Key Highlights

● First Commercial Sales:: Tamboran Resources achieved first commercial gas sales from its Shenandoah South Pilot Project in the Beetaloo Basin in September 2026.

● Infrastructure Completed:: The Sturt Plateau Compression Facility and a 23-mile pipeline built by APA Group both reached completion in July 2026, enabling deliveries into the Amadeus Gas Pipeline.

● Offtake Terms:: Gas is contracted to the Northern Territory Government at 40 terajoules per day under an agreement running through 2034, with an option to extend to 2041.

● Ramp Ahead:: Volumes are expected to ramp toward the full 40 TJ/d plateau rate depending on well performance and government nominations.

Tamboran Resources Corporation (NYSE:TBN) reported in its annual 10-K for the fiscal year ended June 30, 2026 that it achieved first commercial gas sales from its Shenandoah South Pilot Project in the Beetaloo Basin in September 2026, following completion of the Sturt Plateau Compression Facility and a 23-mile pipeline connecting the project to existing gas infrastructure. Gas from the project is contracted to the Northern Territory Government at a rate of 40 terajoules per day.

The Infrastructure That Made First Sales Possible

Two pieces of infrastructure had to come together before Tamboran could deliver gas commercially. The Sturt Plateau Compression Facility (SPCF), which processes gas from the wellhead for transport, reached mechanical completion in July 2026. Separately, the Sturt Plateau Pipeline, a 23-mile line built by APA Group (which the filing describes as Australia's largest gas infrastructure operator), reached practical completion the same month, connecting the SPCF to the existing Amadeus Gas Pipeline. With both in place, the 10-K states that sales volumes of gas were delivered into the pipeline in early September 2026, marking the company's shift from an exploration-stage Business to one generating production revenue.

The Offtake Agreement With the Northern Territory

Tamboran's gas sales agreement with the Northern Territory Government, executed April 23, 2024, calls for deliveries at a rate of 40 terajoules per day, or roughly 41 million cubic feet per day on a gross basis. The agreement runs through the end of 2034, with an option to extend six more years to mid-2041, and pricing is fixed with adjustments tied to Inflation (CPI escalation). The 10-K notes that volumes will ramp up toward the full 40 TJ/d plateau rate in line with the Northern Territory Government's nominations, subject to how the wells actually perform.

From Private Australian Company to Delaware-Listed Producer

Tamboran Resources Corporation is the Delaware-incorporated entity that resulted from a corporate reorganization completed in December 2023, after which the company completed a U.S. initial public offering in July 2024. The company's core Assets are unconventional Natural Gas resources in the Beetaloo Basin, a large sedimentary basin in Australia's Northern Territory that has drawn attention as a prospective new source of Australian domestic gas supply. The Shenandoah South Pilot Project is the first phase of that broader development effort to reach commercial production.

What the 10-K Does Not Resolve

The filing describes the ramp toward the full 40 TJ/d rate as contingent on well performance and government nominations, without committing to a specific date by which full contracted volumes will be reached. It also does not disclose the Capital cost of the compression facility and pipeline, or how first commercial sales Revenue in September 2026 compares with the company's cost of production at this early stage.

Why the Beetaloo Matters Beyond Tamboran

The Beetaloo Basin has been discussed for years as a potential new source of domestic gas Supply for Australia's east coast market, which has faced tightening gas supply forecasts. Reaching first commercial sales from the Shenandoah South Pilot Project is a milestone not only for Tamboran's own Balance Sheet but as a proof point for whether Beetaloo gas can be commercially produced and transported at scale, since the pilot project is explicitly structured as a precursor to larger-scale development phases the company has previously outlined for the basin.

Ramping Toward the 40-Terajoule Plateau

Investors should track the pace at which deliveries ramp toward the contracted 40 TJ/d plateau rate, well performance data from the Shenandoah South Pilot Project as it scales, and any announcements about further Beetaloo Basin development phases beyond the initial pilot project now that first commercial sales have begun.