Tamboran Resources Corporation has provided an extensive update on its 3Q FY25 results and operational advances, underscored by a series of technical milestones at its Shenandoah South 2 wellpad in the Northern Territory, Australia. The company detailed the successful completion of a 35-stage stimulation across a 5,483‐foot horizontal section in the Mid Velkerri B Shale, marking a significant achievement in optimizing proppant intensity in the Beetaloo Basin. Following a record-setting 62‐day “soak” period, the SS-2H ST1 well has begun its IP90 flow testing, with initial IP30 flow tests anticipated in June 2025. In a drive to further boost cost efficiencies and operational performance, Tamboran Resources Corporation announced plans to drill additional wells—SS-4H, SS-5H and SS-6H—in the second half of 2025 with a target spud-to-total depth time of under 25 days. Batch completions and extended flow testing procedures are integral to the advancement of the Phase 1 pilot project, which is forecast to reach production mid-2026 with an estimated gross rate of approximately 40 million cubic feet per day. The technical indicators include detailed proppant placements, measured depths reaching up to 21,000 feet with 10,000-foot horizontals, and increased stage counts via optimized stimulation designs that leverage local sand supplies and advanced fracturing equipment. The announcement also highlighted significant midstream infrastructure progress. Compressor units and pipeline components have been delivered ahead of schedule in Darwin and Brisbane, with construction of the Sturt Plateau Compression Facility and Pipeline set to commence later in 2025. The company is pursuing further market opportunities by evaluating an expansion of Phase 1 through existing assets to address additional local gas demand, supported by a recently signed letter of intent with Arafura Rare Earths Limited, potentially securing up to 26 million cubic feet per day for a decade-long supply agreement. On the corporate finance side, Tamboran Resources Corporation announced strong liquidity improvements. With a March cash balance of US$25.6 million bolstered by a US$70.4 million raise in May 2025, the pro forma cash position now stands at approximately US$96.0 million. This enhanced financial footing is intended to fully fund the remaining drilling and stimulation activities essential to delivering first gas under the SS Pilot Project, while also underpinning strategic moves such as the farmout of nearly 400,000 acres in the Phase 2 Development Area—an effort being coordinated by RBC Capital Markets. The forward-looking nature of the updates carries both bullish and bearish implications. On the bullish side, the technical breakthroughs in stimulation and soaking processes, coupled with the clear trajectory toward production and robust cash flow improvements, signal an enhanced operational efficiency and potential for strong future cash generation. The proactive infrastructure development and strategic partnerships also indicate a well-rounded approach to capturing market opportunities. Conversely, the bearish perspective cautions that these optimistic projections are subject to industry uncertainties, such as fluctuations in natural gas prices, regulatory delays, and the inherent risks associated with forward-looking statements. Challenges in financing further midstream projects and the unpredictable nature of commodity markets could introduce volatility into the company’s future performance. Overall, Tamboran Resources Corporation’s comprehensive update reflects a significant operational and strategic push in the Beetaloo Basin, setting the stage for forthcoming production while highlighting improvements in drilling performance, cost efficiencies, and capital management.