Two linked transactions 1. DWE exited the “remaining...

Two linked transactions

1. DWE exited the “remaining checkerboard lands”:

· These were the bulk of the former TB1 JV acreage (~1.48 million acres).

· After exit: Tamboran went from 38.75% to 77.5% WI (DWE sold its 38.75% WI back to Tamboran).

· Effectively, DWE “cashed out” of the fringe exploration acreage.

2. DWE paid US$15M to stay in the Phase 2 Development Area:

· DWE kept a 19.38% non-operating WI over ~100,000 acres of core Phase 2 lands.

· This gave DWE retained optionality in the most valuable near-term development block.

So DWE:

· sold out of the fringe acreage (no value disclosed; considered “consideration given” in return for Tamboran taking over 77.5% WI).

· bought into the core acreage for US$15M at 19.38% WI over ~100,000 acres.

The US$15M is for the Phase 2 carve-out only, not the checkerboard exit.

That explains why the per acre value looks high (US$774/acre). It is not just raw exploration land. It is core, de-risked, near-Pilot, future development acreage, hence the premium.

That’s my take so far. SEC filing will probably tell us more.

Overall, this is good news. Secures the Pilot, strong pathway to Phase 1 and beyond.