Tamboran's first Beetaloo gas sales, targeted for the third quarter, were described as imminent in September

Tamboran Resources (NYSE/ASX: TBN) is preparing to sell its first gas from the Beetaloo Basin in Australia's Northern Territory. The company has targeted first gas in the third quarter of 2026, a window that ran from 1 July to 30 September.

On 2 September it said gas commissioning had begun at the Sturt Plateau Compression Facility, using gas from the Shenandoah South 2 pad with all five wells connected. It described first sales of up to 40 TJ/d to the Northern Territory Government as imminent. Construction remains on schedule within the A$141 million budget.

Why it matters

Tamboran has no proved reserves, and its filings list its resources as prospective or contingent. First sales would be its first step from exploration toward revenue. The company has said no material revenue is expected before 2026.

Its latest stated estimates are:

• Shenandoah South: 131.4 PJ prospective (P50), 47.5% interest (April 2024)
• Velkerri B and C, three licence groups: contingent P50 volumes from 168 to 659 bcf per block, with interests of 25%, 38.75% or 100% (September 2023)
• Tanumbirini: 16.8 bcf prospective (P50); the company has not disclosed its interest

These estimates are one to three years old and use different units, so they cannot be added together. They would only be tested by sustained production.

What has happened since

On 20 July the company finished stimulating three wells, SS-3H, -4H and -5H, in a 178-stage campaign it called the basin's largest. It has not released flow results. Drilling of SS-7H, -8H and -9H has begun.

On 2 September it signed a non-binding memorandum of understanding with Liberty Energy to extend fracture stimulation services for three years from 1 September, with a two-year option. Definitive documents still need to be agreed.

What is uncertain

The 2 September update did not give a first-sales date. Commissioning is not the same as steady sales.

A separate farm-in with Daly Waters Energy, announced on 31 March, would cut Tamboran's stake in the Southern Pilot Area from 50% to 44.375%. It is subject to conditions, including a related INPEX deal and the closing of Tamboran's Falcon acquisition. The 50% figure in that announcement differs from the 47.5% interest stated for Shenandoah South.

On ownership, HITE Hedge Asset Management disclosed an 8.27% holding on 13 August. CDIs on issue were 1,368,367,000 at the end of July.