10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 10-Q

_________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  to 

Commission file number 001-42149

_________________________

Tamboran Resources Corporation

(Exact name of registrant as specified in its charter)

_________________________

Delaware	93-4111196
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Suite 01, Level 39, Tower One, International Towers Sydney 100 Barangaroo Avenue, New South Wales, Australia	2000
(Address of Principal Executive Offices)	(Zip Code)

(+61) 2 8330 6626

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	TBN	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the

Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required

to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒  No ☐

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be

submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such

shorter period that the registrant was required to submit such files).

Yes  ☒     No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a

smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated

filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐   No ☒

The number of shares of common stock, par value $0.001, of Tamboran Resources Corporation outstanding as of

November 1, 2024 was 14,224,274.

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Part I - Financial Information	4
Item 1. Financial Statements	4
Condensed Consolidated Balance Sheets	5
Condensed Consolidated Statements of Operations and Comprehensive Loss	6
Condensed Consolidated Statements of Stockholders’ Equity	7
Condensed Consolidated Statements of Cash Flows	8
Notes to the Condensed Consolidated Financial Statements	9
Cautionary Note Regarding Forward-looking statements	21
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3. Quantitative and Qualitative Disclosures About Market Risk	26
Item 4. Controls and Procedures	26
Part II - Other Information	28
Item 1. Legal Proceedings	28
Item 1A. Risk Factors	28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 5. Other Information	28
Item 6. Exhibits	29
Signatures	30

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Part I - Financial Information

Item 1.  Financial Statements.

The Condensed Consolidated Financial Statements of Tamboran Resources Corporation (the “Company”)

presented herein are unaudited but, in the opinion of management, reflect all adjustments necessary to present fairly such

information for the periods and at the dates indicated. All adjustments are of a normal recurring nature. Because the

following unaudited Condensed Consolidated Financial Statements have been prepared in accordance with Article 10 of

Regulation S-X, they do not contain all information and footnotes normally contained in annual consolidated financial

statements; accordingly, they should be read in conjunction with the Consolidated Financial Statements and notes thereto

appearing in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024.

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TAMBORAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In dollars)

	Note	September 30, 2024	June 30, 2024
ASSETS
Current assets
Cash and cash equivalents		$74,042,004	$74,745,897
Trade and other receivables:
Joint interest billing		3,096,440	10,298,322
ATO receivable		1,471,724	700,115
Other tax receivables		10,124	11,514
Assets held for sale	3	7,990,000	8,366,000
Prepaid expenses and other current assets		3,350,342	3,209,033
Total current assets		89,960,634	97,330,881
Natural gas properties, successful efforts method:
Unproved properties	3	259,656,933	230,119,448
Assets under construction - natural gas equipment	3	10,411,399	7,542,064
Property, plant and equipment, net	3	74,792	102,244
Operating lease right-of-use assets	4	1,019,104	962,052
Finance lease right-of-use assets	4	18,164,738	20,697,452
Prepaid expenses and other non-current assets		1,932,677	1,889,890
Total non-current assets		291,259,643	261,313,150
TOTAL ASSETS		$381,220,277	$358,644,031
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses	5	$16,125,305	$14,832,599
Current portion of operating lease obligations	4	360,801	397,999
Current portion of finance lease obligations	4	18,220,258	12,767,400
Total current liabilities		34,706,364	27,997,998
Operating lease obligations	4	725,571	587,250
Finance lease obligations	4	9,556,380	14,141,713
Asset retirement obligations	6	9,091,902	8,140,992
Other non-current liabilities		98,772	90,378
Total non-current liabilities		19,472,625	22,960,333
Total liabilities		54,178,989	50,958,331
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock, $0.001 par value, 10,000,000,000 and unlimited common stock authorized; 14,224,274 and 13,915,524 shares issued and outstanding at September 30, 2024 and June 30, 2024, respectively.	7	14,224	13,915
Additional paid-in capital		412,654,014	404,594,023
Accumulated other comprehensive loss		(792,014)	(11,512,975)
Accumulated deficit		(136,274,345)	(130,379,771)
Total Tamboran Resources Corporation stockholders’ equity		275,601,879	262,715,192
Noncontrolling interest		51,439,409	44,970,508
Total stockholders’ equity		327,041,288	307,685,700
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$381,220,277	$358,644,031

The accompanying notes are an integral part of these condensed consolidated financial statements.

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TAMBORAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

(In dollars, except share amounts)

		Three months ended September 30,
	Note	2024	2023
Revenue and other operating income		$—	$—
Operating costs and expenses
Compensation and benefits, including stock-based compensation		(2,219,133)	(1,257,991)
Consultancy, legal and professional fees		(1,679,678)	(1,380,871)
Depreciation and amortization		(30,675)	(29,012)
Loss on remeasurement of assets classified as held for sale	3	(376,000)	—
Accretion of asset retirement obligations	6	(257,738)	(214,315)
Exploration expense		(1,009,509)	(904,864)
General and administrative		(1,405,338)	(528,939)
Total operating costs and expenses		(6,978,071)	(4,315,992)
Loss from operations		(6,978,071)	(4,315,992)
Other income (expense)
Interest income, net		796,043	83,788
Foreign exchange (loss) gain, net		(254,032)	614,346
Other expenses, net		(319,507)	(134,275)
Total other income (expense)		222,504	563,859
Net loss		(6,755,567)	(3,752,133)
Less: Net loss attributable to noncontrolling interest		(860,993)	(562,435)
Net loss attributable to Tamboran Resources Corporation stockholders		$(5,894,574)	$(3,189,698)
Comprehensive income (loss)
Net loss		$(6,755,567)	$(3,752,133)
Other comprehensive income (loss)
Foreign currency translation		12,148,177	(5,317,598)
Total comprehensive income (loss)		5,392,610	(9,069,731)
Less: Total comprehensive income (loss) attributable to noncontrolling interest		566,223	(1,401,920)
Total comprehensive income (loss) attributable to Tamboran Resources Corporation stockholders		$4,826,387	$(7,667,811)
Net loss per common stock
Basic and diluted	10	$(0.417)	$(0.376)
Weighted average number of common stock outstanding
Basic and diluted	10	14,124,788	8,486,578

The accompanying notes are an integral part of these condensed consolidated financial statements.

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TAMBORAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(In dollars)

	Common stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit	Total Tamboran Resources stockholders’ equity	Noncontrolling interest	Total stockholders’ equity
Balance at July 1, 2023	$7,080	$259,298,821	$(11,310,125)	$(108,461,300)	$139,534,476	$21,046,470	$160,580,946
Issuance of common stock, net of issuance cost	1,503	34,396,910	—	—	34,398,413	—	34,398,413
Contributions from noncontrolling interest holders	—	—	—	—	—	6,149,495	6,149,495
Stock-based compensation	—	268,403	—	—	268,403	—	268,403
Foreign exchange translation	—	—	(4,478,113)	—	(4,478,113)	(839,485)	(5,317,598)
Net loss	—	—	—	(3,189,698)	(3,189,698)	(562,435)	(3,752,133)
Balance at September 30, 2023	$8,583	$293,964,134	$(15,788,238)	$(111,650,998)	$166,533,481	$25,794,045	$192,327,526
Balance at July 1, 2024	$13,915	$404,594,023	$(11,512,975)	$(130,379,771)	$262,715,192	$44,970,508	$307,685,700
Issuance of common stock under greenshoe option,  net of issuance cost	309	6,930,541	—	—	6,930,850	—	6,930,850
Contributions from noncontrolling interest holders	—	—	—	—	—	5,902,678	5,902,678
Stock-based compensation	—	1,129,450	—	—	1,129,450	—	1,129,450
Foreign exchange translation	—	—	10,720,961	—	10,720,961	1,427,216	12,148,177
Net loss	—	—	—	(5,894,574)	(5,894,574)	(860,993)	(6,755,567)
Balance at September 30, 2024	$14,224	$412,654,014	$(792,014)	$(136,274,345)	$275,601,879	$51,439,409	$327,041,288

The accompanying notes are an integral part of these condensed consolidated financial statements.

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TAMBORAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In dollars)

	Three months ended September 30,
	2024	2023
Cash flows from operating activities:
Net loss	$(6,755,567)	$(3,752,133)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	30,675	29,012
Stock-based compensation	1,129,450	268,403
Foreign exchange (gain) loss, net	254,032	(614,346)
Loss on remeasurement of assets classified as held for sale	376,000	—
Accretion of asset retirement obligations	257,738	214,315
Changes in operating assets and liabilities:
Trade and other receivables	879,882	76,299
Prepaid expenses and other assets	(184,096)	(969,309)
Accounts payable and accrued expenses	(150,084)	1,242,374
Other non-current liabilities	8,394	162,590
Net cash used in operating activities	(4,153,576)	(3,342,795)
Cash flows from investing activities:
Payments for exploration and evaluation	(12,226,577)	(18,867,528)
Payments for assets under construction	(2,669,138)	—
Advance received for sale of assets held for sale	400,000	—
Net cash used in investing activities	(14,495,715)	(18,867,528)
Cash flows from financing activities:
Proceeds from issue of common stock	—	36,151,220
Proceeds from issue of shares under greenshoe option	7,410,000	—
Contributions received from noncontrolling interest holders	11,454,459	—
Common stock issue transaction costs	(2,120,042)	(1,752,807)
Net cash from financing activities	16,744,417	34,398,413
Net (decrease) increase in cash and cash equivalents and restricted cash	(1,904,874)	12,188,090
Cash and cash equivalents and restricted cash at the beginning of period	74,745,897	7,056,136
Effects of exchange rate changes on cash and cash equivalents	1,200,981	2,377,745
Cash and cash equivalents and restricted cash at the end of period	$74,042,004	$21,621,971
Supplemental cash flow information:
Non-cash investing and financing activities:
Accrued capital expenditure	$2,683,682	$619,591
Asset retirement obligations	$(326,433)	$(72,433)
Stock-based compensation	$(1,129,450)	$(268,403)
Contribution receivable from noncontrolling interest holders	$3,306,021	$6,149,495
Operating lease right-of-use assets and lease liabilities	$(57,052)	$(78,933)
Interest accrued on finance lease liabilities	$(795,924)	$(815,910)
Finance lease right-of-use assets and lease liabilities	$—	$(25,812,769)
Non-cash finance lease costs capitalized to unproved properties	$3,328,639	$3,913,442

The accompanying notes are an integral part of these condensed consolidated financial statements.

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TAMBORAN RESOURCES CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1 – Business and Basis of Preparation

General

Tamboran Resources Corporation (the “Company” or “Tamboran” and together with its consolidated subsidiaries,

the “Group”) is an early-stage growth-oriented natural gas company with a vision of supporting the net zero CO2 energy

transition in Australia and Asia-Pacific through developing low CO2 unconventional gas resources in the Northern

Territory (“NT”) of Australia. The Group is in the exploration stage with a current focus on exploiting its primary assets,

which are rights to working interests (“Tenements”) in exploration acreage in the Beetaloo sub-basin (“Beetaloo” or

“Beetaloo Basin”), NT Australia. To date, the Group has not determined whether the Tenements contains any natural gas

reserves that are economically recoverable. Further, the Group had no revenues from its gas operations as of September 30,

2024.

Going Concern and Management’s Liquidity Plan

The accompanying condensed consolidated financial statements have been prepared on the basis that the Group will

continue as a going concern which contemplates the realization of assets and the satisfaction of liabilities in the ordinary

and usual course of business.

As of September 30, 2024, the Group had:

•not generated revenues since inception, and is unlikely to generate earnings in the immediate or foreseeable

future;

•a working capital surplus of $47,264,270 (excluding assets held for sale);

•an accumulated deficit of $136,274,345 since inception; and

•significant expenditures planned for the unproved properties in the next 12 months.

These factors raise substantial doubt regarding the Group’s ability to continue as a going concern for the 12 months

following the date these condensed consolidated financial statements were available for issuance. The continuation of the

Group as a going concern is dependent upon the ability of the Group to obtain necessary additional capital to fund ongoing

exploration, appraisal and development projects and/or obtain gas producing properties to attain future profitable

operations. No assurance can be given that the Group will be successful in these efforts in the future.

Management has several plans in various stages of progress to source additional funding to provide operating capital

for continued growth of the Group. Therefore, these condensed consolidated financial statements do not include any

adjustments related to the recoverability and classification of recorded assets and liabilities that might be necessary should

the Group be unable to continue as a going concern.

Basis of Presentation of Condensed Consolidated Financial Statements

The accompanying condensed consolidated financial statements have been prepared in conformity with the

accounting principles generally accepted in the United States of America (“U.S. GAAP”) and rules and regulations of the

Securities and Exchange Commission (“SEC”) applicable to interim financial statements. Pursuant to such rules and

regulations, certain disclosures and information required by U.S. GAAP for complete consolidated financial statements

have been condensed or omitted. The accompanying condensed consolidated financial statements and notes therein should

be read in conjunction with the financial statements and notes included in our consolidated financial statements for the year

ended June 30, 2024 (“Group’s Annual Financial Statements”).

These condensed consolidated financial statements reflect all adjustments, in the opinion of management, which

include normal and recurring adjustments necessary to fairly state the Group’s consolidated financial position, results of

operations, and cash flows for the periods presented herein. The interim results are not necessarily indicative of results for

any other future annual or interim period. The June 30, 2024, condensed consolidated balance sheet was derived from the

audited Group’s Annual Financial Statements but does not include all disclosures required by U.S. GAAP for annual

financial statements.

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Significant Judgments and Accounting Estimates

The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires

management to make certain estimates and assumptions that affect the amounts of assets and liabilities, revenue and

expenses and related disclosures of contingent assets and liabilities reported in the condensed consolidated financial

statements and the accompanying notes. There have been no significant changes to the Group’s accounting estimates from

those disclosed in the Group’s Annual Financial Statements.

Significant Accounting Policies

The Group’s significant accounting policies are described in the notes to the consolidated financial statements for the

year ended June 30, 2024, included in the Group’s Annual Financial Statements. There have been no significant changes in

accounting policies during the three months ended September 30, 2024.

Foreign Currency Translation

These condensed consolidated financial statements are presented in US dollars (“$” or “dollars”) and the functional

currency of the Group is the Australian Dollar (“A$”). Adjustments resulting from the translation of functional currency

financial statements to reporting currency are accumulated and reported as a part of “Accumulated Other Comprehensive

Loss”, a separate component of stockholders’ equity.

Foreign Currency Transactions

Foreign currency transactions are translated into the Company’s functional currency using the exchange rates

prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such

transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in

foreign currencies are recognized in the condensed consolidated statements of operations and comprehensive loss.

Leases

As a Lessee

The Group accounts for leases under ASC 842, Leases (“ASC 842”). The Group determines if an arrangement is a

lease at inception of the arrangement and if such lease will be classified as an operating lease or a finance lease. The

Group’s leases represent its right to use an underlying asset for the lease term. Right-of-use (“ROU”) assets and liabilities

are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the

Group’s leases do not provide an implicit rate, the Group used a proxy for its incremental borrowing rate, which is the rate

incurred to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar

economic environment.

The Group has elected to account for lease and non-lease components in its contracts as a single lease component for

all asset classes except for office premises.

Operating leases are included in “Operating lease right-of-use assets” within the Group’s condensed consolidated

balance sheet. The Group’s related obligation to make lease payments are included in “Current portion of operating lease

obligations” and “Operating lease obligations” within the Group’s condensed consolidated balance sheet. Operating lease

expense for lease payments is recognized on a straight-line basis over the lease term.

Finance leases are included in “Finance lease right-of-use assets” within the Group’s condensed consolidated balance

sheet. The Group’s related obligation to make lease payments are included in “Current portion of finance lease obligations”

and “Finance lease obligations” within the Group’s condensed consolidated balance sheet. Finance lease expense includes

amortization of the ROU assets and interest on lease liabilities. The Group capitalizes the finance lease expense as a part of

unproved properties when the leased asset is directly involved in the drilling of wells (i.e. the finance lease expense is a

direct cost of drilling wells).

Leases with a lease term of 12 months or less are not recorded on the condensed consolidated balance sheet and are

recognized as lease expense on a straight-line basis over the lease term. When it is reasonably certain the Group will

exercise an option to extend the short-term lease beyond 12 months, the cost will be capitalized.

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As a Lessor

Sublease income is recognized on a straight-line basis over the term of the sublease agreement and is recorded within

“Other expenses, net” in the condensed consolidated statements of operations and comprehensive loss.

Natural Gas Properties

The Group is in the exploration stage and has not yet realized any revenues from its operations. The Group holds a

number of exploration permits that are grouped into areas of interest according to geographical and geological attributes.

Expenditure incurred in each area of interest is accounted for using the successful efforts method, as defined within ASC

932, Extractive Activities – Oil and Gas.

Under this method, all general exploration and evaluation costs such as geological and geophysical costs are

expensed as incurred. The direct costs of acquiring the rights to explore, drilling exploratory wells, and evaluating the

results of drilling are capitalized as exploration and evaluation assets (as a part of unproved properties) pending the

determination of the results of the well. If a well does not result in hydrocarbons being present, the previously capitalized

costs are immediately expensed.

Note 2 – Variable Interest Entities

Tamboran (B1) Pty Ltd (“TB1”) is a 50/50 joint venture between the Company, through its wholly owned subsidiary

Tamboran (West) Pty Ltd (“TR West”), and Daly Waters Energy, LP ("DWE") governed by the amended and restated joint

venture and shareholders agreement dated June 3, 2024 (the “TB1 Joint Venture Agreement”). In assessing the primary

beneficiary of TB1, the Company determined the primary activities that most significantly impact the economic

performance of TB1 include serving as the manager, determining the strategy and direction of TB1, and the power to create

a budget.

The Company was appointed as the manager to manage and carry out day-to-day operations which supports the basis

of Tamboran as the primary beneficiary. The Company, as manager, also prepares the work plans and budget of TB1. As

such it was determined that the Company has the power to direct TB1’s activities that most significantly impact TB1’s

economic performance. As a result of the assessment performed, the results of TB1 have been included in the

accompanying condensed consolidated financial statements. TB1 has no assets that are collateral for or restricted solely to

settle its obligations. The creditors of TB1 do not have recourse to the Group’s general credit.

The Company also assessed which party to the TB1 Joint Venture Agreement has the obligation to absorb losses or

the right to receive the benefits of the VIE that could potentially be significant to the VIE. The future profits and losses of

TB1 are shared by the Company and DWE in proportion to their respective equity interest in TB1, however, to date the

Company has contributed a greater proportion of the capital and has no ability to recoup any of the excess funding the

Company has made to TB1 from DWE and therefore has a greater exposure to absorb losses.

A loan was provided to TR West from Tamboran Resources Pty Ltd (formerly known as Tamboran Resources

Limited) ("TR Ltd."), a wholly owned subsidiary of the Company. The loan was used by TR West to acquire its interest in

TB1. On November 9, 2022, TB1 completed the acquisition of a 77.5% share of Beetaloo Basin assets, EP 76, EP 98, and

EP 117. As a result of the TB1 Joint Venture Agreement, the Company and DWE each beneficially acquired a 38.75%

interest in the permits for the total undivided interest of 77.5%. Falcon Oil and Gas Australia limited ("Falcon") holds the

remaining undivided interest of 22.5% in the assets (collectively known as the "Beetaloo Joint Venture").

On March 4, 2024, Falcon, the owner of the remaining 22.5% interest in the Beetaloo Joint Venture assets, capped its

participation to 5% in the Beetaloo Joint Venture’s second Shenandoah South well pad (“SS2”). On March 21, 2024,

Tamboran B2 Pty Ltd ("TB1 Operator") (a wholly owned subsidiary of TB1 in which the Company has a 50% interest)

agreed to pick up Falcon’s interest, increasing TB1 Operator’s working interest to at least 95% in the wells drilled from the

SS2 well pad.

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The following table summarizes the carrying amounts of TB1’s assets and liabilities included in the Group’s

condensed consolidated balance sheet as of September 30, 2024 and June 30, 2024:

	September 30, 2024	June 30, 2024
ASSETS
Current assets
Cash and cash equivalents	$8,454,574	$1,488,541
Trade and other receivables:
Joint interest billing	3,096,440	10,298,322
Intercompany receivable	5,526,088	7,415,684
ATO receivable	1,138,054	615,480
Prepaid expenses and other current assets	1,805,605	1,476,094
Total current assets	20,020,761	21,294,121
Natural gas properties, successful efforts method:
Unproved properties	194,418,892	167,998,061
Assets under construction- natural gas equipment	10,411,398	7,542,064
Finance lease right-of-use assets	19,096,969	20,697,452
Prepaid expenses and other non-current assets	402,565	385,215
Total non-current assets	224,329,824	196,622,792
TOTAL ASSETS	$244,350,585	$217,916,913
LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$12,098,118	$10,569,865
Current portion of finance lease obligations	18,795,312	12,767,400
Total current liabilities	30,893,430	23,337,265
Finance lease obligations	10,193,335	14,141,713
Asset retirement obligations	4,821,472	4,174,178
Loan from Tamboran	128,124,936	113,096,572
Total non-current liabilities	143,139,743	131,412,463
TOTAL LIABILITIES	$174,033,173	$154,749,728

Note 3 – Property, Plant and Equipment & Natural Gas Properties

Natural Gas Properties

The Group held unproved natural gas properties as of September 30, 2024 and June 30, 2024, amounting to

$259,656,933 and $230,119,448, respectively. These amounts reflect the Group’s exploration and evaluation projects,

which are pending the determination of proven and probable reserves and were not being depleted for the three months

ended September 30, 2024, and 2023. These assets will be reclassified to proven gas properties upon commencement of

production and then subsequently depleted.

During the three months ended September 30, 2024 and September 30, 2023, the Group recognized no impairment

related to unproved natural gas properties.

	Natural gas properties
	EP 161	EP136	EP 76, 98 and 117	Total
Balance at July 1, 2024	$23,744,221	$51,035,326	$155,339,901	$230,119,448
Capital expenditure	15,687	234,594	14,659,978	14,910,259
Restoration assets	—	—	326,433	326,433
Interest on finance lease liability and related depreciation of ROU assets capitalized	—	—	3,328,639	3,328,639
Effect of changes in foreign exchange rates	1,051,310	2,268,552	7,652,292	10,972,154
Balance at September 30, 2024	$24,811,218	$53,538,472	$181,307,243	$259,656,933

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Property, Plant and Equipment

The Group held property, plant and equipment, including leasehold improvements, as of September 30, 2024 and

June 30, 2024, amounting to $74,792 and $102,244, respectively.

Assets Under Construction

In April, 2024 the Group began to execute agreements for long lead items required for the Sturt Plateau Compression

Facility (“SPCF”) in the Beetaloo Basin. These items included essential plant components comprising of a compressor and

dehydration unit that would convert future raw gas to meet sales gas quality, subject to the terms of definitive development

agreements. During the three months ended September 30, 2024, the Group commenced detailed design of the SPCF. The

Group held total assets under construction related to the SPCF as of September 30, 2024 and June 30, 2024 of $10,411,399

and $7,542,064 respectively.

The 40 MMcf/d SPCF is expected to be connected to the Amadeus Gas Pipeline ("AGP") via the construction of

the 35-kilometer Sturt Plateau Pipeline ("SPP") subject to achieving project milestones and executing further agreements.

Loss on Assets Classified as Held for Sale

During the three months ended September 30, 2024, the Group had rig 403 classified as held for sale. In September,

2024, the Group entered into an exclusivity agreement with a third party for the sale of rig 403 for $8,500,000 (excluding a

sales commission of 6%). On September 30, 2024, the Group received a non-refundable advance payment of $400,000 for

a 30-day exclusivity period. As this exclusivity agreement indicated a firm offer, the Group recognized a loss on assets held

for sale of $376,000 to reduce the asset to the lower of its carrying amount and the fair value less costs to sell.

Subsequent to September 30, 2024, the Group completed the sale of rig 403. Refer to Note 13 for additional details.

Note 4 – Leases

As a Lessee

The Group’s operating lease activities consist of leases for office premises.

cing July 1, 2024, the Group entered into a new lease agreement with Drecom Pty Ltd ATF English Family Trust for their

office premises in Darwin, Australia. The term of the lease is three years, with an option to further renew the lease for two

years.

Commencing October 1, 2023, the Group entered into a new lease agreement with Lendlease IMT (OITST ST) Pty

Ltd for their office premises in Barangaroo, Australia. The term of the lease is four years, with no option to renew.

On September 9, 2022, Sweetpea Petroleum Pty Ltd (“Sweetpea”), a wholly owned subsidiary of Tamboran, entered

into a drilling contract with Helmerich & Payne International Holdings LLC ("H&P") for H&P to assist the Group in

carrying out its onshore drilling operations in Australia. The drilling contract grants Tamboran the right to use the drilling

rig from H&P over the non-cancellable contract term of 25 months starting from July 1, 2023. Under the terms of the

agreement, the Group has the right to place the drilling rig on a temporary suspension rate between wells for a period up to

270 days (the “Gap Period”). For each day of the Gap Period consumed, additional days are added to the fixed minimum

term. As of September 30, 2024, the end date of the drilling contract for the current rig is mid-July 2026. The drilling

contract is recognized as a finance lease under ASC 842 (“H&P Rig Lease”).

The present value of the minimum future obligations was calculated based on an interest rate of 13.5% p.a., which

was recognized in finance lease liabilities in the condensed consolidated balance sheet.

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The following table presents the classification and location of the Group’s leases on the condensed consolidated

balance sheets:

	September 30, 2024	June 30, 2024
Right-of-use assets:
Operating lease right-of-use assets	$1,019,104	$962,052
Finance lease right-of-use assets	18,164,738	20,697,452
	19,183,842	21,659,504
Lease liabilities:
Current portion of operating lease obligations	360,801	397,999
Non-current portion of operating lease obligations	725,571	587,250
Current portion of finance lease obligations	18,220,258	12,767,400
Non-current portion of finance lease obligations	9,556,380	14,141,713
	$28,863,010	$27,894,362

For the three months ended September 30, 2024, and 2023, the components of the lease costs were as follows:

	Three months ended September 30,
	2024	2023
Operating leases:
Operating lease cost charged to profit and loss	$157,146	$70,514
Finance leases:
Interest on lease liabilities	795,924	815,910
Depreciation on right-of-use assets	2,532,715	3,097,532
Total finance lease cost	3,328,639	3,913,442
Less: Lease cost capitalized to unproved properties	(3,328,639)	(3,913,442)
Finance lease cost charged to profit and loss	$—	$—

The following table presents the cash flow information related to lease payments for the three months ended

September 30, 2024, and 2023:

	Three months ended September 30,
	2024	2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$157,146	$70,514
Financing cash flows for finance leases	—	—
	$157,146	$70,514

The following table presents supplemental information for the Group’s non-cancellable leases for the three months

ended September 30, 2024, and 2023:

	Three months ended September 30,
	2024	2023
Operating leases:
Weighted-average remaining lease term	3.57	1.42
Weighted-average incremental borrowing rate	13.50%	3.90%
Finance leases:
Weighted-average remaining lease term	1.83	2.83
Weighted-average incremental borrowing rate	13.45%	13.45%

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As of September 30, 2024, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are

as follows:

As at September 30, 2024	Operating leases	Finance leases
Fiscal year ending June 30, 2025 (excluding three months period from July 1, 2024 to September 30, 2024)	$392,879	$15,419,850
Fiscal year ending June 30, 2026	356,745	14,417,500
Fiscal year ending June 30, 2027	368,215	632,000
Thereafter	177,578	—
Total lease payments	1,295,417	30,469,350
Less: Imputed interest	(209,045)	(2,692,712)
Present value of lease liabilities	$1,086,372	$27,776,638

As a Lessor

On October 15, 2023, the Group entered into an agreement with a third party to sublease its former office premises in

Manly, Australia. The commencement date of the sublease was October 1, 2023, with a lease term of 17 months. Sublease

income for the three months ended September 30, 2024, was $81,637 and is included within “Other expenses, net” on the

Group’s condensed consolidated statements of operations and comprehensive loss. There have been no indications of

impairment related to the underlying right-of-use asset.

Note 5 – Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses included in current liabilities consist of the following:

	September 30, 2024	June 30, 2024
Accounts payable	$7,183,077	$6,619,320
Accrued payroll	391,002	13,216
Compensated absences	744,222	668,825
Defined contribution superannuation payable	—	8,164
Accrued capital expenditure	7,002,385	4,318,703
Accrued expenses	804,619	3,204,371
	$16,125,305	$14,832,599

Note 6 – Asset Retirement Obligations

The Group recognizes the liability for an asset retirement obligation at their estimated fair value in the period in

which the obligation originates. Fair value is estimated using the present value technique (level 2) based on a number of

observable inputs including estimates and assumptions such as future retirement costs, future inflation rates and the

Group’s credit-adjusted risk-free interest rate.

The Group capitalized the present value of the estimated asset retirement obligations as a part of the carrying amount

of the related natural gas properties. The liability has been accreted to its present value for three months ended

September 30, 2024.

The reconciliation of changes in asset retirement obligations for the three months ended September 30, 2024, is as

follows:

	Three months ended September 30, 2024
Beginning asset retirement obligations	$8,140,992
Liabilities incurred	326,433
Accretion expense	257,738
Effect of changes in foreign exchange rates	366,739
Long-term asset retirement obligations	$9,091,902

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Note 7 – Stockholders’ Equity

Movement in Common Stock:

	Date	Tamboran common stock	Issue price	Details	Net proceeds
Balance at July 1, 2024		13,915,524			$396,924,177
Capital raise	July 2024	308,750	$24.00	$7,410,000
Less: Transaction costs		—		$(479,150)	6,930,850
Balance at September 30, 2024		14,224,274			$403,855,027

July 2024 Greenshoe Option

Subsequent to the Initial Public Offering (“IPO”) in June 2024, the underwriters exercised the greenshoe option

granted to them to purchase additional shares of common stock of the Company. Under this option, underwriters purchased

a total of 308,750 shares of common stock of the Company on July 30, 2024. The net proceeds from the IPO and from the

issuance under greenshoe option will be used for natural gas exploration and appraisal activities, progressing the Group’s

three phases of development and other general corporate purposes.

Note 8 – Stock-Based Compensation

Milestone Options

During the three months ended September 30, 2024, the Group did not grant any new milestone options to its

employees and no milestone options were forfeited.

As of September 30, 2024, the milestone options are substantially below the current market value of the underlying

securities. As such, the Company accelerated the recognition of the remaining expense. The Group recognized $138,996

(inclusive of accelerated expense) and $268,403 as stock-based compensation expense related to milestone options for the

three months ended September 30, 2024, and September 30, 2023, respectively.

Restricted Stock Units

On August 6, 2024, the Group adopted the 2024 Incentive Award Plan (the "2024 Plan"). As of September 30, 2024,

the maximum number of shares of common stock that may be issued under the 2024 Plan was 1,600,000 shares.

The 2024 Plan, allows, among other things, for the grant of Restricted Stock Units ("RSUs"). On August 6, 2024, the

Group issued RSUs to certain eligible service providers, employees and executive officers (the “participants”) to provide

them an opportunity to participate in the growth and profits of the Group and to attract, motivate, and retain their services

to promote the long-term success of the Group.

On August 6, 2024, the Company granted 47,400 Restricted Stock Units (“Retention Awards”) to its employees in

Australia and U.S. The Retention Awards granted to Australian employees entitle them to CHESS Depository Interests

("CDIs") representing 39,250 shares of common stock (each CDI represents 1/200th of a share of common stock).

Similarly, the Retention Awards granted to U.S. employees entitle them to 8,150 shares of common stock. The vesting

conditions state that all Retention Awards will vest in full on December 31, 2025, provided the employee remain in service

as of the vesting date. The fair value at grant date of the Retention Awards was $21.73 per common stock and $0.109 per

CDI.

On August 6, 2024, the Company also granted 795,000 Restricted Stock Units (“IPO Awards”) to its employees in

Australia and U.S. The IPO Awards granted to Australian employees entitle them to CDIs representing 620,000 shares of

common stock. Similarly, the IPO Awards granted to U.S. employees entitle them to 175,000 shares of common stock. The

IPO Awards will vest in following three tranches:

•Tranche 1 – 397,500 IPO Awards granted to Australian and U.S. employees will vest in full on July 3, 2027,

provided the employee remains in service as of the vesting date. The fair value at grant date of Tranche 1 was

$21.73 per common stock and $0.109 per CDI.

•Tranche 2 – 98,750 IPO Awards granted to Australian and U.S. employees will vest subject to the completion

of the Group’s Phase 1 Development Plan to establish first production of the Shenandoah South Pilot Project

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and establish first production of 40 TJ/d measured by completion of the milestones (“Vesting Trigger

Conditions”). Full vesting of Tranche 2 may occur at any time between July 3, 2027, and July 3, 2029, should

the Vesting Trigger Conditions be satisfied, or unless otherwise determined by the Board of the Company. The

fair value at grant date of Tranche 2 was $21.73 per common stock and $0.109 per CDI.

•Tranche 3 – 298,750 IPO Awards granted to Australian and U.S. employees will vest subject to the Company’s

Total Shareholder Return (“TSR”) reaching or exceeding the 75th percentile of the Benchmark Index TSR

between July 3, 2027, and July 3, 2029. TSR will be measured against the S&P SmallCap 600 Energy (or any

other market index determined by the Board in their sole discretion) (“Benchmark Index”) over the same

performance measurement period. The fair value at grant date of Tranche 3 was $19.64 per common stock and

$0.098 per CDI

The grant date fair value of the Tranche 3 RSUs were determined through the use of the Monte Carlo simulation

method. This method requires the use of subjective assumptions such as the price and the expected volatility of the

Company’s common stock and its self-determined peer group companies’ stock, risk free rate of return, and cross-

correlations between the Company and its peer group companies. Expected volatilities for the Company and each peer

company utilized in the model are estimated using a historical period consistent with the awards’ remaining performance

period as of the grant date. The risk-free interest rate is based on the yield on U.S. Treasury Constant Maturity for a term

consistent with the remaining performance period. The valuation model assumes dividends, if any, are immediately

reinvested.

The following table summarizes the assumptions used to calculate the grant date fair value of the Tranche 3 RSUs

granted on August 6, 2024:

Expected term for performance period (in years)	4.9
Expected volatility	74.6%
Risk-free interest rate	3.7%

The Retention Awards and IPO Awards entitle the participants to receive the equivalent value (in cash or shares of

common stock/CDIs) of dividends paid on shares of common stock and CDIs, respectively.

The RSUs are not transferable. There are no participation rights or entitlements inherent in the RSUs and the

participants will not be entitled to participate in new issues of capital offered to stockholders or holders of CDIs.

If the Company makes a bonus issue of common stock, CDIs, or other securities to existing stockholders or holders

of CDIs (other than an issue in lieu or in satisfaction of dividends or by way of dividend reinvestment), the number of

shares of common stock or CDIs that must be issued on the exercise of a Retention Award or IPO Award, respectively, will

be increased by the number of shares of common stock or CDIs that the participant would have received if the participant

had exercised the RSUs before the record date for the bonus issue.

The following table presents the stock-based compensation expense related to our RSUs for the three months ended

September 30, 2024:

	Expense recognized during three months ended September 30, 2024	Remaining expense to recognize, if all vesting conditions are met	Weighted average remaining contractual term (in years)
IPO Awards (Tranche 1)	$455,471	$8,182,204	2.75
IPO Awards (Tranche 2)	$113,152	$2,032,686	2.75
IPO Awards (Tranche 3)	$309,395	$5,558,055	2.75
Retention Awards	$112,437	$917,565	1.25
Total	$990,455	$16,690,510

Note 9 – Income Taxes

The effective tax rates for the three months ended September 30, 2024, and 2023 were both nil. The Group’s

effective tax rate differed from the applicable statutory income tax rate due to operating losses incurred for the three

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months ended September 30, 2024, and 2023. The Group has accumulated losses for tax purposes as of September 30,

2024, in the amount of $290,783,210 which may be carried forward and offset against taxable income in the future for an

indefinite period, subject to meeting Australian tax rules around continuity of ownership or business continuity test.

As of September 30, 2024, and June 30, 2024, the Group did not have any uncertain tax positions.

Note 10 – Loss Per Share

Basic net loss per share applicable to common stockholders is computed by dividing earnings applicable to common

stockholders by the weighted average number of common shares outstanding. Diluted loss per share assumes the

conversion of any convertible securities using the treasury stock method.

The computations for basic and diluted loss per share are as follows:

	Three months ended September 30,
	2024	2023
Numerator:
Net loss after income tax attributable to Tamboran Resources Corporation stockholders	$(5,894,574)	$(3,189,698)
Denominator:
Weighted average number of common stock outstanding, basic and diluted	14,124,788	8,486,578
Net loss per share, basic and diluted	$(0.417)	$(0.376)

The Company’s potentially dilutive shares, which include outstanding milestone options and RSUs, have not been

included in the computation of diluted net loss per share for the three months ended September 30, 2024, and 2023 as the

result would be anti-dilutive.

Note 11 – Commitments and Contingencies

From time to time, the Group may be subject to various claims, title matters and legal proceedings arising in the

ordinary course of business, including environmental contamination claims, personal injury and property damage claims,

claims related to joint interest billings and other matters under natural gas operating agreements and other contractual

disputes. The Group maintains general liability and other insurance to cover some of these potential liabilities. All known

liabilities are fully accrued based on the Group’s best estimate of the potential settlement amount. While the outcome and

impact on the Group cannot be predicted with certainty, the Group believes that its ultimate liability with respect to any

such matters will not have a significant impact or material adverse effect on its financial positions, results of operations or

cash flows. Results of operations and cash flows, however, could be significantly impacted in the reporting periods in

which such matters are resolved.

Capital Commitments

	September 30, 2024	June 30, 2024
Committed at the reporting date but not recognized as liabilities, payable:
Sweetpea	$24,332,061	$23,283,360
EP 161	2,768,940	2,649,600
Beetaloo Joint Venture	65,463,797	62,642,340
Midstream	1,902,385	1,971,843

Sweetpea

Sweetpea’s committed spend as of September 30, 2024, was $24,332,061 which was related to two licenses, EP 136

with total commitments of $14,709,994 and EP 143 with total commitments of $9,622,067.

A renewal application for EP 136 was submitted to the Department of Mining and Energy (“DME”) (formerly the

Department of Industry, Tourism and Trade) in September 2023, and approved in July 2024, granting a five-year extension

for the period July 24, 2025 to July 23, 2030 with a minimum work program commitment of $14,709,994.

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A variation application for EP 143 was submitted to DME in August 2024, and approved in October 2024. The total

minimum work program commitments remain the same at $9,622,067 with activity and associated spend being transferred

within the license term.

EP 161

For the McArthur working interest, we are obligated to contribute our share of expenses to uphold our stake in EP

161. Our commitment through March 2026 is expected to be $2,768,940 based on the minimum work requirements. There

are no minimum commitment requirements after March 2026.

Beetaloo Joint Venture

The terms of the Beetaloo Joint Venture necessitate specific minimum work obligations through May 2028. These

commitments include an expected spend of $65,463,797 related to drilling and multi-stage hydraulic fracturing of five

wells, 2D seismic survey, and subsurface studies, with expenditure across EP 76 of $22,264,007, EP 98 of $20,935,782 and

EP 117 of $22,264,008. An application was submitted to DME on September 26, 2024 to vary the year 2 and 3 work

program, and is currently pending resolution.

Midstream

Procurement of the long lead items for the SPCF compressor package and dehydration package were placed in June

2024 with progress payments of $1,902,385 required prior to the end of 2025.

Environmental

The Group’s operations are subject to risks normally associated with the drilling, completion and production of oil

and gas, including blowouts, fires, and environmental risks such as oil spills or gas leaks that could expose the Group to

liabilities associated with these risks.

In the Group’s acquisition of existing or previously drilled well bores, the Group may not be aware of prior

environmental safeguards, if any, that were taken at the time such wells were drilled or during such time the wells were

operated. The Group maintains comprehensive insurance coverage that it believes is adequate to mitigate the risk of any

adverse financial effects associated with these risks.

However, should it be determined that a liability exists with respect to any environmental cleanup or restoration, the

liability to cure such a violation could still fall upon the Group. No claim has been made, nor is the Group aware of any

liability which the Group may have, as it relates to any environmental cleanup, restoration, or the violation of any rules or

regulations relating thereto except for the matter discussed above.

Legal Proceedings

The Group is a party to legal proceedings encountered in the ordinary course of its business. While the ultimate

outcome and impact to the Group cannot be predicted with certainty, in the opinion of management, it is remote that these

legal proceedings will have a material adverse impact on the Group’s condensed consolidated financial condition, results of

operations or cash flows.

Note 12 – Related Party Transactions

The Group transacts with two shareholders identified as related parties, H&P and Mr. Bryan Sheffield. The

transactions during the three months ended September 30, 2024 are as follows.

H&P

During the year ended June 30, 2023, the Group entered into a strategic alliance with H&P and secured a

$15,000,000 equity investment from H&P (and as a consequence, a member of the H&P Executive Leadership Team was

appointed as a director of the Group). The strategic alliance resulted in H&P supporting the Group’s development plans in 

NT Australia through their equity investment in the Company while at the same time executing on H&P’s strategy to gain

more international exposure through the use of drilling rigs in Australia.

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On July 1, 2023, the lease commenced with H&P for the use of the FlexRig® for a 25-month period (Refer to Note

4). During the three months ended September 30, 2024, the Group incurred cost of $3,951,666, relating to a combination of

site mobilization, standby, drilling, labor and rig move costs, which remains unpaid as of September 30, 2024 in addition to

one open payable of $745,502 from June 2024.

Mr. Sheffield

During the three months ended September 30, 2024, the Group transacted with DWE, an entity controlled by

Mr. Sheffield who has been a shareholder in the Company since November 2021.

The Group and DWE maintain a 50/50 joint venture, TB1 (see Note 2 - Variable Interest Entities).

During the three months ended September 30, 2024, DWE's share of expenditure for which contributions were due

was $5,902,678 to fund their share of costs for the Beetaloo Joint Venture. As of September 30, 2024, the Group had

unpaid cash calls owing from DWE in the amount of $3,306,021.

Note 13 – Subsequent Events

Rig 403 sale

In October 2024, the Group completed the disposal of the rig 403 at a price of $8,500,000 (of which the Group had

received $400,000 in advance during the three months ended September 30, 2024). The Group paid sales commission of

6% on the sales proceeds in November 2024.

Research and Development ("R&D") tax claim

In October 2024, the Group lodged an amended income tax return for the year ended June 30, 2023 claiming eligible

R&D expenditure, which is expected to result in a cash refund of $6,839,963. The amount has not been recorded as a

receivable as it is not virtually certain.

SPCF

In October 2024, the Group entered into a Unit Holders and Shareholders Deed with DWE for the establishment of a

trust to be owned 50/ 50 by the Group and DWE to own the SPCF.

Also in October 2024, the Group signed a contract with Enscope Pty Ltd ("Enscope"), an Australian engineering

consultancy to order long lead items costing $1,976,519, required for the SPCF.

The Group has evaluated its subsequent events occurring after September 30, 2024, through November 12, 2024,

which represents the date these condensed consolidated financial statements were available to be issued. No further

subsequent events have been identified that would require disclosure in these condensed consolidated financial statements.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S.

Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of

future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future

of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future

conditions. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,”

“commit,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and

similar references to future periods.

It is possible that the future financial performance of Tamboran Resources Corporation (the “Company”) may

differ from expectations due to a variety of factors, including but not limited to: our early stage of development with no

material revenue expected until 2026 and our limited operating history; the substantial additional capital required for our

business plan, which we may be unable to raise on acceptable terms; our strategy to deliver natural gas to the Australian

East Coast and select Asian markets being contingent upon constructing additional pipeline capacity, which may not be

secured; the absence of proved reserves and the risk that our drilling may not yield natural gas in commercial quantities or

quality; the speculative nature of drilling activities, which involve significant costs and may not result in discoveries or

additions to our future production or reserves; the challenges associated with importing U.S. practices and technology to

the Northern Territory, which could affect our operations and growth due to limited local experience; the critical need for

timely access to appropriate equipment and infrastructure, which may impact our market access and business plan

execution; the operational complexities and inherent risks of drilling, completions, workover, and hydraulic fracturing

operations that could adversely affect our business; the volatility of natural gas prices and its potential adverse effect on our

financial condition and operations; the risks of construction delays, cost overruns, and negative effects on our financial and

operational performance associated with midstream projects; the potential fundamental impact on our business if our

assessments of the Beetaloo are materially inaccurate; the concentration of all our assets and operations in the Beetaloo,

making us susceptible to region-specific risks; the substantial doubt raised by our recurring operational losses, negative

cash flows, and cumulative net losses about our ability to continue as a going concern; complex laws and regulations that

could affect our operational costs and feasibility or lead to significant liabilities; community opposition that could result in

costly delays and impede our ability to obtain necessary government approvals; exploration and development activities in

the Beetaloo that may lead to legal disputes, operational disruptions, and reputational damage due to native title and

heritage issues; the requirement to produce natural gas on a Scope 1 net zero basis upon commencement of commercial

production, with internal goals for operational net zero, which may increase our production costs; the increased attention to

environmental, social and governance (“ESG”) matters and environmental conservation measures that could adversely

impact our business operations; risks related to our corporate structure; risks related to our common stock and CDIs; and

the other risk factors discussed in the this report and the Company’s filings with the Securities and Exchange Commission

(the “SEC”).

It is not possible to foresee or identify all such factors. Any forward-looking statements in this report are based on

certain assumptions and analyses made by the Company in light of its experience and perception of historical trends,

current conditions, expected future developments, and other factors it believes are appropriate in the circumstances.

Forward-looking statements are not a guarantee of future performance and actual results or developments may differ

materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company’s

results of operations and financial condition, the Company does not assume any obligation to update or supplement any

particular forward-looking statements contained in this report, except as required by law.

Additionally, certain forward-looking and other statements in this report or other locations, such as the Company’s

corporate website, regarding ESG matters are informed by various ESG standards and frameworks (which may include

standards for the measurement of underlying data) and the interests of various stakeholders. Accordingly, such information

may not be, and should not be interpreted as necessarily being “material” under the federal securities laws for SEC

reporting purposes, even if the Company uses the word “material” or “materiality” in such discussions. ESG information is

also often reliant on third-party information or methodologies that are subject to evolving expectations and best practices,

and the Company’s approach to and discussion of these matters may continue to evolve as well. For example, the

Company’s disclosures may change due to revisions in framework requirements, availability of information, changes in its

business or applicable governmental policies, or other factors, some of which may be beyond its control.

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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with, and is qualified in its entirety by,

our condensed consolidated financial statements, the accompanying notes to the condensed consolidated financial

statements and other financial information included in this report and in our Annual Report on Form 10-K for the

year ended June 30, 2024. For further information on items that could impact our financial condition and operating

performance, see the section entitled “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended

June 30, 2024, and “Cautionary Note Regarding Forward-Looking Statements” in this report.

The following tables present selected financial information for the periods presented (dollar amounts in

thousands):

	Three months ended September 30,
	2024	2023
Revenue and other operating income	$—	$—
Operating costs and expenses:
Compensation and benefits, including stock-based compensation	(2,219)	(1,258)
Consultancy, legal and professional fees	(1,680)	(1,381)
Depreciation and amortization	(31)	(29)
Loss on remeasurement of fair value of assets classified as held for sale	(376)	—
Accretion of asset retirement obligations	(258)	(214)
Exploration expense	(1,010)	(905)
General and administrative	(1,405)	(529)
Total operating costs and expenses	(6,978)	(4,316)
Other income (expense):
Interest income, net	796	84
Foreign exchange (loss) gain, net	(254)	614
Other expenses, net	(320)	(134)
Total other income (expense)	223	564
Net loss	(6,756)	(3,752)
Foreign currency translation	12,148	(5,318)
Total comprehensive income (loss) attributable to noncontrolling interest	566	(1,402)
Total comprehensive income (loss) attributable to Tamboran Resources stockholders	4,826	(7,668)

Quarters Ended September 30, 2024 and 2023

Revenue and other operating income. We have not yet commenced natural gas production, therefore, we

did not earn any revenue and other operating income during the three months ended September 30, 2024 and 2023,

respectively.

Compensation and benefits, including stock-based compensation. Compensation and benefits, including

stock based compensation, increased by $1.0 million during the three months ended September 30, 2024, as

compared to the three months ended September 30, 2023, due primarily to the restricted stock units granted during

the period and increased headcount as compared to the comparative period.

Consultancy, legal and professional fees. Consultancy, legal and professional fees increased by $0.3

million during the three months ended September 30, 2024, as compared to the three months ended September 30,

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2023, due to increased professional fees related to U.S. GAAP financial statements. This scope of work was not

commenced until subsequent to September 30, 2023 in the prior fiscal year.

Loss on remeasurement of fair value of assets classified as held for sale. The Group recognized a loss on

assets classified as held for sale amounting to $0.4 million during the three months ended September 30, 2024, due

to a write down of rig 403 to the fair value less costs to sell in the current period, which did not occur in the

comparative period.

Accretion of asset retirement obligations expense. For the three months ended September 30, 2024, an

expense for accretion of asset retirement obligations of $0.3 million was recognized. The recognition of such an

expense was due to the accretion of asset retirement obligation liabilities in relation to all EPs, inclusive of EPs 76,

98, 117, 136 and 161, as well as SPCF for the new well and related well pads drilled during the period.

Exploration expense. Exploration expense increased by $0.1 million during the three months ended

September 30, 2024, as compared to three months ended September 30, 2023, due to increased activity for

topographical, geographical and geophysical studies and other indirect expenditure.

General and administrative. General and administrative costs increased by $0.9 million during the three

months ended September 30, 2024, as compared to the three months ended September 30, 2023, as a result of

increased expenses related to travel, insurance, and office and administrative fees.

Interest income, net. Interest income, net increased by $0.7 million during the three months ended

September 30, 2024, as compared to the three months ended September 30, 2023, due to interest received from term

deposits during the period ended September 30, 2024.

Foreign currency translation. For the three months ended September 30, 2024, we recognized a foreign

currency translation gain of $12.1 million, primarily due to the strengthening of the Australian Dollar as of

September 30, 2024, as compared to July 1, 2024. In the three months ended September 30, 2023, we recognized a

foreign currency translation loss of $5.3 million, primarily due to the weakening of the Australian Dollar as of

September 30, 2023, as compared to July 1, 2023. Foreign exchange gains and losses resulting from the settlement

of foreign currency transactions and from the translation at fiscal year-end exchange rates of monetary assets and

liabilities denominated in foreign currencies are recognized on our condensed consolidated statement of operations

and comprehensive loss.

Income tax expense. We have no income tax expense due to operating losses incurred for the three months

ended September 30, 2024, and 2023. We have provided a full valuation allowance on our net deferred tax asset

because management has determined that it is more likely than not that we will not earn income sufficient to realize

the deferred tax assets during a foreseeable future period. Management will continue to assess the potential for

realizing deferred tax assets based upon income forecast data and the feasibility of future tax planning strategies and

may record adjustments to the valuation allowance against deferred tax assets in future periods, as appropriate, that

could have a material impact on the condensed consolidated statement of operations and comprehensive loss.

Liquidity and Capital Resources

We are a development stage enterprise and will continue to be so until commencement of substantial

production from our natural gas properties. We do not expect to generate any revenue from production until 2026, at

the earliest, which will depend upon successful drilling results, additional and timely capital funding, and access to

suitable infrastructure. Until then our primary sources of liquidity are expected to be cash on hand, net proceeds

from our IPO, and funds from future private and public equity placements, debt funding and asset sales.

We expect to incur substantial expenses and generate significant operating losses as we continue to develop

our natural gas prospects and as we:

•complete our current appraisal drilling and testing program;

•develop and commercialize our assets, including development of pipelines, the proposed NT LNG

facility and other infrastructure;

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•opportunistically invest in additional natural gas assets adjacent to our current positions; and

•incur expenses related to operating as a public company and compliance with regulatory requirements.

Our future financial condition and liquidity will be impacted by, among other factors, the success of our

exploration and appraisal drilling program, the number of commercially viable natural gas discoveries made, the

quantities of natural gas discovered, the speed with which we can bring such discoveries to production, and the

actual cost of exploration, appraisal and development of our prospects.

For the remainder of fiscal year ended June 30, 2025, we estimate that we will need to invest approximately

$70.0 million to progress our development plans. We expect the additional proceeds from the rig 403 asset sale,

received in October 2024, together with our existing cash on hand, to be sufficient to fund our planned drilling and

flow testing of SS-2H and SS-3H. However, we may require significant additional funds earlier than we currently

expect in order to execute our strategy as planned. Additional funding may not be available to us on acceptable

terms or at all. In addition, the terms of any financing may adversely affect the holdings or the rights of our

stockholders. For example, if we raise additional funds by issuing additional equity securities, further dilution to our

existing stockholders will result. If we are unable to obtain funding on a timely basis, we may be required to

significantly curtail one or more of our planned activities. We also could be required to seek funds through

arrangements with collaborators or others that may require us to relinquish rights to some of our assets which we

would otherwise develop on our own, or with a majority working interest.

Cash and Cash Equivalents

The following table summarizes our key measures of liquidity for the periods indicated (in thousands).

	September 30, 2024	June 30, 2024
Cash and cash equivalents	$74,042	$74,746

As of September 30, 2024, we had $74.0 million of cash and cash equivalents. This balance represents a

decrease of $0.7 million from June 30, 2024, due to incoming funds of $5.3 million from the greenshoe option

exercised in July 2024, and cash calls received of $13.6 million offset primarily by spending on operations,

primarily the ongoing drilling of the SS-2H pilot well during the quarter ended September 30, 2024.

Capital Commitments

We had the following five-year capital commitments as of the periods indicated (in thousands), which are

not recognized as liabilities or payables on the condensed consolidated balance sheet:

	September 30, 2024	June 30, 2024
Capital commitments:
Sweetpea	$24,332	$23,283
EP 161	$2,769	$2,650
Beetaloo Joint Venture	$65,464	$62,642
Midstream	$1,902	$1,972

Sweetpea

As of September 30, 2024, the Company’s wholly owned subsidiary, Sweetpea committed to spend $24.3

million related to two licenses, EP 136 with total commitments of $14.7 million and EP 143 with total commitments

of $9.6 million over the following five years.

A renewal application for EP 136 was submitted to the Department of Mining and Energy (“DME”)

(formerly the Department of Industry, Tourism and Trade) in September 2023, and approved in July 2024, granting

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a five-year extension for the period July 24, 2025 to July 23, 2030 with a minimum work program commitment of

$14.7 million.

A variation application for EP 143 was submitted to DME in August 2024, and approved in October 2024.

The total minimum work program commitments remain the same at $9.6 million with activity and associated spend

being transferred within the license term.

EP 161

For the McArthur working interest, we are obligated to contribute our share of expenses to uphold our stake in

EP 161. Our commitment through March 2026 is approximately $2.8 million based on the minimum work

requirements. There are no minimum commitment requirements after March 2026.

Beetaloo Joint Venture

The terms of the Beetaloo Joint Venture necessitate specific minimum work obligations through May 2028.

These commitments include an expected spend of $65.5 million related to drilling and multi-stage hydraulic

fracturing of five wells, 2D seismic survey, and subsurface studies, with expenditure across EP 76 of $22.3 million,

EP 98 of $20.9 million, and EP 117 of $22.3 million . An application was submitted to DME on September 26, 2024

to vary the year 2 and 3 work program, and is currently pending resolution.

Midstream

Procurement of the long lead items for the SPCF compressor package and dehydration package were placed in

June 2024 with progress payments of $1.9 million required prior to the end of 2025.

Cash Flows

The following table summarizes our cash flows for the periods indicated (in thousands):

	Three months ended September 30,
	2024	2023
Statement of Cash Flows:
Net cash used in operating activities	$(4,154)	$(3,343)
Net cash used in investing activities	(14,496)	(18,868)
Net cash from financing activities	16,744	34,398

Net Cash Used in Operating Activities

For the three months ended September 30, 2024, net cash used in operating activities was $4.2 million

during which we incurred a net loss of $6.8 million, compared to net cash used in operating activities for the three

months ended September 30, 2023, of $3.3 million, during which we incurred a net loss of $3.8 million The net loss

for the three months ended September 30, 2024, included the non-cash impacts of depreciation and amortization,

stock-based compensation, loss on remeasurement of assets classified as held for sale, accretion of asset retirement

obligations, and foreign exchange differences. Additionally, in the three months ended September 30, 2024, net

favorable changes in operating assets and liabilities totaled $0.6 million, primarily consisting of a $0.2 million

decrease in accounts payable and accrued expenses due to timing of our pay cycle during the fiscal period, a $0.9

million decrease in trade and other receivables, and a $0.2 million increase in prepaid expenses and other assets.

Net Cash Used in Investing Activities

For the three months ended September 30, 2024, net cash used in investing activities was $14.5 million

compared to $18.9 million for the three months ended September 30, 2023. In the period ended September 30, 2024,

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there was spend on exploration and evaluation activities of $12.2 million in connection with the drilling of the SS2-

H pilot well, expenditure of $2.7 million related to the detailed design of SPCF, offset by the non-refundable

advance payment of $0.4 million for rig 403.

Net Cash from Financing Activities

For the three months ended September 30, 2024, net cash received in financing activities was $16.7 million

compared to $34.4 million received for the three months ended September 30, 2023. This change was primarily due

to the receipt of $7.4million in gross proceeds from the greenshoe option exercised in July 2024, $11.5 million

attributable to contributions from noncontrolling interest holders in connection with investments by DWE, partially

offset by transaction costs of $2.1 million.

Critical Accounting Estimates

Management’s discussion and analysis of our financial condition and results of operations are based upon our

condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The

preparation of our financial statements in conformity with U.S. GAAP requires us to make estimates and

assumptions that affect the reported amounts of certain assets, liabilities and related disclosure of contingent assets

and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the

reporting period. The following critical accounting policies relate to the more significant estimates and assumptions

used in preparing the consolidated financial statements.

The impact of, and any associated risks related to, estimates and assumptions are discussed within

Management’s Discussion and Analysis of Financial Condition and Results of Operations, as well as in the Notes to

the Condensed Consolidated Financial Statements, if applicable, where estimates and assumptions affect the

Company’s reported and expected financial results.

There have been no other material changes in critical accounting estimates at September 30, 2024 from those

described in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

Not required.

Item 4.  Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of September 30, 2024, our principal executive officer and principal financial officer concluded that we

did not maintain effective internal control over financial reporting due to the material weakness that was disclosed in

our Annual Report on Form 10-K for the year ended June 30, 2024.

As discussed in Part II, Item 9A, “Controls and Procedures” in our Annual Report on Form 10-K for the

year ended June 30, 2024, we identified the following deficiencies in our internal control over financial reporting,

which in the aggregate, constituted a material weakness:

i) lack of sufficient evidence retained of the performance of internal controls,

ii) insufficient resources in key accounting and finance roles leading to inadequate segregation of duties,

iii) lack of manage access and manage change IT general controls over the cloud-based enterprise resource

planning system, and

iv) accounting for complex transactions in accordance with U.S. GAAP.

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Status of Remediation Efforts

In response to the material weakness identified and described above, our management, with the oversight of

the Audit & Risk Management Committee of our Board of Directors, will continue to dedicate significant efforts and

resources to further improve our control environment and to take steps to remediate this material weakness. As part

of our plan to address this material weakness, we are performing a full review, with the assistance of external

consultants, of our processes and internal controls. We have implemented, and plan to continue to implement, new

controls and processes. We will also provide training to control owners, supported by external consultants, as

appropriate, in support of an effective internal control framework, including how to sufficiently document and

evidence the operation of internal controls. We will also continue to hire accounting, finance and cyber security

personnel who possess the required technical knowledge to ensure reporting requirements are met and segregation of

duties are maintained. Finally, we have implemented a new enterprise resource planning system to better support our

financial reporting, including any related internal controls.

While we have begun implementing a plan to remediate this material weakness, we cannot predict the

success of such plan or the outcome of our assessment of this plan at this time. If our steps are insufficient to

successfully remediate the material weakness and otherwise establish and maintain an effective system of internal

control over financial reporting, the reliability of our financial reporting, investor confidence in us, and the value of

our common stock could be materially and adversely affected. We can give no assurance that this implementation

will remediate this deficiency in internal control or that additional material weaknesses in our internal control over

financial reporting will not be identified in the future. Our failure to implement and maintain effective internal

control over financial reporting could result in errors in our financial statements that could result in a restatement of

our financial statements, or cause us to fail to meet our periodic reporting obligations. For as long as we are an

“emerging growth company” under the JOBS Act, our independent registered public accounting firm will not be

required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404.

Changes in Internal Control Over Financial Reporting

Except for the implementation of our remediation plans in connection with our ineffective disclosure

controls and procedures described above, there were no changes in the Company’s internal control over financial

reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act) during the quarter ended

September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control

over financial reporting.

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Part II - Other Information

Item 1. Legal Proceedings

Other than given as below, as of the date of this report, we are not a party to any material pending legal

proceedings, nor are we aware of any material civil proceeding or government authority contemplating any legal

proceeding, and to our knowledge, no such proceedings by or against us have been threatened. We anticipate that we and

our subsidiaries may from time to time in the future become subject to claims and legal proceedings arising in the ordinary

course of business. It is not feasible to predict the outcome of any such proceedings, and we cannot assure that their

ultimate disposition will not have a materially adverse effect on our business, financial condition, cash flows or results of

operations.

On July 4, 2024, the Environment Centre Northern Territory (“ECNT”) lodged an Originating Application in the

Northern Territory Civil and Administrative Appeals Tribunal (“NTCAT”) for a merits review of the Minister for

Environment, Climate Change and Water Security’s (“Minister’s”) approval of TB1 Operator’s Shenandoah South

Exploration & Appraisal Program EP98 and EP117 Environment Management Plan (“Shenandoah EMP”) (“NTCAT

Merits Review”). On August 20, 2024 the TB1 Operator was added as a respondent to the NTCAT Merits Review. The

NTCAT Merits Review commenced by ECNT under the Petroleum Act 1984 (NT) and the Petroleum (Environment)

Regulations 2016 (NT). ECNT are seeking an order that the Minister’s Original Decision is set aside and substituted with a

decision that the Tribunal Member is not satisfied the information provided in the Shenandoah EMP is sufficiently

compliant with the Petroleum (Environment) Regulations 2016 (NT), including in relation to: (a) risks of wastewater spills

and (b) risks in relation to inter-aquifer connectivity and an order that the Shenandoah EMP should be referred to the NT

EPA for an independent assessment or, in the alternative, an order that varies the Minister’s original decision and

establishes conditions in the Shenandoah EMP.

Item 1A. Risk Factors

There have been no material changes in risk factors for the quarterly period ended September 30, 2024 from those

described in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There has been no material change in the planned use of proceeds from the description included on Form S-1 (File

No. 333-279119), as amended, declared effective by the SEC on June 26, 2024.

No shares of the Company’s common stock were repurchased during the three months ended September 30, 2024.

Item 5. Other Information

During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a

“Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of

Regulation S-K.

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Item 6. Exhibits

The following documents are filed as exhibits hereto:

Exhibit number	Description
3.1	Certificate of Incorporation of Tamboran Resources Corporation (filed as Exhibit 3.1 to the Company’s Registration Statement on Form S-1 dated May 3, 2024, File No. 333-279119, and incorporated herein by reference).
3.2	Amended and Restated Bylaws of Tamboran Resources Corporation (filed as Exhibit 3.2 to the Company’s Registration Statement on Form S-1 dated June 17, 2024, File No. 333-279119, and incorporated herein by reference).
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.1*	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350 (furnished herewith).
32.2*	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350 (furnished herewith).
101	Financial statements from the Quarterly Report on Form 10-Q of Tamboran Resources Corporation for the quarter ended September 30, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations and Comprehensive Loss, (iii) the Condensed Consolidated Statements of Stockholders’ Equity, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements.
104	Cover Page Interactive Data file (formatted as iXBRL and contained in Exhibit 101).

*This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by

reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such

filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this

report to be signed on its behalf by the undersigned thereunto duly authorized.

Tamboran Resources Corporation

Date: November 12, 2024

/s/ Eric Dyer                                                 

Eric Dyer

Chief Financial Officer

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Joel Riddle, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Tamboran Resources Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.[Omitted]

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 12, 2024

/s/ Joel Riddle

Joel Riddle

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Eric Dyer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Tamboran Resources Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.[Omitted]

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 12, 2024

/s/ Eric Dyer

Eric Dyer

Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002,

18 U.S.C. SECTION 1350

In connection with the annual report of Tamboran Resources Corporation (the “Company”) on Form 10-Q for the quarter ended September 30, 2024, as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), I, Joel Riddle, Chief Executive Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 12, 2024

/s/ Joel Riddle

Joel Riddle

Chief Executive Officer

(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002,

18 U.S.C. SECTION 1350

In connection with the annual report of Tamboran Resources Corporation (the “Company”) on Form 10-Q for the quarter ended September 30, 2024, as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), I, Eric Dyer, Chief Financial Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 12, 2024

/s/ Eric Dyer

Eric Dyer

Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

XML

Cover - shares	3 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-42149
Registrant Name	Tamboran Resources Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-4111196
Entity Address, Address Line One	Suite 01, Level 39, Tower One,
Entity Address, Address Line Two	International Towers
Entity Address, City or Town	Sydney
Entity Address, Address Line Three	100 Barangaroo Avenue
Entity Address, Country	AU
Entity Address, Postal Zip Code	2000
City Area Code	61
Local Phone Number	2 8330 6626
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	TBN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,224,274
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Central Index Key	0001997652
Amendment Flag	false
Current Fiscal Year End Date	--06-30

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Current assets
Cash and cash equivalents	$ 74,042,004	$ 74,745,897
Trade and other receivables:
Joint interest billing	3,096,440	10,298,322
ATO receivable	1,471,724	700,115
Other tax receivables	10,124	11,514
Assets held for sale	7,990,000	8,366,000
Prepaid expenses and other current assets	3,350,342	3,209,033
Total current assets	89,960,634	97,330,881
Property, plant and equipment, net	74,792	102,244
Operating lease right-of-use assets	1,019,104	962,052
Finance lease right-of-use assets	18,164,738	20,697,452
Prepaid expenses and other non-current assets	1,932,677	1,889,890
Total non-current assets	291,259,643	261,313,150
TOTAL ASSETS	381,220,277	358,644,031
Current liabilities
Accounts payable and accrued expenses	16,125,305	14,832,599
Current portion of operating lease obligations	360,801	397,999
Current portion of finance lease obligations	18,220,258	12,767,400
Total current liabilities	34,706,364	27,997,998
Operating lease obligations	725,571	587,250
Finance lease obligations	9,556,380	14,141,713
Asset retirement obligations	9,091,902	8,140,992
Other non-current liabilities	98,772	90,378
Total non-current liabilities	19,472,625	22,960,333
Total liabilities	54,178,989	50,958,331
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock, $0.001 par value, 10,000,000,000 and unlimited common stock authorized; 14,224,274 and 13,915,524 shares issued and outstanding at September 30, 2024 and June 30, 2024, respectively.	14,224	13,915
Additional paid-in capital	412,654,014	404,594,023
Accumulated other comprehensive loss	(792,014)	(11,512,975)
Accumulated deficit	(136,274,345)	(130,379,771)
Total Tamboran Resources Corporation stockholders’ equity	275,601,879	262,715,192
Noncontrolling interest	51,439,409	44,970,508
Total stockholders’ equity	327,041,288	307,685,700
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	381,220,277	358,644,031
Unproved properties
Trade and other receivables:
Natural gas properties, successful efforts method:	259,656,933	230,119,448
Assets under construction - natural gas equipment
Trade and other receivables:
Natural gas properties, successful efforts method:	$ 10,411,399	$ 7,542,064

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
Statement of Financial Position [Abstract]
Common stock, par value per share (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	10,000,000,000	10,000,000,000
Common stock, shares, issued (in shares)	14,224,274	13,915,524
Common stock, shares, outstanding (in shares)	14,224,274	13,915,524

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue and other operating income	$ 0	$ 0
Operating costs and expenses
Compensation and benefits, including stock-based compensation	(2,219,133)	(1,257,991)
Consultancy, legal and professional fees	(1,679,678)	(1,380,871)
Depreciation and amortization	(30,675)	(29,012)
Loss on remeasurement of assets classified as held for sale	(376,000)	0
Accretion of asset retirement obligations	(257,738)	(214,315)
Exploration expense	(1,009,509)	(904,864)
General and administrative	(1,405,338)	(528,939)
Total operating costs and expenses	(6,978,071)	(4,315,992)
Loss from operations	(6,978,071)	(4,315,992)
Other income (expense)
Interest income, net	796,043	83,788
Foreign exchange (loss) gain, net	(254,032)	614,346
Other expenses, net	(319,507)	(134,275)
Total other income (expense)	222,504	563,859
Net loss	(6,755,567)	(3,752,133)
Less: Net loss attributable to noncontrolling interest	(860,993)	(562,435)
Net loss attributable to Tamboran Resources Corporation stockholders	(5,894,574)	(3,189,698)
Comprehensive income (loss)
Net loss	(6,755,567)	(3,752,133)
Other comprehensive income (loss)
Foreign exchange translation	12,148,177	(5,317,598)
Total comprehensive income (loss)	5,392,610	(9,069,731)
Less: Total comprehensive income (loss) attributable to noncontrolling interest	566,223	(1,401,920)
Total comprehensive income (loss) attributable to Tamboran Resources Corporation stockholders	$ 4,826,387	$ (7,667,811)
Net loss per common stock
Net loss per common stock, basic (in USD per share)	$ (0.417)	$ (0.376)
Net loss per common stock, diluted (in USD per share)	$ (0.417)	$ (0.376)
Weighted average number of common stock outstanding
Weighted average number of common stock outstanding, basic (in shares)	14,124,788	8,486,578
Weighted average number of common stock outstanding, diluted (in shares)	14,124,788	8,486,578

XML

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($)	Total	Total Tamboran Resources stockholders’ equity	Common stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit	Noncontrolling interest
Beginning balance at Jun. 30, 2023	$ 160,580,946	$ 139,534,476	$ 7,080	$ 259,298,821	$ (11,310,125)	$ (108,461,300)	$ 21,046,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance cost	34,398,413	34,398,413	1,503	34,396,910
Contributions from noncontrolling interest holders	6,149,495						6,149,495
Stock-based compensation	268,403	268,403		268,403
Foreign exchange translation	(5,317,598)	(4,478,113)			(4,478,113)		(839,485)
Net loss	(3,752,133)	(3,189,698)				(3,189,698)	(562,435)
Ending balance at Sep. 30, 2023	192,327,526	166,533,481	8,583	293,964,134	(15,788,238)	(111,650,998)	25,794,045
Beginning balance at Jun. 30, 2024	307,685,700	262,715,192	13,915	404,594,023	(11,512,975)	(130,379,771)	44,970,508
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance cost	6,930,850	6,930,850	309	6,930,541
Contributions from noncontrolling interest holders	5,902,678						5,902,678
Stock-based compensation	1,129,450	1,129,450		1,129,450
Foreign exchange translation	12,148,177	10,720,961			10,720,961		1,427,216
Net loss	(6,755,567)	(5,894,574)				(5,894,574)	(860,993)
Ending balance at Sep. 30, 2024	$ 327,041,288	$ 275,601,879	$ 14,224	$ 412,654,014	$ (792,014)	$ (136,274,345)	$ 51,439,409

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (6,755,567)	$ (3,752,133)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	30,675	29,012
Stock-based compensation	1,129,450	268,403
Foreign exchange (gain) loss, net	254,032	(614,346)
Loss on remeasurement of assets classified as held for sale	376,000	0
Accretion of asset retirement obligations	257,738	214,315
Changes in operating assets and liabilities:
Trade and other receivables	879,882	76,299
Prepaid expenses and other assets	(184,096)	(969,309)
Accounts payable and accrued expenses	(150,084)	1,242,374
Other non-current liabilities	8,394	162,590
Net cash used in operating activities	(4,153,576)	(3,342,795)
Cash flows from investing activities:
Payments for exploration and evaluation	(12,226,577)	(18,867,528)
Payments for assets under construction	(2,669,138)	0
Advance received for sale of assets held for sale	400,000	0
Net cash used in investing activities	(14,495,715)	(18,867,528)
Cash flows from financing activities:
Proceeds from issue of common stock		36,151,220
Proceeds from issue of shares under greenshoe option	7,410,000
Contributions received from noncontrolling interest holders	11,454,459	0
Common stock issue transaction costs	(2,120,042)	(1,752,807)
Net cash from financing activities	16,744,417	34,398,413
Net (decrease) increase in cash and cash equivalents and restricted cash	(1,904,874)	12,188,090
Cash and cash equivalents and restricted cash at the beginning of period	74,745,897	7,056,136
Effects of exchange rate changes on cash and cash equivalents	1,200,981	2,377,745
Cash and cash equivalents and restricted cash at the end of period	74,042,004	21,621,971
Non-cash investing and financing activities:
Accrued capital expenditure	2,683,682	619,591
Asset retirement obligations	(326,433)	(72,433)
Stock-based compensation	(1,129,450)	(268,403)
Contribution receivable from noncontrolling interest holders	3,306,021	6,149,495
Operating lease right-of-use assets and lease liabilities	(57,052)	(78,933)
Interest accrued on finance lease liabilities	(795,924)	(815,910)
Finance lease right-of-use assets and lease liabilities	0	(25,812,769)
Non-cash finance lease costs capitalized to unproved properties	$ 3,328,639	$ 3,913,442

XML

Business and Basis of Preparation

3 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Basis of Preparation

Note 1 – Business and Basis of Preparation

General

Tamboran Resources Corporation (the “Company” or “Tamboran” and together with its consolidated subsidiaries,

the “Group”) is an early-stage growth-oriented natural gas company with a vision of supporting the net zero CO2 energy

transition in Australia and Asia-Pacific through developing low CO2 unconventional gas resources in the Northern

Territory (“NT”) of Australia. The Group is in the exploration stage with a current focus on exploiting its primary assets,

which are rights to working interests (“Tenements”) in exploration acreage in the Beetaloo sub-basin (“Beetaloo” or

“Beetaloo Basin”), NT Australia. To date, the Group has not determined whether the Tenements contains any natural gas

reserves that are economically recoverable. Further, the Group had no revenues from its gas operations as of September 30,

2024.

Going Concern and Management’s Liquidity Plan

The accompanying condensed consolidated financial statements have been prepared on the basis that the Group will

continue as a going concern which contemplates the realization of assets and the satisfaction of liabilities in the ordinary

and usual course of business.

As of September 30, 2024, the Group had:

•not generated revenues since inception, and is unlikely to generate earnings in the immediate or foreseeable

future;

•a working capital surplus of $47,264,270 (excluding assets held for sale);

•an accumulated deficit of $136,274,345 since inception; and

•significant expenditures planned for the unproved properties in the next 12 months.

These factors raise substantial doubt regarding the Group’s ability to continue as a going concern for the 12 months

following the date these condensed consolidated financial statements were available for issuance. The continuation of the

Group as a going concern is dependent upon the ability of the Group to obtain necessary additional capital to fund ongoing

exploration, appraisal and development projects and/or obtain gas producing properties to attain future profitable

operations. No assurance can be given that the Group will be successful in these efforts in the future.

Management has several plans in various stages of progress to source additional funding to provide operating capital

for continued growth of the Group. Therefore, these condensed consolidated financial statements do not include any

adjustments related to the recoverability and classification of recorded assets and liabilities that might be necessary should

the Group be unable to continue as a going concern.

Basis of Presentation of Condensed Consolidated Financial Statements

The accompanying condensed consolidated financial statements have been prepared in conformity with the

accounting principles generally accepted in the United States of America (“U.S. GAAP”) and rules and regulations of the

Securities and Exchange Commission (“SEC”) applicable to interim financial statements. Pursuant to such rules and

regulations, certain disclosures and information required by U.S. GAAP for complete consolidated financial statements

have been condensed or omitted. The accompanying condensed consolidated financial statements and notes therein should

be read in conjunction with the financial statements and notes included in our consolidated financial statements for the year

ended June 30, 2024 (“Group’s Annual Financial Statements”).

These condensed consolidated financial statements reflect all adjustments, in the opinion of management, which

include normal and recurring adjustments necessary to fairly state the Group’s consolidated financial position, results of

operations, and cash flows for the periods presented herein. The interim results are not necessarily indicative of results for

any other future annual or interim period. The June 30, 2024, condensed consolidated balance sheet was derived from the

audited Group’s Annual Financial Statements but does not include all disclosures required by U.S. GAAP for annual

financial statements.

Significant Judgments and Accounting Estimates

The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires

management to make certain estimates and assumptions that affect the amounts of assets and liabilities, revenue and

expenses and related disclosures of contingent assets and liabilities reported in the condensed consolidated financial

statements and the accompanying notes. There have been no significant changes to the Group’s accounting estimates from

those disclosed in the Group’s Annual Financial Statements.

Significant Accounting Policies

The Group’s significant accounting policies are described in the notes to the consolidated financial statements for the

year ended June 30, 2024, included in the Group’s Annual Financial Statements. There have been no significant changes in

accounting policies during the three months ended September 30, 2024.

Foreign Currency Translation

These condensed consolidated financial statements are presented in US dollars (“$” or “dollars”) and the functional

currency of the Group is the Australian Dollar (“A$”). Adjustments resulting from the translation of functional currency

financial statements to reporting currency are accumulated and reported as a part of “Accumulated Other Comprehensive

Loss”, a separate component of stockholders’ equity.

Foreign Currency Transactions

Foreign currency transactions are translated into the Company’s functional currency using the exchange rates

prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such

transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in

foreign currencies are recognized in the condensed consolidated statements of operations and comprehensive loss.

Leases

As a Lessee

The Group accounts for leases under ASC 842, Leases (“ASC 842”). The Group determines if an arrangement is a

lease at inception of the arrangement and if such lease will be classified as an operating lease or a finance lease. The

Group’s leases represent its right to use an underlying asset for the lease term. Right-of-use (“ROU”) assets and liabilities

are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the

Group’s leases do not provide an implicit rate, the Group used a proxy for its incremental borrowing rate, which is the rate

incurred to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar

economic environment.

The Group has elected to account for lease and non-lease components in its contracts as a single lease component for

all asset classes except for office premises.

Operating leases are included in “Operating lease right-of-use assets” within the Group’s condensed consolidated

balance sheet. The Group’s related obligation to make lease payments are included in “Current portion of operating lease

obligations” and “Operating lease obligations” within the Group’s condensed consolidated balance sheet. Operating lease

expense for lease payments is recognized on a straight-line basis over the lease term.

Finance leases are included in “Finance lease right-of-use assets” within the Group’s condensed consolidated balance

sheet. The Group’s related obligation to make lease payments are included in “Current portion of finance lease obligations”

and “Finance lease obligations” within the Group’s condensed consolidated balance sheet. Finance lease expense includes

amortization of the ROU assets and interest on lease liabilities. The Group capitalizes the finance lease expense as a part of

unproved properties when the leased asset is directly involved in the drilling of wells (i.e. the finance lease expense is a

direct cost of drilling wells).

Leases with a lease term of 12 months or less are not recorded on the condensed consolidated balance sheet and are

recognized as lease expense on a straight-line basis over the lease term. When it is reasonably certain the Group will

exercise an option to extend the short-term lease beyond 12 months, the cost will be capitalized.

As a Lessor

Sublease income is recognized on a straight-line basis over the term of the sublease agreement and is recorded within

“Other expenses, net” in the condensed consolidated statements of operations and comprehensive loss.

Natural Gas Properties

The Group is in the exploration stage and has not yet realized any revenues from its operations. The Group holds a

number of exploration permits that are grouped into areas of interest according to geographical and geological attributes.

Expenditure incurred in each area of interest is accounted for using the successful efforts method, as defined within ASC

932, Extractive Activities – Oil and Gas.

Under this method, all general exploration and evaluation costs such as geological and geophysical costs are

expensed as incurred. The direct costs of acquiring the rights to explore, drilling exploratory wells, and evaluating the

results of drilling are capitalized as exploration and evaluation assets (as a part of unproved properties) pending the

determination of the results of the well. If a well does not result in hydrocarbons being present, the previously capitalized

costs are immediately expensed.

XML

Variable Interest Entities

3 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Note 2 – Variable Interest Entities

Tamboran (B1) Pty Ltd (“TB1”) is a 50/50 joint venture between the Company, through its wholly owned subsidiary

Tamboran (West) Pty Ltd (“TR West”), and Daly Waters Energy, LP ("DWE") governed by the amended and restated joint

venture and shareholders agreement dated June 3, 2024 (the “TB1 Joint Venture Agreement”). In assessing the primary

beneficiary of TB1, the Company determined the primary activities that most significantly impact the economic

performance of TB1 include serving as the manager, determining the strategy and direction of TB1, and the power to create

a budget.

The Company was appointed as the manager to manage and carry out day-to-day operations which supports the basis

of Tamboran as the primary beneficiary. The Company, as manager, also prepares the work plans and budget of TB1. As

such it was determined that the Company has the power to direct TB1’s activities that most significantly impact TB1’s

economic performance. As a result of the assessment performed, the results of TB1 have been included in the

accompanying condensed consolidated financial statements. TB1 has no assets that are collateral for or restricted solely to

settle its obligations. The creditors of TB1 do not have recourse to the Group’s general credit.

The Company also assessed which party to the TB1 Joint Venture Agreement has the obligation to absorb losses or

the right to receive the benefits of the VIE that could potentially be significant to the VIE. The future profits and losses of

TB1 are shared by the Company and DWE in proportion to their respective equity interest in TB1, however, to date the

Company has contributed a greater proportion of the capital and has no ability to recoup any of the excess funding the

Company has made to TB1 from DWE and therefore has a greater exposure to absorb losses.

A loan was provided to TR West from Tamboran Resources Pty Ltd (formerly known as Tamboran Resources

Limited) ("TR Ltd."), a wholly owned subsidiary of the Company. The loan was used by TR West to acquire its interest in

TB1. On November 9, 2022, TB1 completed the acquisition of a 77.5% share of Beetaloo Basin assets, EP 76, EP 98, and

EP 117. As a result of the TB1 Joint Venture Agreement, the Company and DWE each beneficially acquired a 38.75%

interest in the permits for the total undivided interest of 77.5%. Falcon Oil and Gas Australia limited ("Falcon") holds the

remaining undivided interest of 22.5% in the assets (collectively known as the "Beetaloo Joint Venture").

On March 4, 2024, Falcon, the owner of the remaining 22.5% interest in the Beetaloo Joint Venture assets, capped its

participation to 5% in the Beetaloo Joint Venture’s second Shenandoah South well pad (“SS2”). On March 21, 2024,

Tamboran B2 Pty Ltd ("TB1 Operator") (a wholly owned subsidiary of TB1 in which the Company has a 50% interest)

agreed to pick up Falcon’s interest, increasing TB1 Operator’s working interest to at least 95% in the wells drilled from the

SS2 well pad.

The following table summarizes the carrying amounts of TB1’s assets and liabilities included in the Group’s

condensed consolidated balance sheet as of September 30, 2024 and June 30, 2024:

	September 30, 2024	June 30, 2024
ASSETS
Current assets
Cash and cash equivalents	$8,454,574	$1,488,541
Trade and other receivables:
Joint interest billing	3,096,440	10,298,322
Intercompany receivable	5,526,088	7,415,684
ATO receivable	1,138,054	615,480
Prepaid expenses and other current assets	1,805,605	1,476,094
Total current assets	20,020,761	21,294,121
Natural gas properties, successful efforts method:
Unproved properties	194,418,892	167,998,061
Assets under construction- natural gas equipment	10,411,398	7,542,064
Finance lease right-of-use assets	19,096,969	20,697,452
Prepaid expenses and other non-current assets	402,565	385,215
Total non-current assets	224,329,824	196,622,792
TOTAL ASSETS	$244,350,585	$217,916,913
LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$12,098,118	$10,569,865
Current portion of finance lease obligations	18,795,312	12,767,400
Total current liabilities	30,893,430	23,337,265
Finance lease obligations	10,193,335	14,141,713
Asset retirement obligations	4,821,472	4,174,178
Loan from Tamboran	128,124,936	113,096,572
Total non-current liabilities	143,139,743	131,412,463
TOTAL LIABILITIES	$174,033,173	$154,749,728

XML

Property, Plant and Equipment & Natural Gas Properties

3 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment & Natural Gas Properties

Note 3 – Property, Plant and Equipment & Natural Gas Properties

Natural Gas Properties

The Group held unproved natural gas properties as of September 30, 2024 and June 30, 2024, amounting to

$259,656,933 and $230,119,448, respectively. These amounts reflect the Group’s exploration and evaluation projects,

which are pending the determination of proven and probable reserves and were not being depleted for the three months

ended September 30, 2024, and 2023. These assets will be reclassified to proven gas properties upon commencement of

production and then subsequently depleted.

During the three months ended September 30, 2024 and September 30, 2023, the Group recognized no impairment

related to unproved natural gas properties.

	Natural gas properties
	EP 161	EP136	EP 76, 98 and 117	Total
Balance at July 1, 2024	$23,744,221	$51,035,326	$155,339,901	$230,119,448
Capital expenditure	15,687	234,594	14,659,978	14,910,259
Restoration assets	—	—	326,433	326,433
Interest on finance lease liability and related depreciation of ROU assets capitalized	—	—	3,328,639	3,328,639
Effect of changes in foreign exchange rates	1,051,310	2,268,552	7,652,292	10,972,154
Balance at September 30, 2024	$24,811,218	$53,538,472	$181,307,243	$259,656,933

Property, Plant and Equipment

The Group held property, plant and equipment, including leasehold improvements, as of September 30, 2024 and

June 30, 2024, amounting to $74,792 and $102,244, respectively.

Assets Under Construction

In April, 2024 the Group began to execute agreements for long lead items required for the Sturt Plateau Compression

Facility (“SPCF”) in the Beetaloo Basin. These items included essential plant components comprising of a compressor and

dehydration unit that would convert future raw gas to meet sales gas quality, subject to the terms of definitive development

agreements. During the three months ended September 30, 2024, the Group commenced detailed design of the SPCF. The

Group held total assets under construction related to the SPCF as of September 30, 2024 and June 30, 2024 of $10,411,399

and $7,542,064 respectively.

The 40 MMcf/d SPCF is expected to be connected to the Amadeus Gas Pipeline ("AGP") via the construction of

the 35-kilometer Sturt Plateau Pipeline ("SPP") subject to achieving project milestones and executing further agreements.

Loss on Assets Classified as Held for Sale

During the three months ended September 30, 2024, the Group had rig 403 classified as held for sale. In September,

2024, the Group entered into an exclusivity agreement with a third party for the sale of rig 403 for $8,500,000 (excluding a

sales commission of 6%). On September 30, 2024, the Group received a non-refundable advance payment of $400,000 for

a 30-day exclusivity period. As this exclusivity agreement indicated a firm offer, the Group recognized a loss on assets held

for sale of $376,000 to reduce the asset to the lower of its carrying amount and the fair value less costs to sell.

Subsequent to September 30, 2024, the Group completed the sale of rig 403. Refer to Note 13 for additional details.

XML

Leases

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

Note 4 – Leases

As a Lessee

The Group’s operating lease activities consist of leases for office premises.

cing July 1, 2024, the Group entered into a new lease agreement with Drecom Pty Ltd ATF English Family Trust for their

office premises in Darwin, Australia. The term of the lease is three years, with an option to further renew the lease for two

years.

Commencing October 1, 2023, the Group entered into a new lease agreement with Lendlease IMT (OITST ST) Pty

Ltd for their office premises in Barangaroo, Australia. The term of the lease is four years, with no option to renew.

On September 9, 2022, Sweetpea Petroleum Pty Ltd (“Sweetpea”), a wholly owned subsidiary of Tamboran, entered

into a drilling contract with Helmerich & Payne International Holdings LLC ("H&P") for H&P to assist the Group in

carrying out its onshore drilling operations in Australia. The drilling contract grants Tamboran the right to use the drilling

rig from H&P over the non-cancellable contract term of 25 months starting from July 1, 2023. Under the terms of the

agreement, the Group has the right to place the drilling rig on a temporary suspension rate between wells for a period up to

270 days (the “Gap Period”). For each day of the Gap Period consumed, additional days are added to the fixed minimum

term. As of September 30, 2024, the end date of the drilling contract for the current rig is mid-July 2026. The drilling

contract is recognized as a finance lease under ASC 842 (“H&P Rig Lease”).

The present value of the minimum future obligations was calculated based on an interest rate of 13.5% p.a., which

was recognized in finance lease liabilities in the condensed consolidated balance sheet.

The following table presents the classification and location of the Group’s leases on the condensed consolidated

balance sheets:

	September 30, 2024	June 30, 2024
Right-of-use assets:
Operating lease right-of-use assets	$1,019,104	$962,052
Finance lease right-of-use assets	18,164,738	20,697,452
	19,183,842	21,659,504
Lease liabilities:
Current portion of operating lease obligations	360,801	397,999
Non-current portion of operating lease obligations	725,571	587,250
Current portion of finance lease obligations	18,220,258	12,767,400
Non-current portion of finance lease obligations	9,556,380	14,141,713
	$28,863,010	$27,894,362

For the three months ended September 30, 2024, and 2023, the components of the lease costs were as follows:

	Three months ended September 30,
	2024	2023
Operating leases:
Operating lease cost charged to profit and loss	$157,146	$70,514
Finance leases:
Interest on lease liabilities	795,924	815,910
Depreciation on right-of-use assets	2,532,715	3,097,532
Total finance lease cost	3,328,639	3,913,442
Less: Lease cost capitalized to unproved properties	(3,328,639)	(3,913,442)
Finance lease cost charged to profit and loss	$—	$—

The following table presents the cash flow information related to lease payments for the three months ended

September 30, 2024, and 2023:

	Three months ended September 30,
	2024	2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$157,146	$70,514
Financing cash flows for finance leases	—	—
	$157,146	$70,514

The following table presents supplemental information for the Group’s non-cancellable leases for the three months

ended September 30, 2024, and 2023:

	Three months ended September 30,
	2024	2023
Operating leases:
Weighted-average remaining lease term	3.57	1.42
Weighted-average incremental borrowing rate	13.50%	3.90%
Finance leases:
Weighted-average remaining lease term	1.83	2.83
Weighted-average incremental borrowing rate	13.45%	13.45%

As of September 30, 2024, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are

as follows:

As at September 30, 2024	Operating leases	Finance leases
Fiscal year ending June 30, 2025 (excluding three months period from July 1, 2024 to September 30, 2024)	$392,879	$15,419,850
Fiscal year ending June 30, 2026	356,745	14,417,500
Fiscal year ending June 30, 2027	368,215	632,000
Thereafter	177,578	—
Total lease payments	1,295,417	30,469,350
Less: Imputed interest	(209,045)	(2,692,712)
Present value of lease liabilities	$1,086,372	$27,776,638

As a Lessor

On October 15, 2023, the Group entered into an agreement with a third party to sublease its former office premises in

Manly, Australia. The commencement date of the sublease was October 1, 2023, with a lease term of 17 months. Sublease

income for the three months ended September 30, 2024, was $81,637 and is included within “Other expenses, net” on the

Group’s condensed consolidated statements of operations and comprehensive loss. There have been no indications of

impairment related to the underlying right-of-use asset.

Leases

Note 4 – Leases

As a Lessee

The Group’s operating lease activities consist of leases for office premises.

cing July 1, 2024, the Group entered into a new lease agreement with Drecom Pty Ltd ATF English Family Trust for their

office premises in Darwin, Australia. The term of the lease is three years, with an option to further renew the lease for two

years.

Commencing October 1, 2023, the Group entered into a new lease agreement with Lendlease IMT (OITST ST) Pty

Ltd for their office premises in Barangaroo, Australia. The term of the lease is four years, with no option to renew.

On September 9, 2022, Sweetpea Petroleum Pty Ltd (“Sweetpea”), a wholly owned subsidiary of Tamboran, entered

into a drilling contract with Helmerich & Payne International Holdings LLC ("H&P") for H&P to assist the Group in

carrying out its onshore drilling operations in Australia. The drilling contract grants Tamboran the right to use the drilling

rig from H&P over the non-cancellable contract term of 25 months starting from July 1, 2023. Under the terms of the

agreement, the Group has the right to place the drilling rig on a temporary suspension rate between wells for a period up to

270 days (the “Gap Period”). For each day of the Gap Period consumed, additional days are added to the fixed minimum

term. As of September 30, 2024, the end date of the drilling contract for the current rig is mid-July 2026. The drilling

contract is recognized as a finance lease under ASC 842 (“H&P Rig Lease”).

The present value of the minimum future obligations was calculated based on an interest rate of 13.5% p.a., which

was recognized in finance lease liabilities in the condensed consolidated balance sheet.

The following table presents the classification and location of the Group’s leases on the condensed consolidated

balance sheets:

	September 30, 2024	June 30, 2024
Right-of-use assets:
Operating lease right-of-use assets	$1,019,104	$962,052
Finance lease right-of-use assets	18,164,738	20,697,452
	19,183,842	21,659,504
Lease liabilities:
Current portion of operating lease obligations	360,801	397,999
Non-current portion of operating lease obligations	725,571	587,250
Current portion of finance lease obligations	18,220,258	12,767,400
Non-current portion of finance lease obligations	9,556,380	14,141,713
	$28,863,010	$27,894,362

For the three months ended September 30, 2024, and 2023, the components of the lease costs were as follows:

	Three months ended September 30,
	2024	2023
Operating leases:
Operating lease cost charged to profit and loss	$157,146	$70,514
Finance leases:
Interest on lease liabilities	795,924	815,910
Depreciation on right-of-use assets	2,532,715	3,097,532
Total finance lease cost	3,328,639	3,913,442
Less: Lease cost capitalized to unproved properties	(3,328,639)	(3,913,442)
Finance lease cost charged to profit and loss	$—	$—

The following table presents the cash flow information related to lease payments for the three months ended

September 30, 2024, and 2023:

	Three months ended September 30,
	2024	2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$157,146	$70,514
Financing cash flows for finance leases	—	—
	$157,146	$70,514

The following table presents supplemental information for the Group’s non-cancellable leases for the three months

ended September 30, 2024, and 2023:

	Three months ended September 30,
	2024	2023
Operating leases:
Weighted-average remaining lease term	3.57	1.42
Weighted-average incremental borrowing rate	13.50%	3.90%
Finance leases:
Weighted-average remaining lease term	1.83	2.83
Weighted-average incremental borrowing rate	13.45%	13.45%

As of September 30, 2024, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are

as follows:

As at September 30, 2024	Operating leases	Finance leases
Fiscal year ending June 30, 2025 (excluding three months period from July 1, 2024 to September 30, 2024)	$392,879	$15,419,850
Fiscal year ending June 30, 2026	356,745	14,417,500
Fiscal year ending June 30, 2027	368,215	632,000
Thereafter	177,578	—
Total lease payments	1,295,417	30,469,350
Less: Imputed interest	(209,045)	(2,692,712)
Present value of lease liabilities	$1,086,372	$27,776,638

As a Lessor

On October 15, 2023, the Group entered into an agreement with a third party to sublease its former office premises in

Manly, Australia. The commencement date of the sublease was October 1, 2023, with a lease term of 17 months. Sublease

income for the three months ended September 30, 2024, was $81,637 and is included within “Other expenses, net” on the

Group’s condensed consolidated statements of operations and comprehensive loss. There have been no indications of

impairment related to the underlying right-of-use asset.

Leases

Note 4 – Leases

As a Lessee

The Group’s operating lease activities consist of leases for office premises.

cing July 1, 2024, the Group entered into a new lease agreement with Drecom Pty Ltd ATF English Family Trust for their

office premises in Darwin, Australia. The term of the lease is three years, with an option to further renew the lease for two

years.

Commencing October 1, 2023, the Group entered into a new lease agreement with Lendlease IMT (OITST ST) Pty

Ltd for their office premises in Barangaroo, Australia. The term of the lease is four years, with no option to renew.

On September 9, 2022, Sweetpea Petroleum Pty Ltd (“Sweetpea”), a wholly owned subsidiary of Tamboran, entered

into a drilling contract with Helmerich & Payne International Holdings LLC ("H&P") for H&P to assist the Group in

carrying out its onshore drilling operations in Australia. The drilling contract grants Tamboran the right to use the drilling

rig from H&P over the non-cancellable contract term of 25 months starting from July 1, 2023. Under the terms of the

agreement, the Group has the right to place the drilling rig on a temporary suspension rate between wells for a period up to

270 days (the “Gap Period”). For each day of the Gap Period consumed, additional days are added to the fixed minimum

term. As of September 30, 2024, the end date of the drilling contract for the current rig is mid-July 2026. The drilling

contract is recognized as a finance lease under ASC 842 (“H&P Rig Lease”).

The present value of the minimum future obligations was calculated based on an interest rate of 13.5% p.a., which

was recognized in finance lease liabilities in the condensed consolidated balance sheet.

The following table presents the classification and location of the Group’s leases on the condensed consolidated

balance sheets:

	September 30, 2024	June 30, 2024
Right-of-use assets:
Operating lease right-of-use assets	$1,019,104	$962,052
Finance lease right-of-use assets	18,164,738	20,697,452
	19,183,842	21,659,504
Lease liabilities:
Current portion of operating lease obligations	360,801	397,999
Non-current portion of operating lease obligations	725,571	587,250
Current portion of finance lease obligations	18,220,258	12,767,400
Non-current portion of finance lease obligations	9,556,380	14,141,713
	$28,863,010	$27,894,362

For the three months ended September 30, 2024, and 2023, the components of the lease costs were as follows:

	Three months ended September 30,
	2024	2023
Operating leases:
Operating lease cost charged to profit and loss	$157,146	$70,514
Finance leases:
Interest on lease liabilities	795,924	815,910
Depreciation on right-of-use assets	2,532,715	3,097,532
Total finance lease cost	3,328,639	3,913,442
Less: Lease cost capitalized to unproved properties	(3,328,639)	(3,913,442)
Finance lease cost charged to profit and loss	$—	$—

The following table presents the cash flow information related to lease payments for the three months ended

September 30, 2024, and 2023:

	Three months ended September 30,
	2024	2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$157,146	$70,514
Financing cash flows for finance leases	—	—
	$157,146	$70,514

The following table presents supplemental information for the Group’s non-cancellable leases for the three months

ended September 30, 2024, and 2023:

	Three months ended September 30,
	2024	2023
Operating leases:
Weighted-average remaining lease term	3.57	1.42
Weighted-average incremental borrowing rate	13.50%	3.90%
Finance leases:
Weighted-average remaining lease term	1.83	2.83
Weighted-average incremental borrowing rate	13.45%	13.45%

As of September 30, 2024, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are

as follows:

As at September 30, 2024	Operating leases	Finance leases
Fiscal year ending June 30, 2025 (excluding three months period from July 1, 2024 to September 30, 2024)	$392,879	$15,419,850
Fiscal year ending June 30, 2026	356,745	14,417,500
Fiscal year ending June 30, 2027	368,215	632,000
Thereafter	177,578	—
Total lease payments	1,295,417	30,469,350
Less: Imputed interest	(209,045)	(2,692,712)
Present value of lease liabilities	$1,086,372	$27,776,638

As a Lessor

On October 15, 2023, the Group entered into an agreement with a third party to sublease its former office premises in

Manly, Australia. The commencement date of the sublease was October 1, 2023, with a lease term of 17 months. Sublease

income for the three months ended September 30, 2024, was $81,637 and is included within “Other expenses, net” on the

Group’s condensed consolidated statements of operations and comprehensive loss. There have been no indications of

impairment related to the underlying right-of-use asset.

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Accounts Payable and Accrued Expenses

3 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Note 5 – Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses included in current liabilities consist of the following:

	September 30, 2024	June 30, 2024
Accounts payable	$7,183,077	$6,619,320
Accrued payroll	391,002	13,216
Compensated absences	744,222	668,825
Defined contribution superannuation payable	—	8,164
Accrued capital expenditure	7,002,385	4,318,703
Accrued expenses	804,619	3,204,371
	$16,125,305	$14,832,599

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Asset Retirement Obligations

3 Months Ended

Sep. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Note 6 – Asset Retirement Obligations

The Group recognizes the liability for an asset retirement obligation at their estimated fair value in the period in

which the obligation originates. Fair value is estimated using the present value technique (level 2) based on a number of

observable inputs including estimates and assumptions such as future retirement costs, future inflation rates and the

Group’s credit-adjusted risk-free interest rate.

The Group capitalized the present value of the estimated asset retirement obligations as a part of the carrying amount

of the related natural gas properties. The liability has been accreted to its present value for three months ended

September 30, 2024.

The reconciliation of changes in asset retirement obligations for the three months ended September 30, 2024, is as

follows:

	Three months ended September 30, 2024
Beginning asset retirement obligations	$8,140,992
Liabilities incurred	326,433
Accretion expense	257,738
Effect of changes in foreign exchange rates	366,739
Long-term asset retirement obligations	$9,091,902

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Stockholders’ Equity

3 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders’ Equity

Note 7 – Stockholders’ Equity

Movement in Common Stock:

	Date	Tamboran common stock	Issue price	Details	Net proceeds
Balance at July 1, 2024		13,915,524			$396,924,177
Capital raise	July 2024	308,750	$24.00	$7,410,000
Less: Transaction costs		—		$(479,150)	6,930,850
Balance at September 30, 2024		14,224,274			$403,855,027

July 2024 Greenshoe Option

Subsequent to the Initial Public Offering (“IPO”) in June 2024, the underwriters exercised the greenshoe option

granted to them to purchase additional shares of common stock of the Company. Under this option, underwriters purchased

a total of 308,750 shares of common stock of the Company on July 30, 2024. The net proceeds from the IPO and from the

issuance under greenshoe option will be used for natural gas exploration and appraisal activities, progressing the Group’s

three phases of development and other general corporate purposes.

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Stock-Based Compensation

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 8 – Stock-Based Compensation

Milestone Options

During the three months ended September 30, 2024, the Group did not grant any new milestone options to its

employees and no milestone options were forfeited.

As of September 30, 2024, the milestone options are substantially below the current market value of the underlying

securities. As such, the Company accelerated the recognition of the remaining expense. The Group recognized $138,996

(inclusive of accelerated expense) and $268,403 as stock-based compensation expense related to milestone options for the

three months ended September 30, 2024, and September 30, 2023, respectively.

Restricted Stock Units

On August 6, 2024, the Group adopted the 2024 Incentive Award Plan (the "2024 Plan"). As of September 30, 2024,

the maximum number of shares of common stock that may be issued under the 2024 Plan was 1,600,000 shares.

The 2024 Plan, allows, among other things, for the grant of Restricted Stock Units ("RSUs"). On August 6, 2024, the

Group issued RSUs to certain eligible service providers, employees and executive officers (the “participants”) to provide

them an opportunity to participate in the growth and profits of the Group and to attract, motivate, and retain their services

to promote the long-term success of the Group.

On August 6, 2024, the Company granted 47,400 Restricted Stock Units (“Retention Awards”) to its employees in

Australia and U.S. The Retention Awards granted to Australian employees entitle them to CHESS Depository Interests

("CDIs") representing 39,250 shares of common stock (each CDI represents 1/200th of a share of common stock).

Similarly, the Retention Awards granted to U.S. employees entitle them to 8,150 shares of common stock. The vesting

conditions state that all Retention Awards will vest in full on December 31, 2025, provided the employee remain in service

as of the vesting date. The fair value at grant date of the Retention Awards was $21.73 per common stock and $0.109 per

CDI.

On August 6, 2024, the Company also granted 795,000 Restricted Stock Units (“IPO Awards”) to its employees in

Australia and U.S. The IPO Awards granted to Australian employees entitle them to CDIs representing 620,000 shares of

common stock. Similarly, the IPO Awards granted to U.S. employees entitle them to 175,000 shares of common stock. The

IPO Awards will vest in following three tranches:

•Tranche 1 – 397,500 IPO Awards granted to Australian and U.S. employees will vest in full on July 3, 2027,

provided the employee remains in service as of the vesting date. The fair value at grant date of Tranche 1 was

$21.73 per common stock and $0.109 per CDI.

•Tranche 2 – 98,750 IPO Awards granted to Australian and U.S. employees will vest subject to the completion

of the Group’s Phase 1 Development Plan to establish first production of the Shenandoah South Pilot Project

and establish first production of 40 TJ/d measured by completion of the milestones (“Vesting Trigger

Conditions”). Full vesting of Tranche 2 may occur at any time between July 3, 2027, and July 3, 2029, should

the Vesting Trigger Conditions be satisfied, or unless otherwise determined by the Board of the Company. The

fair value at grant date of Tranche 2 was $21.73 per common stock and $0.109 per CDI.

•Tranche 3 – 298,750 IPO Awards granted to Australian and U.S. employees will vest subject to the Company’s

Total Shareholder Return (“TSR”) reaching or exceeding the 75th percentile of the Benchmark Index TSR

between July 3, 2027, and July 3, 2029. TSR will be measured against the S&P SmallCap 600 Energy (or any

other market index determined by the Board in their sole discretion) (“Benchmark Index”) over the same

performance measurement period. The fair value at grant date of Tranche 3 was $19.64 per common stock and

$0.098 per CDI

The grant date fair value of the Tranche 3 RSUs were determined through the use of the Monte Carlo simulation

method. This method requires the use of subjective assumptions such as the price and the expected volatility of the

Company’s common stock and its self-determined peer group companies’ stock, risk free rate of return, and cross-

correlations between the Company and its peer group companies. Expected volatilities for the Company and each peer

company utilized in the model are estimated using a historical period consistent with the awards’ remaining performance

period as of the grant date. The risk-free interest rate is based on the yield on U.S. Treasury Constant Maturity for a term

consistent with the remaining performance period. The valuation model assumes dividends, if any, are immediately

reinvested.

The following table summarizes the assumptions used to calculate the grant date fair value of the Tranche 3 RSUs

granted on August 6, 2024:

Expected term for performance period (in years)	4.9
Expected volatility	74.6%
Risk-free interest rate	3.7%

The Retention Awards and IPO Awards entitle the participants to receive the equivalent value (in cash or shares of

common stock/CDIs) of dividends paid on shares of common stock and CDIs, respectively.

The RSUs are not transferable. There are no participation rights or entitlements inherent in the RSUs and the

participants will not be entitled to participate in new issues of capital offered to stockholders or holders of CDIs.

If the Company makes a bonus issue of common stock, CDIs, or other securities to existing stockholders or holders

of CDIs (other than an issue in lieu or in satisfaction of dividends or by way of dividend reinvestment), the number of

shares of common stock or CDIs that must be issued on the exercise of a Retention Award or IPO Award, respectively, will

be increased by the number of shares of common stock or CDIs that the participant would have received if the participant

had exercised the RSUs before the record date for the bonus issue.

The following table presents the stock-based compensation expense related to our RSUs for the three months ended

September 30, 2024:

	Expense recognized during three months ended September 30, 2024	Remaining expense to recognize, if all vesting conditions are met	Weighted average remaining contractual term (in years)
IPO Awards (Tranche 1)	$455,471	$8,182,204	2.75
IPO Awards (Tranche 2)	$113,152	$2,032,686	2.75
IPO Awards (Tranche 3)	$309,395	$5,558,055	2.75
Retention Awards	$112,437	$917,565	1.25
Total	$990,455	$16,690,510

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Income Taxes

3 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 9 – Income Taxes

The effective tax rates for the three months ended September 30, 2024, and 2023 were both nil. The Group’s

effective tax rate differed from the applicable statutory income tax rate due to operating losses incurred for the three

months ended September 30, 2024, and 2023. The Group has accumulated losses for tax purposes as of September 30,

2024, in the amount of $290,783,210 which may be carried forward and offset against taxable income in the future for an

indefinite period, subject to meeting Australian tax rules around continuity of ownership or business continuity test.

As of September 30, 2024, and June 30, 2024, the Group did not have any uncertain tax positions.

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Loss Per Share

3 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Loss Per Share

Note 10 – Loss Per Share

Basic net loss per share applicable to common stockholders is computed by dividing earnings applicable to common

stockholders by the weighted average number of common shares outstanding. Diluted loss per share assumes the

conversion of any convertible securities using the treasury stock method.

The computations for basic and diluted loss per share are as follows:

	Three months ended September 30,
	2024	2023
Numerator:
Net loss after income tax attributable to Tamboran Resources Corporation stockholders	$(5,894,574)	$(3,189,698)
Denominator:
Weighted average number of common stock outstanding, basic and diluted	14,124,788	8,486,578
Net loss per share, basic and diluted	$(0.417)	$(0.376)

The Company’s potentially dilutive shares, which include outstanding milestone options and RSUs, have not been

included in the computation of diluted net loss per share for the three months ended September 30, 2024, and 2023 as the

result would be anti-dilutive.

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Commitment and Contingencies

3 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11 – Commitments and Contingencies

From time to time, the Group may be subject to various claims, title matters and legal proceedings arising in the

ordinary course of business, including environmental contamination claims, personal injury and property damage claims,

claims related to joint interest billings and other matters under natural gas operating agreements and other contractual

disputes. The Group maintains general liability and other insurance to cover some of these potential liabilities. All known

liabilities are fully accrued based on the Group’s best estimate of the potential settlement amount. While the outcome and

impact on the Group cannot be predicted with certainty, the Group believes that its ultimate liability with respect to any

such matters will not have a significant impact or material adverse effect on its financial positions, results of operations or

cash flows. Results of operations and cash flows, however, could be significantly impacted in the reporting periods in

which such matters are resolved.

Capital Commitments

	September 30, 2024	June 30, 2024
Committed at the reporting date but not recognized as liabilities, payable:
Sweetpea	$24,332,061	$23,283,360
EP 161	2,768,940	2,649,600
Beetaloo Joint Venture	65,463,797	62,642,340
Midstream	1,902,385	1,971,843

Sweetpea

Sweetpea’s committed spend as of September 30, 2024, was $24,332,061 which was related to two licenses, EP 136

with total commitments of $14,709,994 and EP 143 with total commitments of $9,622,067.

A renewal application for EP 136 was submitted to the Department of Mining and Energy (“DME”) (formerly the

Department of Industry, Tourism and Trade) in September 2023, and approved in July 2024, granting a five-year extension

for the period July 24, 2025 to July 23, 2030 with a minimum work program commitment of $14,709,994.

A variation application for EP 143 was submitted to DME in August 2024, and approved in October 2024. The total

minimum work program commitments remain the same at $9,622,067 with activity and associated spend being transferred

within the license term.

EP 161

For the McArthur working interest, we are obligated to contribute our share of expenses to uphold our stake in EP

161. Our commitment through March 2026 is expected to be $2,768,940 based on the minimum work requirements. There

are no minimum commitment requirements after March 2026.

Beetaloo Joint Venture

The terms of the Beetaloo Joint Venture necessitate specific minimum work obligations through May 2028. These

commitments include an expected spend of $65,463,797 related to drilling and multi-stage hydraulic fracturing of five

wells, 2D seismic survey, and subsurface studies, with expenditure across EP 76 of $22,264,007, EP 98 of $20,935,782 and

EP 117 of $22,264,008. An application was submitted to DME on September 26, 2024 to vary the year 2 and 3 work

program, and is currently pending resolution.

Midstream

Procurement of the long lead items for the SPCF compressor package and dehydration package were placed in June

2024 with progress payments of $1,902,385 required prior to the end of 2025.

Environmental

The Group’s operations are subject to risks normally associated with the drilling, completion and production of oil

and gas, including blowouts, fires, and environmental risks such as oil spills or gas leaks that could expose the Group to

liabilities associated with these risks.

In the Group’s acquisition of existing or previously drilled well bores, the Group may not be aware of prior

environmental safeguards, if any, that were taken at the time such wells were drilled or during such time the wells were

operated. The Group maintains comprehensive insurance coverage that it believes is adequate to mitigate the risk of any

adverse financial effects associated with these risks.

However, should it be determined that a liability exists with respect to any environmental cleanup or restoration, the

liability to cure such a violation could still fall upon the Group. No claim has been made, nor is the Group aware of any

liability which the Group may have, as it relates to any environmental cleanup, restoration, or the violation of any rules or

regulations relating thereto except for the matter discussed above.

Legal Proceedings

The Group is a party to legal proceedings encountered in the ordinary course of its business. While the ultimate

outcome and impact to the Group cannot be predicted with certainty, in the opinion of management, it is remote that these

legal proceedings will have a material adverse impact on the Group’s condensed consolidated financial condition, results of

operations or cash flows.

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Related Party Transactions

3 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Note 12 – Related Party Transactions

The Group transacts with two shareholders identified as related parties, H&P and Mr. Bryan Sheffield. The

transactions during the three months ended September 30, 2024 are as follows.

H&P

During the year ended June 30, 2023, the Group entered into a strategic alliance with H&P and secured a

$15,000,000 equity investment from H&P (and as a consequence, a member of the H&P Executive Leadership Team was

appointed as a director of the Group). The strategic alliance resulted in H&P supporting the Group’s development plans in 

NT Australia through their equity investment in the Company while at the same time executing on H&P’s strategy to gain

more international exposure through the use of drilling rigs in Australia.

On July 1, 2023, the lease commenced with H&P for the use of the FlexRig® for a 25-month period (Refer to Note

4). During the three months ended September 30, 2024, the Group incurred cost of $3,951,666, relating to a combination of

site mobilization, standby, drilling, labor and rig move costs, which remains unpaid as of September 30, 2024 in addition to

one open payable of $745,502 from June 2024.

Mr. Sheffield

During the three months ended September 30, 2024, the Group transacted with DWE, an entity controlled by

Mr. Sheffield who has been a shareholder in the Company since November 2021.

The Group and DWE maintain a 50/50 joint venture, TB1 (see Note 2 - Variable Interest Entities).

During the three months ended September 30, 2024, DWE's share of expenditure for which contributions were due

was $5,902,678 to fund their share of costs for the Beetaloo Joint Venture. As of September 30, 2024, the Group had

unpaid cash calls owing from DWE in the amount of $3,306,021.

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Subsequent Events

3 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 13 – Subsequent Events

Rig 403 sale

In October 2024, the Group completed the disposal of the rig 403 at a price of $8,500,000 (of which the Group had

received $400,000 in advance during the three months ended September 30, 2024). The Group paid sales commission of

6% on the sales proceeds in November 2024.

Research and Development ("R&D") tax claim

In October 2024, the Group lodged an amended income tax return for the year ended June 30, 2023 claiming eligible

R&D expenditure, which is expected to result in a cash refund of $6,839,963. The amount has not been recorded as a

receivable as it is not virtually certain.

SPCF

In October 2024, the Group entered into a Unit Holders and Shareholders Deed with DWE for the establishment of a

trust to be owned 50/ 50 by the Group and DWE to own the SPCF.

Also in October 2024, the Group signed a contract with Enscope Pty Ltd ("Enscope"), an Australian engineering

consultancy to order long lead items costing $1,976,519, required for the SPCF.

The Group has evaluated its subsequent events occurring after September 30, 2024, through November 12, 2024,

which represents the date these condensed consolidated financial statements were available to be issued. No further

subsequent events have been identified that would require disclosure in these condensed consolidated financial statements.

XML

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,894,574)	$ (3,189,698)

XML

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Business and Basis of Preparation (Policies)

3 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern and Management’s Liquidity Plan

Going Concern and Management’s Liquidity Plan

The accompanying condensed consolidated financial statements have been prepared on the basis that the Group will

continue as a going concern which contemplates the realization of assets and the satisfaction of liabilities in the ordinary

and usual course of business.

As of September 30, 2024, the Group had:

•not generated revenues since inception, and is unlikely to generate earnings in the immediate or foreseeable

future;

•a working capital surplus of $47,264,270 (excluding assets held for sale);

•an accumulated deficit of $136,274,345 since inception; and

•significant expenditures planned for the unproved properties in the next 12 months.

These factors raise substantial doubt regarding the Group’s ability to continue as a going concern for the 12 months

following the date these condensed consolidated financial statements were available for issuance. The continuation of the

Group as a going concern is dependent upon the ability of the Group to obtain necessary additional capital to fund ongoing

exploration, appraisal and development projects and/or obtain gas producing properties to attain future profitable

operations. No assurance can be given that the Group will be successful in these efforts in the future.

Management has several plans in various stages of progress to source additional funding to provide operating capital

for continued growth of the Group. Therefore, these condensed consolidated financial statements do not include any

adjustments related to the recoverability and classification of recorded assets and liabilities that might be necessary should

the Group be unable to continue as a going concern.

Basis of Presentation of Condensed Consolidated Financial Statements

Basis of Presentation of Condensed Consolidated Financial Statements

The accompanying condensed consolidated financial statements have been prepared in conformity with the

accounting principles generally accepted in the United States of America (“U.S. GAAP”) and rules and regulations of the

Securities and Exchange Commission (“SEC”) applicable to interim financial statements. Pursuant to such rules and

regulations, certain disclosures and information required by U.S. GAAP for complete consolidated financial statements

have been condensed or omitted. The accompanying condensed consolidated financial statements and notes therein should

be read in conjunction with the financial statements and notes included in our consolidated financial statements for the year

ended June 30, 2024 (“Group’s Annual Financial Statements”).

These condensed consolidated financial statements reflect all adjustments, in the opinion of management, which

include normal and recurring adjustments necessary to fairly state the Group’s consolidated financial position, results of

operations, and cash flows for the periods presented herein. The interim results are not necessarily indicative of results for

any other future annual or interim period. The June 30, 2024, condensed consolidated balance sheet was derived from the

audited Group’s Annual Financial Statements but does not include all disclosures required by U.S. GAAP for annual

financial statements.

Significant Judgments and Accounting Estimates

Significant Judgments and Accounting Estimates

The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires

management to make certain estimates and assumptions that affect the amounts of assets and liabilities, revenue and

expenses and related disclosures of contingent assets and liabilities reported in the condensed consolidated financial

statements and the accompanying notes. There have been no significant changes to the Group’s accounting estimates from

those disclosed in the Group’s Annual Financial Statements.

Foreign Currency Translation and Transactions

Foreign Currency Translation

These condensed consolidated financial statements are presented in US dollars (“$” or “dollars”) and the functional

currency of the Group is the Australian Dollar (“A$”). Adjustments resulting from the translation of functional currency

financial statements to reporting currency are accumulated and reported as a part of “Accumulated Other Comprehensive

Loss”, a separate component of stockholders’ equity.

Foreign Currency Transactions

Foreign currency transactions are translated into the Company’s functional currency using the exchange rates

prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such

transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in

foreign currencies are recognized in the condensed consolidated statements of operations and comprehensive loss.

Leases as a Lessee

Leases

As a Lessee

The Group accounts for leases under ASC 842, Leases (“ASC 842”). The Group determines if an arrangement is a

lease at inception of the arrangement and if such lease will be classified as an operating lease or a finance lease. The

Group’s leases represent its right to use an underlying asset for the lease term. Right-of-use (“ROU”) assets and liabilities

are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the

Group’s leases do not provide an implicit rate, the Group used a proxy for its incremental borrowing rate, which is the rate

incurred to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar

economic environment.

The Group has elected to account for lease and non-lease components in its contracts as a single lease component for

all asset classes except for office premises.

Operating leases are included in “Operating lease right-of-use assets” within the Group’s condensed consolidated

balance sheet. The Group’s related obligation to make lease payments are included in “Current portion of operating lease

obligations” and “Operating lease obligations” within the Group’s condensed consolidated balance sheet. Operating lease

expense for lease payments is recognized on a straight-line basis over the lease term.

Finance leases are included in “Finance lease right-of-use assets” within the Group’s condensed consolidated balance

sheet. The Group’s related obligation to make lease payments are included in “Current portion of finance lease obligations”

and “Finance lease obligations” within the Group’s condensed consolidated balance sheet. Finance lease expense includes

amortization of the ROU assets and interest on lease liabilities. The Group capitalizes the finance lease expense as a part of

unproved properties when the leased asset is directly involved in the drilling of wells (i.e. the finance lease expense is a

direct cost of drilling wells).

Leases with a lease term of 12 months or less are not recorded on the condensed consolidated balance sheet and are

recognized as lease expense on a straight-line basis over the lease term. When it is reasonably certain the Group will

exercise an option to extend the short-term lease beyond 12 months, the cost will be capitalized.

Leases as a Lessor

As a Lessor

Sublease income is recognized on a straight-line basis over the term of the sublease agreement and is recorded within

“Other expenses, net” in the condensed consolidated statements of operations and comprehensive loss.

Natural Gas Properties

Natural Gas Properties

The Group is in the exploration stage and has not yet realized any revenues from its operations. The Group holds a

number of exploration permits that are grouped into areas of interest according to geographical and geological attributes.

Expenditure incurred in each area of interest is accounted for using the successful efforts method, as defined within ASC

932, Extractive Activities – Oil and Gas.

Under this method, all general exploration and evaluation costs such as geological and geophysical costs are

expensed as incurred. The direct costs of acquiring the rights to explore, drilling exploratory wells, and evaluating the

results of drilling are capitalized as exploration and evaluation assets (as a part of unproved properties) pending the

determination of the results of the well. If a well does not result in hydrocarbons being present, the previously capitalized

costs are immediately expensed.

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Variable Interest Entities (Tables)

3 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Balance Sheet

The following table summarizes the carrying amounts of TB1’s assets and liabilities included in the Group’s

condensed consolidated balance sheet as of September 30, 2024 and June 30, 2024:

	September 30, 2024	June 30, 2024
ASSETS
Current assets
Cash and cash equivalents	$8,454,574	$1,488,541
Trade and other receivables:
Joint interest billing	3,096,440	10,298,322
Intercompany receivable	5,526,088	7,415,684
ATO receivable	1,138,054	615,480
Prepaid expenses and other current assets	1,805,605	1,476,094
Total current assets	20,020,761	21,294,121
Natural gas properties, successful efforts method:
Unproved properties	194,418,892	167,998,061
Assets under construction- natural gas equipment	10,411,398	7,542,064
Finance lease right-of-use assets	19,096,969	20,697,452
Prepaid expenses and other non-current assets	402,565	385,215
Total non-current assets	224,329,824	196,622,792
TOTAL ASSETS	$244,350,585	$217,916,913
LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$12,098,118	$10,569,865
Current portion of finance lease obligations	18,795,312	12,767,400
Total current liabilities	30,893,430	23,337,265
Finance lease obligations	10,193,335	14,141,713
Asset retirement obligations	4,821,472	4,174,178
Loan from Tamboran	128,124,936	113,096,572
Total non-current liabilities	143,139,743	131,412,463
TOTAL LIABILITIES	$174,033,173	$154,749,728

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Property, Plant and Equipment & Natural Gas Properties (Tables)

3 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Oil and Gas, Capitalized Exploratory Well Cost, Roll Forward

	Natural gas properties
	EP 161	EP136	EP 76, 98 and 117	Total
Balance at July 1, 2024	$23,744,221	$51,035,326	$155,339,901	$230,119,448
Capital expenditure	15,687	234,594	14,659,978	14,910,259
Restoration assets	—	—	326,433	326,433
Interest on finance lease liability and related depreciation of ROU assets capitalized	—	—	3,328,639	3,328,639
Effect of changes in foreign exchange rates	1,051,310	2,268,552	7,652,292	10,972,154
Balance at September 30, 2024	$24,811,218	$53,538,472	$181,307,243	$259,656,933

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Leases (Tables)

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

Assets and Liabilities, Lessee

The following table presents the classification and location of the Group’s leases on the condensed consolidated

balance sheets:

	September 30, 2024	June 30, 2024
Right-of-use assets:
Operating lease right-of-use assets	$1,019,104	$962,052
Finance lease right-of-use assets	18,164,738	20,697,452
	19,183,842	21,659,504
Lease liabilities:
Current portion of operating lease obligations	360,801	397,999
Non-current portion of operating lease obligations	725,571	587,250
Current portion of finance lease obligations	18,220,258	12,767,400
Non-current portion of finance lease obligations	9,556,380	14,141,713
	$28,863,010	$27,894,362

The following table presents supplemental information for the Group’s non-cancellable leases for the three months

ended September 30, 2024, and 2023:

	Three months ended September 30,
	2024	2023
Operating leases:
Weighted-average remaining lease term	3.57	1.42
Weighted-average incremental borrowing rate	13.50%	3.90%
Finance leases:
Weighted-average remaining lease term	1.83	2.83
Weighted-average incremental borrowing rate	13.45%	13.45%

Lease, Cost

For the three months ended September 30, 2024, and 2023, the components of the lease costs were as follows:

	Three months ended September 30,
	2024	2023
Operating leases:
Operating lease cost charged to profit and loss	$157,146	$70,514
Finance leases:
Interest on lease liabilities	795,924	815,910
Depreciation on right-of-use assets	2,532,715	3,097,532
Total finance lease cost	3,328,639	3,913,442
Less: Lease cost capitalized to unproved properties	(3,328,639)	(3,913,442)
Finance lease cost charged to profit and loss	$—	$—

The following table presents the cash flow information related to lease payments for the three months ended

September 30, 2024, and 2023:

	Three months ended September 30,
	2024	2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$157,146	$70,514
Financing cash flows for finance leases	—	—
	$157,146	$70,514

Lessee, Operating Lease, Liability, to be Paid, Maturity

As of September 30, 2024, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are

as follows:

As at September 30, 2024	Operating leases	Finance leases
Fiscal year ending June 30, 2025 (excluding three months period from July 1, 2024 to September 30, 2024)	$392,879	$15,419,850
Fiscal year ending June 30, 2026	356,745	14,417,500
Fiscal year ending June 30, 2027	368,215	632,000
Thereafter	177,578	—
Total lease payments	1,295,417	30,469,350
Less: Imputed interest	(209,045)	(2,692,712)
Present value of lease liabilities	$1,086,372	$27,776,638

Finance Lease, Liability, to be Paid, Maturity

As of September 30, 2024, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are

as follows:

As at September 30, 2024	Operating leases	Finance leases
Fiscal year ending June 30, 2025 (excluding three months period from July 1, 2024 to September 30, 2024)	$392,879	$15,419,850
Fiscal year ending June 30, 2026	356,745	14,417,500
Fiscal year ending June 30, 2027	368,215	632,000
Thereafter	177,578	—
Total lease payments	1,295,417	30,469,350
Less: Imputed interest	(209,045)	(2,692,712)
Present value of lease liabilities	$1,086,372	$27,776,638

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Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued expenses included in current liabilities consist of the following:

	September 30, 2024	June 30, 2024
Accounts payable	$7,183,077	$6,619,320
Accrued payroll	391,002	13,216
Compensated absences	744,222	668,825
Defined contribution superannuation payable	—	8,164
Accrued capital expenditure	7,002,385	4,318,703
Accrued expenses	804,619	3,204,371
	$16,125,305	$14,832,599

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Asset Retirement Obligations (Tables)

3 Months Ended

Sep. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Change in Asset Retirement Obligation

The reconciliation of changes in asset retirement obligations for the three months ended September 30, 2024, is as

follows:

	Three months ended September 30, 2024
Beginning asset retirement obligations	$8,140,992
Liabilities incurred	326,433
Accretion expense	257,738
Effect of changes in foreign exchange rates	366,739
Long-term asset retirement obligations	$9,091,902

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Stockholders’ Equity (Tables)

3 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Common Stock Outstanding Roll Forward

Movement in Common Stock:

	Date	Tamboran common stock	Issue price	Details	Net proceeds
Balance at July 1, 2024		13,915,524			$396,924,177
Capital raise	July 2024	308,750	$24.00	$7,410,000
Less: Transaction costs		—		$(479,150)	6,930,850
Balance at September 30, 2024		14,224,274			$403,855,027

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Stock-Based Compensation (Tables)

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Equity Instruments Other than Options, Valuation Assumptions

The following table summarizes the assumptions used to calculate the grant date fair value of the Tranche 3 RSUs

granted on August 6, 2024:

Expected term for performance period (in years)	4.9
Expected volatility	74.6%
Risk-free interest rate	3.7%

Share-Based Payment Arrangement, Cost by Plan

The following table presents the stock-based compensation expense related to our RSUs for the three months ended

September 30, 2024:

	Expense recognized during three months ended September 30, 2024	Remaining expense to recognize, if all vesting conditions are met	Weighted average remaining contractual term (in years)
IPO Awards (Tranche 1)	$455,471	$8,182,204	2.75
IPO Awards (Tranche 2)	$113,152	$2,032,686	2.75
IPO Awards (Tranche 3)	$309,395	$5,558,055	2.75
Retention Awards	$112,437	$917,565	1.25
Total	$990,455	$16,690,510

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Loss Per Share (Tables)

3 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computations for basic and diluted loss per share are as follows:

	Three months ended September 30,
	2024	2023
Numerator:
Net loss after income tax attributable to Tamboran Resources Corporation stockholders	$(5,894,574)	$(3,189,698)
Denominator:
Weighted average number of common stock outstanding, basic and diluted	14,124,788	8,486,578
Net loss per share, basic and diluted	$(0.417)	$(0.376)

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Commitment and Contingencies (Tables)

3 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Unrecorded Unconditional Purchase Obligations Disclosure

	September 30, 2024	June 30, 2024
Committed at the reporting date but not recognized as liabilities, payable:
Sweetpea	$24,332,061	$23,283,360
EP 161	2,768,940	2,649,600
Beetaloo Joint Venture	65,463,797	62,642,340
Midstream	1,902,385	1,971,843

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Business and Basis of Preparation (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital surplus	$ 47,264,270
Accumulated deficit	$ 136,274,345	$ 130,379,771

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Variable Interest Entities - Narrative (Details)	Jun. 03, 2024	Sep. 18, 2022	Mar. 21, 2024	Mar. 04, 2024	Nov. 09, 2022
Falcon | Beetaloo Basin
Variable Interest Entity [Line Items]
Equity, ownership percentage					22.50%
Falcon | Beetaloo Basin, SS2 Well Pad | Maximum
Variable Interest Entity [Line Items]
Equity, ownership percentage				5.00%
Beetaloo Basin
Variable Interest Entity [Line Items]
Equity, ownership percentage					38.75%
Beetaloo Basin | Tamboran (B1) Pty Ltd ("TB1")
Variable Interest Entity [Line Items]
Equity, ownership percentage					77.50%
Beetaloo Basin | Daly Waters Energy, LP (“DWE”)
Variable Interest Entity [Line Items]
Equity, ownership percentage					38.75%
Beetaloo Basin, SS2 Well Pad | Tamboran (B1) Pty Ltd ("TB1") | Minimum
Variable Interest Entity [Line Items]
Equity, ownership percentage			95.00%
Variable interest entity, primary beneficiary | Daly Waters Energy, LP (“DWE”) | Tamboran (B1) Pty Ltd ("TB1")
Variable Interest Entity [Line Items]
Joint venture, ownership percentage	50.00%	50.00%

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Variable Interest Entities - Balance sheet (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Current assets
Cash and cash equivalents	$ 74,042,004	$ 74,745,897
Trade and other receivables:
Joint interest billing	3,096,440	10,298,322
ATO receivable	1,471,724	700,115
Prepaid expenses and other current assets	3,350,342	3,209,033
Total current assets	89,960,634	97,330,881
Finance lease right-of-use assets	18,164,738	20,697,452
Prepaid expenses and other non-current assets	1,932,677	1,889,890
Total non-current assets	291,259,643	261,313,150
TOTAL ASSETS	381,220,277	358,644,031
Current liabilities
Accounts payable and accrued expenses	16,125,305	14,832,599
Current portion of finance lease obligations	18,220,258	12,767,400
Total current liabilities	34,706,364	27,997,998
Finance lease obligations	9,556,380	14,141,713
Asset retirement obligations	9,091,902	8,140,992
Total non-current liabilities	19,472,625	22,960,333
Total liabilities	54,178,989	50,958,331
Unproved properties
Trade and other receivables:
Natural gas properties, successful efforts method	259,656,933	230,119,448
Assets under construction - natural gas equipment
Trade and other receivables:
Natural gas properties, successful efforts method	10,411,399	7,542,064
Variable interest entity, primary beneficiary
Current assets
Cash and cash equivalents	8,454,574	1,488,541
Trade and other receivables:
Joint interest billing	3,096,440	10,298,322
Intercompany receivable	5,526,088	7,415,684
ATO receivable	1,138,054	615,480
Prepaid expenses and other current assets	1,805,605	1,476,094
Total current assets	20,020,761	21,294,121
Finance lease right-of-use assets	19,096,969	20,697,452
Prepaid expenses and other non-current assets	402,565	385,215
Total non-current assets	224,329,824	196,622,792
TOTAL ASSETS	244,350,585	217,916,913
Current liabilities
Accounts payable and accrued expenses	12,098,118	10,569,865
Current portion of finance lease obligations	18,795,312	12,767,400
Total current liabilities	30,893,430	23,337,265
Finance lease obligations	10,193,335	14,141,713
Asset retirement obligations	4,821,472	4,174,178
Loan from Tamboran	128,124,936	113,096,572
Total non-current liabilities	143,139,743	131,412,463
Total liabilities	174,033,173	154,749,728
Variable interest entity, primary beneficiary | Unproved properties
Trade and other receivables:
Natural gas properties, successful efforts method	194,418,892	167,998,061
Variable interest entity, primary beneficiary | Assets under construction - natural gas equipment
Trade and other receivables:
Natural gas properties, successful efforts method	$ 10,411,398	$ 7,542,064

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Property, Plant and Equipment & Natural Gas Properties - Narrative (Details)		1 Months Ended	3 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Apr. 30, 2024 km MMcf / d
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 74,792	$ 74,792	$ 74,792		$ 102,244
Sturt plateau compression facility (“SPCF”), volume | MMcf / d						40
Sturt plateau pipeline (SPP), distance | km						35
Advance received for sale of assets held for sale			400,000	$ 0
Loss on remeasurement of assets classified as held for sale			(376,000)	$ 0
Unproved properties
Property, Plant and Equipment [Line Items]
Natural gas properties, successful efforts method	259,656,933	259,656,933	259,656,933		230,119,448
Assets under construction - natural gas equipment
Property, Plant and Equipment [Line Items]
Natural gas properties, successful efforts method	10,411,399	10,411,399	10,411,399		$ 7,542,064
Rig 403
Property, Plant and Equipment [Line Items]
Asset, held-for-sale, not part of disposal group	8,500,000	$ 8,500,000	$ 8,500,000
Asset, held-for-sale, sales commission percentage		6.00%
Advance received for sale of assets held for sale	$ 400,000	$ 400,000
Asset, held-for-sale, exclusivity period	30 days
Loss on remeasurement of assets classified as held for sale	$ (376,000)

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Property, Plant and Equipment & Natural Gas Properties - Oil and Gas, Capitalized Exploratory Well Cost, Roll Forward (Details) - Unproved properties	3 Months Ended
	Sep. 30, 2024 USD ($)
Oil and Gas, Capitalized Exploratory Well Cost [Roll Forward]
Balance at July 1, 2024	$ 230,119,448
Capital expenditure	14,910,259
Restoration assets	326,433
Interest on finance lease liability and related depreciation of ROU assets capitalized	3,328,639
Effect of changes in foreign exchange rates	10,972,154
Balance at September 30, 2024	259,656,933
EP 161
Oil and Gas, Capitalized Exploratory Well Cost [Roll Forward]
Balance at July 1, 2024	23,744,221
Capital expenditure	15,687
Restoration assets	0
Interest on finance lease liability and related depreciation of ROU assets capitalized	0
Effect of changes in foreign exchange rates	1,051,310
Balance at September 30, 2024	24,811,218
EP136
Oil and Gas, Capitalized Exploratory Well Cost [Roll Forward]
Balance at July 1, 2024	51,035,326
Capital expenditure	234,594
Restoration assets	0
Interest on finance lease liability and related depreciation of ROU assets capitalized	0
Effect of changes in foreign exchange rates	2,268,552
Balance at September 30, 2024	53,538,472
EP 76, 98 and 117
Oil and Gas, Capitalized Exploratory Well Cost [Roll Forward]
Balance at July 1, 2024	155,339,901
Capital expenditure	14,659,978
Restoration assets	326,433
Interest on finance lease liability and related depreciation of ROU assets capitalized	3,328,639
Effect of changes in foreign exchange rates	7,652,292
Balance at September 30, 2024	$ 181,307,243

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Leases - Narrative (Details) - USD ($)		3 Months Ended
	Jul. 01, 2023	Sep. 30, 2024	Oct. 01, 2024	Jul. 01, 2024	Oct. 15, 2023
Lessee, Lease, Description [Line Items]
Finance lease, discount rate	13.50%
Lessor, term of contract					17 months
Operating lease, lease income		$ 81,637
Building
Lessee, Lease, Description [Line Items]
Term of contract, office building				3 years
Renewal term of contract				2 years
Building | Subsequent Event
Lessee, Lease, Description [Line Items]
Term of contract, office building			4 years
Equipment
Lessee, Lease, Description [Line Items]
Term of contract, rig	25 months
Lease, gap period	270 days

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Leases - Balance sheet balances (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Right-of-use assets
Operating lease right-of-use assets	$ 1,019,104	$ 962,052
Finance lease right-of-use assets	18,164,738	20,697,452
Right-of-use assets	19,183,842	21,659,504
Lease liabilities
Current portion of operating lease obligations	360,801	397,999
Non-current portion of operating lease obligations	725,571	587,250
Current portion of finance lease obligations	18,220,258	12,767,400
Non-current portion of finance lease obligations	9,556,380	14,141,713
Lease liabilities	$ 28,863,010	$ 27,894,362

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Leases - Income Statement transactions (Details) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating leases
Operating lease cost charged to profit and loss	$ 157,146	$ 70,514
Finance leases
Interest on lease liabilities	795,924	815,910
Depreciation on right-of-use assets	2,532,715	3,097,532
Total finance lease cost	3,328,639	3,913,442
Less: Lease cost capitalized to unproved properties	(3,328,639)	(3,913,442)
Finance lease cost charged to profit and loss	$ 0	$ 0

XML

Leases - Cash Flow disclosure (Details) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating cash flows for operating leases	$ 157,146	$ 70,514
Financing cash flows for finance leases	0	0
Cash paid for amounts included in the measurement of lease liabilities	$ 157,146	$ 70,514

XML

Leases - Schedule of Weighted Average Remaining Lease Term And Discount Rates (Details)	Sep. 30, 2024	Sep. 30, 2023
Operating leases
Weighted-average remaining lease term	3 years 6 months 25 days	1 year 5 months 1 day
Weighted-average incremental borrowing rate	13.50%	3.90%
Finance leases
Weighted-average remaining lease term	1 year 9 months 29 days	2 years 9 months 29 days
Weighted-average incremental borrowing rate	13.45%	13.45%

XML

Leases - Maturity of Lease Liabilities (Details)	Sep. 30, 2024 USD ($)
Operating leases
Fiscal year ending June 30, 2025 (excluding three months period from July 1, 2024 to September 30, 2024)	$ 392,879
Fiscal year ending June 30, 2026	356,745
Fiscal year ending June 30, 2027	368,215
Thereafter	177,578
Total lease payments	1,295,417
Less: Imputed interest	(209,045)
Present value of lease liabilities	1,086,372
Finance leases
Fiscal year ending June 30, 2025 (excluding three months period from July 1, 2024 to September 30, 2024)	15,419,850
Fiscal year ending June 30, 2026	14,417,500
Fiscal year ending June 30, 2027	632,000
Thereafter	0
Total lease payments	30,469,350
Less: Imputed interest	(2,692,712)
Present value of lease liabilities	$ 27,776,638

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Accounts Payable and Accrued Expenses (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Payables and Accruals [Abstract]
Accounts payable	$ 7,183,077	$ 6,619,320
Accrued payroll	391,002	13,216
Compensated absences	744,222	668,825
Defined contribution superannuation payable	0	8,164
Accrued capital expenditure	7,002,385	4,318,703
Accrued expenses	804,619	3,204,371
Accounts payable and accrued expenses	$ 16,125,305	$ 14,832,599

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Asset Retirement Obligations (Details) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning asset retirement obligations	$ 8,140,992
Liabilities incurred	326,433
Accretion expense	257,738	$ 214,315
Effect of changes in foreign exchange rates	366,739
Long-term asset retirement obligations	$ 9,091,902

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Stockholders’ Equity - Movement in common stock (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares, issued at the beginning of the period (in shares)	13,915,524	13,915,524
Common stock, value, net proceeds accumulated at beginning of period	$ 396,924,177	$ 396,924,177
Capital Raise (in shares)	308,750
Issue price (in USD per share)	$ 24.00
Capital raise	$ 7,410,000
Less: Transaction costs	$ (479,150)	(2,120,042)	$ (1,752,807)
Consideration after transaction cost		$ 6,930,850
Common stock, shares, issued at the end of the period (in shares)		14,224,274
Common stock, value, net proceeds accumulated at end of period		$ 403,855,027

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Stockholders’ Equity - Narrative (Details)	1 Months Ended
	Jul. 31, 2024 shares
Subsidiary or Equity Method Investee [Line Items]
Stock issued during period (in shares)	308,750
Greenshoe option
Subsidiary or Equity Method Investee [Line Items]
Stock issued during period (in shares)	308,750

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Stock-Based Compensation - Milestone Options (Details) - Employee stock option - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment expense	$ 138,996	$ 268,403
Share-based payment arrangement, employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, grant in period (in shares)	0
Options, forfeitures in period (in shares)	0

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Stock-Based Compensation - Restricted Stock Units (Details) - $ / shares	Aug. 06, 2024	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of CDI exchanged for one common stock (in shares)	200
2024 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)		1,600,000
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | Retention Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation grants in period (in shares)	47,400
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | U.S. Retention awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares, issued (in shares)	8,150
Fair value at grant date (in USD per share)	$ 21.73
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | Australia Retention awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares, issued (in shares)	39,250
Fair value at grant date (in USD per share)	$ 0.109
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | IPO Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation grants in period (in shares)	795,000
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | IPO Awards | Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation grants in period (in shares)	397,500
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | IPO Awards | Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation grants in period (in shares)	98,750
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | IPO Awards | Tranche 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation grants in period (in shares)	298,750
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | U.S. IPO awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares, issued (in shares)	175,000
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | U.S. IPO awards | Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value at grant date (in USD per share)	$ 21.73
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | U.S. IPO awards | Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value at grant date (in USD per share)	21.73
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | U.S. IPO awards | Tranche 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value at grant date (in USD per share)	$ 19.64
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | Australia IPO awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares, issued (in shares)	620,000
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | Australia IPO awards | Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value at grant date (in USD per share)	$ 0.109
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | Australia IPO awards | Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value at grant date (in USD per share)	0.109
Restricted Stock Units (RSUs) | Share-based payment arrangement, employee | Australia IPO awards | Tranche 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value at grant date (in USD per share)	$ 0.098

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Stock-Based Compensation - Fair Value Assumptions (Details) - Restricted Stock Units (RSUs) - Tranche 3 - 2024 Plan - Share-based payment arrangement, employee	3 Months Ended
	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term for performance period (in years)	4 years 10 months 24 days
Expected volatility	74.60%
Risk-free interest rate	3.70%

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Stock-Based Compensation - Expense related disclosures (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Sep. 30, 2024 USD ($)
2024 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expense recognized during three months ended September 30, 2024	$ 990,455
Remaining expense to recognize, if all vesting conditions are met	16,690,510
IPO Awards | Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expense recognized during three months ended September 30, 2024	455,471
Remaining expense to recognize, if all vesting conditions are met	$ 8,182,204
Weighted average remaining contractual term (in years)	2 years 9 months
IPO Awards | Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expense recognized during three months ended September 30, 2024	$ 113,152
Remaining expense to recognize, if all vesting conditions are met	$ 2,032,686
Weighted average remaining contractual term (in years)	2 years 9 months
IPO Awards | Tranche 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expense recognized during three months ended September 30, 2024	$ 309,395
Remaining expense to recognize, if all vesting conditions are met	$ 5,558,055
Weighted average remaining contractual term (in years)	2 years 9 months
Retention Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expense recognized during three months ended September 30, 2024	$ 112,437
Remaining expense to recognize, if all vesting conditions are met	$ 917,565
Weighted average remaining contractual term (in years)	1 year 3 months

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Income Taxes (Details) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Effective tax rate reconciliation, percent	0.00%	0.00%
Foreign Tax Jurisdiction
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	$ 290,783,210

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Loss Per Share (Details) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss after income tax attributable to Tamboran Resources Corporation stockholders	$ (5,894,574)	$ (3,189,698)
Denominator:
Weighted average number of common stock outstanding, basic (in shares)	14,124,788	8,486,578
Weighted average number of common stock outstanding, diluted (in shares)	14,124,788	8,486,578
Net loss per share, basic (in USD per share)	$ (0.417)	$ (0.376)
Net loss per share, diluted (in USD per share)	$ (0.417)	$ (0.376)

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Commitment and Contingencies - Schedule of committed not recognized liabilities (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Sweetpea
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	$ 24,332,061	$ 23,283,360
EP 161
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	2,768,940	2,649,600
Beetaloo Joint Venture
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	65,463,797	62,642,340
Midstream
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	$ 1,902,385	$ 1,971,843

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Commitment and Contingencies - Narrative (Details)	3 Months Ended
	Sep. 30, 2024 USD ($) well license	Jun. 30, 2024 USD ($)
Sweetpea
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	$ 24,332,061	$ 23,283,360
Number of licenses | license	2
Sweetpea | EP136
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	$ 14,709,994
Unrecorded unconditional purchase obligation, term	5 years
Sweetpea | EP 143
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	$ 9,622,067
EP 161
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	2,768,940	2,649,600
Beetaloo Joint Venture
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	$ 65,463,797	62,642,340
Number of wells | well	5
Beetaloo Joint Venture | EP 76
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	$ 22,264,007
Beetaloo Joint Venture | EP 98
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	20,935,782
Beetaloo Joint Venture | EP 117
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	22,264,008
Midstream
Other Commitments [Line Items]
Committed at the reporting date but not recognized as liabilities, payable	$ 1,902,385	$ 1,971,843

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Related Party Transactions (Details)			3 Months Ended		12 Months Ended
	Jun. 03, 2024	Sep. 18, 2022	Sep. 30, 2024 USD ($) shareholder	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jul. 01, 2023
Related Party Transaction [Line Items]
Number of shareholders | shareholder			2
Proceeds from issue of common stock				$ 36,151,220
Finance lease right-of-use assets			$ 18,164,738			$ 20,697,452
Finance lease obligations			9,556,380			14,141,713
Equipment
Related Party Transaction [Line Items]
Term of contract, rig							25 months
Majority shareholder
Related Party Transaction [Line Items]
Finance lease right-of-use assets			3,951,666
Finance lease obligations			745,502
Majority shareholder | Equity investment
Related Party Transaction [Line Items]
Proceeds from issue of common stock					$ 15,000,000
Variable interest entity, primary beneficiary
Related Party Transaction [Line Items]
Finance lease right-of-use assets			19,096,969			20,697,452
Finance lease obligations			10,193,335			$ 14,141,713
Variable interest entity, primary beneficiary | Daly Waters Energy, LP (“DWE”) | Tamboran (B1) Pty Ltd ("TB1")
Related Party Transaction [Line Items]
Joint venture, ownership percentage	50.00%	50.00%
Variable interest entity, primary beneficiary | Daly Waters Energy, LP (“DWE”) | Beetaloo Basin | Co-venturer
Related Party Transaction [Line Items]
Expenditures for which contributions are due			5,902,678
Unpaid cash calls receivable			$ 3,306,021

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Subsequent Events (Details) - USD ($)			1 Months Ended		3 Months Ended
	Nov. 12, 2024	Sep. 30, 2024	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Subsequent Event [Line Items]
Advance received for sale of assets held for sale					$ 400,000	$ 0
Assets under construction - natural gas equipment
Subsequent Event [Line Items]
Natural gas properties, successful efforts method		$ 10,411,399		$ 10,411,399	10,411,399		$ 7,542,064
Subsequent Event
Subsequent Event [Line Items]
Eligible R&D expenditure claimed			$ 6,839,963
Subsequent Event | Daly Waters Energy, LP (“DWE”) | Sturt Plateau Compression Facility ("SPCF")
Subsequent Event [Line Items]
Trust, percentage ownership			50.00%
Subsequent Event | Enscope Pty Ltd (Enscope) | Assets under construction - natural gas equipment
Subsequent Event [Line Items]
Natural gas properties, successful efforts method			$ 1,976,519
Rig 403
Subsequent Event [Line Items]
Asset, held-for-sale, not part of disposal group		8,500,000		8,500,000	$ 8,500,000
Advance received for sale of assets held for sale		$ 400,000		$ 400,000
Asset, held-for-sale, sales commission percentage				6.00%
Rig 403 | Subsequent Event
Subsequent Event [Line Items]
Asset, held-for-sale, not part of disposal group			$ 8,500,000
Asset, held-for-sale, sales commission percentage	6.00%