Tamboran Resources Corporation announced that its Shenandoah South 2H sidetrack well has delivered a record average 30‐day initial production flow rate of 7.2 million cubic feet per day (MMcf/d) based on a 5,483‐foot stimulated horizontal section in the Mid Velkerri B Shale of the Beetaloo Basin. The well’s performance is bolstered by a peak flow rate of 10.4 MMcf/d and a normalized rate of 13.2 MMcf/d per 10,000 feet, placing it on par with the average performance from more than 11,000 wells in the prolific Marcellus dry gas area. Flowing exit rates maintained a steady 6.7 MMcf/d (or 12.2 MMcf/d when normalized) at a wellhead pressure of approximately 910 psi. These strong indicators underpin Tamboran’s view of commercial deliverability for the East Coast gas market, where long-term contracts and premium prices prevail compared to Henry Hub pricing in the United States. The company’s announcement also detailed plans for the upcoming Shenandoah South drilling campaign, set to begin in the second half of 2025. This program envisions drilling up to three 10,000‐foot horizontal wells from the same well pad, with the remaining four wells being completed later. Once all five wells are tied into the Sturt Plateau Compression Facility, they are expected to collectively deliver 40 MMcf/d under a significant Gas Sales Agreement with the Northern Territory Government—a deal important for supporting gas supply to the region’s power generation. The improvements in drilling efficiency and stimulation intensity seen in this well, compared to previous wells, reflect a strategy that incorporates lessons from the United States to accelerate the commercial development of the Beetaloo Basin. The robust technical results from the SS-2H ST1 well, including a high average IP30 flow, consistent decline curve, and favorable wellhead pressures, offer a positive signal to investors about the long-term scalability of the field. The alignment of these results with established benchmarks from the Marcellus gas fields adds further credibility to the commercial potential of the asset. However, the company’s future drilling activities remain subject to regulatory approvals, stakeholder consent, and market conditions, factors that introduce an element of uncertainty to the overall outlook. Market sentiment can be seen as mixed. On one hand, the record flow performance and proven drilling efficiencies suggest a bullish outlook, highlighting a tangible path to increased production and revenue from a premium gas market. On the other hand, potential headwinds such as the heavy capital requirements, reliance on joint venture approvals, and the need for favorable regulatory conditions serve as cautionary signals to those monitoring the company’s trajectory.