Ann: EP 98 Operational Update Commencement of Stimulation, page-46

Nope. Common practice for decades (US ADRs etc) but given US/Aus time zones the overnight exposure is unhedged. And converting CDIs to common at the moment requires the US selling restriction to be removed.

Information for Securityholders who may want to convert following thecommencement of trade of Common Stock on the NYSE

Tamboran Resources Corporation ("Tamboran" or the "Company") today announced the pricing of itsNew York Stock Exchange (NYSE) initial public offering of an aggregate of 3,125,000 shares of its commonstock at a public offering price of US$24.00 per share.The shares are expected to begin trading on the NYSE on June 27, 2024, under the ticker symbol "TBN".The Company's shares represented by CHESS Depositary Interests (CDIs) will continue to trade on theAustralian Securities Exchange (ASX). The offering is expected to close on June 28, 2024, subject tocustomary closing conditions.CDI holders can request to convert their CDIs, on a 200:1 basis, into the underlying shares of commonstock; however, all shares of common stock received in exchange for the CDIs will continue to be restrictedsecurities (as that term is defined in Rule 144 of the U.S. Securities Act of 1933) and will (i) bear a legendrestricting transfer and (ii) be registered directly on the U.S. share register in the Direct Registration System.Holders must cause the restrictive legend to be removed from their shares in order for the shares to befreely transferable and eligible to be deposited into a brokerage account within Depository Trust Company,the U.S. central securities depository, and be traded on the NYSE.We strongly advise that all CDI holders wishing to trade in the form of common shares on the NYSE requestto have the legend removed from their shares (i) at the same time they request the CDI-to-share conversionand (ii) certainly prior to making any trades on the NYSE to prevent a failed settlement.If CDI holders wish to convert their Tamboran CDIs into the underlying shares of common stock and havethe restrictive legend removed from such shares, they may contact the Company Secretary [email protected] to receive information about eligibility and the required documentation.