Tamboran Resources Corporation has secured US$55.4 million in funding through a PIPE transaction involving the issuance of approximately 3.1 million shares of common stock at US$17.74 per share—a 15% discount to the closing price observed on May 12, 2025. The initial tranche of US$44.4 million is slated to close on May 16, 2025, with the remaining US$11.0 million pending shareholder approval and customary closing conditions. The net proceeds from this private placement will be directed towards advancing drilling operations, enhancing infrastructure for its compression facility, and supporting general working capital needs. The proceeds are targeted at fully funding the drilling and completion of three additional wells at the proposed Shenandoah South Pilot Project, which is expected to deliver a production plateau of approximately 40 million cubic feet per day (with a net of 19 million cubic feet per day attributable to the company). In tandem with these developments, the company has commenced the flow testing of its SS-2H sidetrack well (SS-2H ST1), following an extended soaking period that began in mid-March 2025. The flow test is scheduled to run for a full 90 days, with initial performance metrics, including the IP30 flow rate, anticipated to be reported in June 2025. The infusion of capital, bolstered by robust institutional backing and a US$10 million contribution from Formentera Partners, is intended to propel the company toward its goal of achieving first gas production by mid-2026, subject to favorable weather conditions and regulatory approvals. This strategic financial positioning is designed to support continuous operational activity until the anticipated production commencement. On the sentiment front, bullish views highlight the strong backing of the capital raise, which positions Tamboran Resources Corporation to execute its well drilling and stimulation program, thereby potentially validating its production targets. A successful IP30 flow test and subsequent operational efficiencies could provide further confidence in the company’s developmental strategy. Conversely, a bearish perspective may underscore the risks inherent in early-stage exploration—specifically, the challenges of regulatory approvals, the uncertainties associated with drilling outcomes, and the potential for operational delays. Observing the forthcoming technical milestones, particularly the flow test results, will be critical for assessing the company’s progress and mitigating investor risks.