Ann: US$55.4 million PIPE of Common Stock, page-5

1. Acreage Optimisation and Sale to Daly Waters Energy (DWE)

• Tamboran and DWE finalised a checkerboard alignment across EP 76, 98, and 117.
• DWE acquired 100,000 acres for US$15 million (non-operating interest).
• Tamboran retains ~1.9 million net prospective acres, the largest in Beetaloo.
• Phase 2 Development Area: Tamboran 58.12%, DWE 19.38%, Falcon 22.5%.
• Farm-down process will commence post-SS-2H ST1 IP30 result (June 2025).

2. US$55.4 Million PIPE Capital Raise (with ASX CDI price)

• Raised US$55.4 million through a PIPE at US$17.74/share.
• ASX CDI equivalent: A$0.14 per CDI (200 CDIs = 1 US share).
• Fully funds 3 wells for the ~40 MMcf/d Shenandoah South Pilot Project.
• Drilling to commence mid-2025; production targeted for mid-2026.
• SS-2H ST1 well flow testing commenced; IP30 result expected June 2025.

3. Operational & Technical Developments

• SS-2H ST1 well shut-in March-May 2025 to improve productivity.
• Flow testing underway: IP30, IP60, IP90 results pending.
• Shut-in strategy may enhance flow rates by 30–40%.

Strategic Summary Table

	Area	Impact
1	Acreage	Largest Beetaloo holder; strong control post-checkerboard.
2	Capital	US$55.4M PIPE + US$15M DWE sale = fully funded to mid-2026.
3	Upcoming Catalysts	SS-2H ST1 IP30 result (June 2025); farm-down process (2H 2025).
4	Production Outlook	First gas for mid-2026 (~40 MMcf/d gross).
5	ASX CDI Price (Placement)	A$0.14 per CDI (200 CDIs = 1 US share).
6	Investor Sentiment	Major institutional backing; high-impact near-term events.