On this page of StockholderLetter.com we present the latest annual shareholder letter from Tamboran Resources Corp — ticker symbol TBN. Reading current and past TBN letters to shareholders can bring important insights into the investment thesis.
TBN Shareholder/Stockholder Letter Transcript:
ANNUAL REPORT 30 JUNE 2024 NYSE: TBN | A SX: TBN | ARBN 672 879 024 2 Tamboran Resources CORPORATE DIRECTORY Directors Registered Of ce Richard (Dick) Stoneburner ARBN 672 879 024 Tower One International Towers Suite 1, Level 39, 100 Barangaroo Avenue, Barangaroo NSW 2000, Australia +61 2 8330 6626 Joel Riddle Fredrick Barrett John Bell Sr. Patrick Elliott Hon. Andrew Robb AO David Siegel Auditors Ernst & Young 200 George Street Sydney NSW 2000 Stephanie Reed Ryan Dalton Chief Executive Of cer Joel Riddle Chief Financial Of cer Eric Dyer Chief Operating Of cer Share Registers Computershare Trust Company, N.A. (common stock) 250 Royall Street, Canton, MA 02021 +1 781 575 3100 Boardroom Pty Limited (CDIs) Level 8, 210 George Street Sydney, NSW 2000 www.boardroomlimited.com.au Shareholder access: www.investorserve.com.au ARBN Faron Thibodeaux 672 879 024 Company Secretary Rohan Vardaro Quoted on the Of cial List of New York Stock Exchange (Common Stock: TBN) and Australian Securities Exchange (via CHESS Depository Interests (CDIs)) CHAIRMAN'S LETTER Mr. Richard (Dick) Stoneburner, Chairman Thank you to our shareholders for your support throughout an exciting year in which Tamboran has continued unlocking the value of the vast natural gas resource within the Beetaloo Basin. We remain focused on the development of the Beetaloo and delivering on our 2 billion cubic feet per day (Bcf/d) production ambition by end of 2030. This plan includes three phases, which prioritizes the local Northern Territory gas market ahead of a second East Coast gas supply phase, followed by our third LNG export phase. This plan aims to generate signi cant job opportunities for Territorians, deliver substantial royalties to the Northern Territory Government and Native Title Holders, and provide Australian manufacturers and families with locally supplied natural gas. As the global energy transition towards renewable technology continues, the need for natural gas in the energy mix is becoming clearer. Gas is essential for managing peaking power and replacing coal- red power. With onshore East Coast and offshore NT basins yielding more than double the in situ reservoir CO2 , I believe Tamboran is well positioned to play a key role in the decarbonisation efforts across Australia and the Asia Paci c. 2 Tamboran Resources The nancial year commenced with Tamboran drilling two operated wells in the Beetaloo Basin with the newly imported Helmerich & Payne, Inc. (H&P) (NYSE: HP) super-spec FlexRig Flex 3 Rig at the Shenandoah South and Amungee locations. Tamboran and H&P demonstrated the superior drilling ef ciency of modern US equipment, which will help reduce future well costs and our environmental footprint. The results from the drilling of the Shenandoah South 1H (SS-1H) well, the rst well in the basin stimulated with modern US design techniques, achieved a normalized IP90 ow rate and decline curve that is analogous to some of the most productive regions of the Marcellus Shale in the US. I believe the SS-1H results demonstrate the opportunity of the Mid Velkerri B Shale within the Beetaloo Basin and give me con dence to progress to our development stage of activities. Tamboran and Liberty Energy (NYSE: LBRT) entered into a Strategic Partnership, including an equity investment, and have since mobilized modern US stimulation equipment into Australia. This eet will be used to complete the Shenandoah South 2H (SS-2H) and 3H (SS-3H) wells in the fourth quarter of 2024. We have also secured a strategic partnership with APA Group (ASX: APA), Australia s leading pipeline company. This allows us to progress our plans for pipeline infrastructure from the Beetaloo Basin. Bechtel Corporation (Bechtel), one of the world s leading LNG engineering, procurement and construction (EPC) contractors, also was recently awarded preFEED for our proposed NTLNG development at Middle Arm. Finally, we achieved a signi cant milestone with our initial public offering and listing on the New York Stock Exchange (NYSE), becoming the rst pre-revenue E&P company to list on the US market in approximately 15 years. The proceeds from the sale of our common stock on the NYSE will support the drilling of our 2024 wells, which will be some of the longest onshore wells drilled in Australia, further de-risking the ow rates from the Mid Velkerri B Shale over a 10,000-foot horizontal section. I believe the access to the US market will support Tamboran in the long-term by providing access to capital and building upon our knowledge of shale development to support our endeavours to 2 Bcf/d of gross production from the Beetaloo Basin. Finally, I would like to thank our key stakeholders, shareholders and employees for their support over the 2024 nancial year. We will continue to focus our efforts on maximizing value from the Beetaloo Basin in a safe and environmentally conscious manner. I look forward to providing further updates over the course of the next 12 months as we progress towards rst commercial production from the basin. Sincerely, i i Mr. Richard (Dick) Stoneburner Chairman Tamboran Resources Corporation 2024 Annual Report 310/17/2024 Letter Continued (Full PDF)