Testing 2,250 lbs/ft proppant intensity vs. 2,800 lbs/ft, with focus on water management. 
- **Farm-Out Progress**: 500,000-acre Phase Two Development Area farm-out expected Q1 2026, with 92% Tamboran retention. 
- **Local Sand Solution**: Testing in-basin sand with tracer technology to validate performance equivalence to frac sand.

Tamboran Resources Corp (TBN) Q1 2026 Earnings Call Transcript

- **Breakthrough Well Performance**: SS2H ST1 well showed unexpected 2% flow rate increase, hinting at superior matrix connectivity in the Beetaloo Basin.
- **Drilling Speed Record**: Achieved 19-day drilling time for the best well, down from 25-27 days, with ongoing tool improvements.
- **Infrastructure On Track**: SPCF facility 90% complete, with gas sales expected mid-2026. Secured $15 million from acreage sale and $11 million from PIPE transaction.
- **Farmout Momentum**: Strong interest in 400,000-acre farmout, with resolution expected Q1 2026.
- **LNG Ambitions**: Exploring Darwin LNG and greenfield options for long-term gas exports, alongside domestic market expansion.

**【CEO Summary Section】**
- **Record Well Performance**: The SS2H ST1 well achieved a 2% increase in flow rate over the last 30 days without intervention, suggesting enhanced matrix connectivity. The well tested over 5,500 feet of horizontal section in the Mid-Velkerri B Shale, with gas in place 40% higher than the Marcellus Shale.
- **Drilling Efficiency**: The three-well drilling campaign achieved basin-leading rates, with the second well reaching total depth in 19 days. Tool failures (e.g., mud motors, steerable systems) were addressed, and improvements like anti-vibration technology reduced non-productive time.
- **Infrastructure Progress**: The SPCF compression facility is 90% complete, with commissioning expected in mid-2026. The Stuart Plateau Pipeline, owned by APA Group, is under construction for gas sales by mid-2026.
- **Financial Position**: Ended Q4 with $45.2 million in cash and $26 million in receivables, including $11 million from a PIPE transaction and $15 million from an acreage sale. Discussions continue for $70-80 million in SPCF funding.
- **Strategic Initiatives**: Launched a farmout process for 400,000 acres, attracting strong interest. Seeking a new CEO, with plans to announce by year-end.

**【CFO Financial Commentary】**
- **Cash Management**: Total liquidity of $71.1 million, with $15 million expected from Daly Waters Energy by year-end. Proceeds from the PIPE transaction and acreage sale funded drilling and infrastructure.
- **SPCF Funding**: Engaging financiers for the remaining $70-80 million of the $90 million SPCF cost. Exploring options to expand capacity for local gas demand.
- **ILUA Process**: Commenced discussions with native title holders for a long-term Indigenous Land Use Agreement (ILUA), required for a production license.

**【Q&A Highlights】**
- **Drilling Efficiency**: Best-case drilling time reduced to 19 days (from 25-27 days) through tool improvements. Future plans include oil-based mud and advanced rigs.
- **Farmout Outcome**: Encouraged interest from qualified counterparties, with a focus on securing the best value for shareholders. Timeline for resolution is Q1 2026.
- **LNG Development**: Long-term goal to export gas via Darwin LNG or greenfield projects, contingent on infrastructure and partner alignment.
- **Sand Sourcing**: Testing local sand options for cost efficiency, with technical and regulatory approvals underway.
- **Gas Sales Expansion**: Potential to double SPCF capacity for local demand, subject to native title approvals and funding.

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