[INTERVIEW] From next year: Tamboran Resources (ASX:TBN) to produce gas in NT, page-11

I find your post interesting on two points:

1. A few more wells to line up geophysically - by any evaluation there is zero question about the gas storage capacity, depths and thickness of the shale. No 'geophysical' discoveries remain aside from the characterization of local faulting.

2. Confirmation of reserves - indeed the granting of production permits, sanction of binding P/L agreement and reasonable proof of commerciality will convert the existing Contingent Resources to Reserves. But, make no mistake, the volume is accounted for by the same process and the conversion will simply move the volumes from one category to the other. So, there's certainly some hurdles, but waiting for the reserves is likely a self-selection to miss the single largest valuation bump.