Ann: March 2024 Quarterly Activities Report, page-2

Great quarter. Agree with de-risking assessment even if the market yawns. Need strong follow through this quarter, particularly to show funding routes won’t hit the share price later this year.

"We view the third quarter of FY24 as a major de-risking point for the Beetaloo Basin and the 1-million-acre development within the Beetaloo West region. Results from the successfully drilled SS-1H well in EP 117have demonstrated the deliverability of the highly productive Mid Velkerri B Shale within the deepest regions of the basin, which are expected to achieve superior economics than the shallower regions of the basin.

Tamboran and the Northern Territory Government announced a key binding long-term, take-or pay GSA that will supply the Northern Territory local market for up to 15 and a half years from the Beetaloo Basin.

The binding agreement is expected to support the funding to underpin a Final Investment Decision (FID) on the proposed Pilot Project at Shenandoah South, which is planned in mid-2024, subject to funding and key stakeholder approvals. We expect first volumes from the Pilot Project will deliver much needed gas into the local Northern Territory gas market by H1 2026.”