Tamboran Resources (TBN) Q4 FY2026 Earnings Call: First Beetaloo Gas Sales
Source Tradingkey
Key Takeaways
- Tamboran Resources delivered first gas sales from the Beetaloo Basin to the Northern Territory market. Gas had been flowing for 20 days at the time of the call, with nominations limited to 25 terajoules per day by seasonal demand.
- After commissioning, the Gas Sales Agreement is expected to enter a take-or-pay supply period covering 40 terajoules per day. During commissioning, Tamboran receives 75% of the gas price because supply is interruptible.
- The SS-2 stimulation campaign completed 178 stages across 30,000 lateral feet, including a basin record of 12 stages in one day. Ten stages used locally sourced Beetaloo Red Sand.
- Management estimates local sand could reduce completion costs by USD 4 million for a well with a 10,000-foot lateral, compared with imported sand. Wider adoption remains dependent on longer-term production data.
- Tamboran ended the quarter with USD 225 million in cash and USD 31 million of undrawn debt. Including a conditional USD 15 million receipt from Daly Waters Energy, pro forma cash was USD 240 million.
- The Sturt Plateau Compression Facility was completed on schedule and approximately USD 9 million below forecast budget. Commissioning and equipment optimization remain in progress.
Key Financial Data
| Metric | Q4 FY2026 disclosure | Commentary |
|---|---|---|
| April equity raise | USD 186 million net of fees | Completed through an underwritten public offer and institutional and retail entitlement offers |
| Quarter-end cash | USD 225 million | Available to support the next development phase |
| Undrawn debt | USD 31 million | Designated for funding the Sturt Plateau Compression Facility |
| Pro forma cash | USD 240 million | Includes an expected USD 15 million from Daly Waters Energy, subject to conditions precedent |
| Compression facility budget performance | Approximately USD 9 million below forecast | Facility was completed on time |
| Commissioning gas price | 75% of contracted gas price | Reflects the interruptible nature of supply during commissioning |
| Potential local sand saving | USD 4 million per well | Estimate for a 10,000-foot lateral versus imported sand |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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