Ann: Tamboran finalizes checkerboard & progresses farmout process, page-2

And now for the Big Squeeze on Falcon…all systems go!

Tamboran and Daly Waters Energy, LP (DWE) have signed a binding agreement to finalize the

checkerboard of the joint acreage position across EPs 76, 98 and 117.

• In conjunction with the checkerboard, Tamboran and DWE have entered into a binding agreement

whereby DWE will acquire a non-operating and non-controlling interest in 100,000 acres within

two areas for a consideration of US$15 million. The transaction is subject to certain conditions

precedent and regulatory approvals.

• On completion, Tamboran will have retained approximately 1.9 million net prospective,

development-ready acres across the Beetaloo Basin.

• Tamboran has reserved 406,693 gross acres as its Phase 2 Development Area, located

immediately north of the Pilot Area, where Tamboran plans to focus development on supplying

gas into Australia’s East Coast domestic gas market.

• On completion of the sale to DWE, Tamboran is expected to hold 236,370 net acres (58.12%

operated interest) over the Phase 2 Development Area, with DWE (19.38%) and Falcon Oil & Gas

Australia Limited (Falcon) (22.5%) holding the remaining interest.

• Tamboran has engaged RBC Capital Markets to commence a formal farm-down of the Phase 2

Development Area. The formal process will commence on release of the IP30 flow test from the

Shenandoah South 2H sidetrack (SS-2H ST1) well, planned for June 2025. DWE will have

participation rights to any transaction on the same terms.

• Ownership of the proposed northern Pilot Area, which will provide initial gas production to the

Northern Territory, remains unchanged (Tamboran 47.5% operator) with expansion into the

proposed southern Pilot Area (Tamboran 38.75%) anticipated in accordance with the terms of the

acreage sale. Future working interests are subject to participation of parties in the Joint Venture.

• Tamboran will hold 77.5% operating interest in the remaining half of the ex-EP 76, 98 and 117

acreage positions following the completion of the checkboard process, with Falcon holding the

remaining 22.5% interest.