Ann: US$55.4 million PIPE of Common Stock, page-3

Tamboran commenced a “soaking” of the SS-2H ST1 well in March 2025. Soaking is a process whereby

once an initial clean-up period is done to dehydrate the fractures as much as possible; the shut-in (“soaking”

period) allows the remaining water to imbibe into the rock, increasing the formation’s relative permeability

to gas.

The well was re-opened to commence flow testing in mid-May, 2025 and is planned to be flow tested over

a full 90-day period to understand the decline curve of the well. Tamboran plans to update the market at

the IP30, 60 and 90 intervals, subject to any weather or unforeseen events.

Following the completion of the capital raise, Tamboran expects to be fully funded to drill and complete the

remaining three wells to deliver first gas to the proposed ~40 MMcf/d (~19 MMcf/d net Tamboran) SS Pilot

Project. First gas production is planned for mid-2026, subject to weather and customary regulatory

approvals.