Tamboran Reports First Beetaloo Gas Sales as Financial Results Highlight Funding Demands

Highlights:

• First gas sales mark progress, while commissioning revenue remains capitalised against project assets.
• Quarterly losses widen as development advances towards a key commercial milestone.
• Early 2027 contract commencement could strengthen receipts, with cash deployment under scrutiny.

First Sales Milestone

Tamboran Resources Corporation (ASX: TBN) announced its September-quarter results, with its current market price (CMP) at AU$0.205, recording a decline of approximately 2.38%.

Tamboran and partner Daly Waters Energy became the first companies to sell gas from the Northern Territory’s Beetaloo Basin. Tamboran delivered net sales of 0.31 billion cubic feet, generating US$1.8 million, with initial cash receipts arriving in early November.

However, these commissioning sales were capitalised against project assets. Consequently, the consolidated income statement recorded no revenue or other operating income for the quarter.

Losses Widen Despite Operational Progress

For the three months ended 30 September 2026, consolidated net loss widened to US$12.53 million, compared to US$9.06 million a year earlier. Operating expenses increased to US$11.86 million from US$8.21 million, including higher professional fees and employee costs. The loss attributable to Tamboran shareholders reached US$12.12 million, compared to US$8.18 million previously. Nevertheless, operating cash outflow narrowed to US$10.18 million from US$13.80 million. Investing outflows rose to US$94.39 million, while financing activities generated US$41.18 million.

Balance Sheet Reflects Development Spending

Consolidated cash and cash equivalents fell to US$160.09 million at September-end, compared to US$219.14 million at June-end. Restricted cash totalled a further US$9.61 million.

Total assets increased to US$1,199.09 million from US$1,153.98 million, while liabilities rose to US$192.05 million from US$184.42 million. Operationally, the SS2-2H ST1 well averaged 10.2 million cubic feet daily over 720 hours of interrupted production, supporting management’s assessment of the basin’s production potential.

Commercial Transition Remains Crucial

Management expects volumes and revenue to increase when commissioning concludes and the Northern Territory Government take-or-pay contract begins in early 2027.

Commissioning sales currently receive 75% of the contract price. The transition offers potential revenue improvement, but sustained production, timely well connections and disciplined spending will determine whether operational progress translates into stronger cash generation.

Note- All data presented is based on information available at the time of writing.

Disclaimer for Kapitales Research

The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.Disclosure: The information mentioned above has been sourced from the company reports and a third-party database, i.e. Koyfin. Investors are advised to use strict stop-loss to protect their investments in case of any unfavorable/uncertain market events.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au