Tamboran Resources Corporation reported significant progress during the third quarter ending March 31, 2025, with developments in its Beetaloo Basin assets. The company successfully completed a 35-stage stimulation campaign on the Shenandoah South 2H sidetrack well over a 5,483-foot horizontal section, achieving an average proppant intensity of 2,706 lb/ft and wellhead injection rates above 100 barrels per minute. The well was subjected to a prolonged soaking period of 62 days before re-opening in mid-May to initiate a 90-day flow test, with an upcoming update on the initial 30-day performance expected in mid-June 2025. In parallel with its operational advancements, Tamboran executed a capital raise via a Private Investment in Public Equity, raising approximately US$55.4 million (pre-fees) at a discount of 15% to the prior closing price. This funding, bolstered by a US$10 million contribution from Formentera Partners, lifts the company’s cash position to an anticipated pro forma amount of US$96 million, positioning it to drill and complete three additional wells necessary to deliver first gas to its ~40 MMcf/d pilot project by mid-2026. Additionally, the company secured strategic acreage agreements in the Beetaloo Basin. A binding agreement with Daly Waters Energy, LP finalized a checkerboard joint acreage position covering multiple exploration permits, while a separate deal saw DWE agreeing to acquire a non-operating interest in 100,000 acres for US$15 million. These transactions, combined with a reserved Phase 2 Development Area covering 406,693 gross acres (236,370 net acres with a 58.12% operated interest held by Tamboran), underline a focused effort to supply gas into Australia’s East Coast market amid forecasts of supply deficits later in the decade. Tamboran is set to commence drilling three wells using the Helmerich & Payne rig from mid-2025, with planned stimulation of up to 240 stages across four horizontal wells to optimize operational efficiencies. The company’s ongoing activities also include seismic processing and permit variations on several exploration permits, along with non-binding letters of intent with Arafura Rare Earths and Linde Inc., which address potential long-term gas and helium supply arrangements for downstream projects. Bullish sentiment centers on Tamboran’s robust operational results, accelerated drilling program, and strategic capital raising, which collectively mitigate funding risk and support the ambitious pilot project aimed at supplying gas to a critical market in the Northern Territory. Equally, the successful acreage agreements and forthcoming farmout of the Phase 2 Development Area highlight growth potential and a strategic positioning for future market expansion. Bearish perspectives might emerge from operational and regulatory uncertainties, the inherent risks associated with significant drilling and stimulation campaigns in a challenging region, and the dependency on upcoming flow test results to validate well productivity. Furthermore, the company’s heavy focus on the Beetaloo Basin, in conjunction with exposure to commodity price volatility and complex permitting processes, adds layers of risk for investors navigating their early-stage development phase.