Tamboran Resources Corporation (ASX: TBN, NYSE: TBN) is a growth-driven, independent natural gas exploration and production (E&P) company founded in 2009 and headquartered in Sydney, Australia. Its singular focus is the commercial development of unconventional (shale) natural gas resources in the Beetaloo Sub-basin, Northern Territory — one of the world's largest undeveloped gas basins. The company is currently in a pre-production phase, with no material operational revenue — all activities are funded through external capital raises.

Business Segments & Field of Activity

Tamboran operates as a single-segment, resource development company focused exclusively on unconventional shale gas. Its core activities include:

· Exploration & Appraisal: Drilling and well-testing to prove the size and deliverability of gas resources in the Beetaloo Sub-basin.

· Resource Development: Holds approximately 1.9–2 million net prospective acres, making it the largest operated acreage holder in the Beetaloo Basin.

· Target Markets: Primarily Australia's East Coast gas market (facing a looming long-term supply shortfall) and Asia-Pacific LNG export markets via the proposed Northern Territory LNG (NTLNG) facility.

· Gas Sales Contract: Has already signed a 40 million cubic feet per day (MMcfd) supply contract to support the Northern Territory local energy market until 2041. The gas resource is characterised as low-CO₂ unconventional gas, positioning it as a transition fuel supporting net-zero energy commitments.

Strategic initiatives

Tamboran's strategy centres on four key pillars:

1) Shenandoah South Pilot Project: The flagship development targeting first gas sales to the NT market in mid-2026, described as a historic milestone for the company and the Beetaloo Basin.

2) Technology & Partnerships: Tamboran has strategically partnered with Helmerich & Payne (NYSE: HP) and Liberty Energy Inc. to apply North American shale ASX technology stocks— modern reservoir assessment, advanced drilling, and completion design — to the Beetaloo.

3) NTLNG Export Facility: Long-term plans to feed gas into a proposed Northern Territory LNG export terminal, positioning Tamboran as a supplier to Asia-Pacific markets transitioning from coal to gas.

4) Dual Listing (NYSE + ASX): In 2024, Tamboran completed a US IPO and dual listing on the NYSE and ASX under the ticker TBN, raising approximately A$112 million to access deeper capital markets familiar with shale gas development.

Breaking Down the Key Drivers Behind Tamboran Resources (ASX: TBN) Recent Price

Here is a comprehensive breakdown of the key drivers behind TBN's recent price action.

1- First Gas Milestone Approaching

The single most powerful catalyst for TBN's price is its targeted delivery of first gas to the Northern Territory market in mid-2026. The Sturt Plateau Compression Facility (SPCF) reached 78% completion as of February 2026, on schedule and within budget, and the associated pipeline completed strength and hydro testing in January 2026. This transition from a pure exploration/appraisal company to an actual gas producer represents a monumental de-risking event that investors are pricing in ahead of time.

2- Drilling Program Success

In 2025, Tamboran completed the largest drilling program ever conducted in the Beetaloo Basin, drilling and casing three 10,000-foot horizontal wells — SS-4H, SS-5H, and SS-6H — using modern technologies from partners Baker Hughes and Liberty Energy. Stimulation of SS-6H was completed across the full 10,009-foot lateral, with three additional wells planned for stimulation in Q2 2026. These operational successes confirmed the technical viability of large-scale unconventional gas production in the Beetaloo, directly boosting investor confidence.

3- Gas Sales Agreement & Regulatory Win

Tamboran secured a binding Gas Sales Agreement to supply 40 MMcf/day to the NT Government until 2041 — the first approval under the Northern Territory's new Beneficial Use of Gas legislation. This landmark deal removed a major commercial uncertainty and provided the company with its first contracted revenue, validating the entire development thesis. It also demonstrated strong governmental support for the Beetaloo project.

4- APA Group Pipeline Partnership

TBN partnered with APA Group to design and construct the critical pipeline infrastructure connecting Beetaloo gas to Australia's existing transmission network. This was historically the company's biggest structural weakness — stranded gas with no route to market. The APA partnership effectively neutralised this existential risk and unlocked the path to both the East Coast gas market and the proposed Northern Territory LNG (NTLNG) export facility for Asia-Pacific supply.

5- East Coast Gas Shortage Narrative

Australia's East Coast is facing a projected long-term natural gas supply shortfall, creating a macro tailwind for Tamboran's story. Analysts forecast revenue growth of ~70% annually and earnings growth of ~60.5% per year, with profitability expected within three years. This structural demand narrative has attracted speculative capital, contributing to TBN's ~76.5% 1-year total shareholder return.

Risks Still Ahead

· Net losses of A$34M and no revenue yet.

· No pipelines beyond the NT contract; East Coast market access remains a long-term hurdle.

· Execution risk on 3Q 2026 first gas target.

The stock's rally reflects operational proof (record flow rates), financial security (US$298M cash), and commercial de-risking (NT contract + infrastructure), shifting Tamboran from pure exploration to pre-production development.

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Technical Analysis of Tamboran Resources Corporation (ASX: TBN)

Source: TradingView

Price action

TBN has been trading within a well-defined ascending channel since mid-2025, with a strong spike to ~0.345 in late March/early April 2026. Following that peak, the price pulled back sharply and is now retesting the key horizontal support at 0.235, which is also near the channel's mid-line. The current price action suggests a breakdown test — the candle on June 1 closed right at or just below the 0.235 support zone, signalling a critical decision point for bulls and bears alike.

Key Price Levels

Take profit (TP) ~ 0.325– 0.330: near the upper channel and prior swing high.

Resistance ~0.275– 0.280: marked as horizontal resistance by the orange line.

Support ~ 0.235: the horizontal blue line and current retest area.

Stop Loss Analysis

We suggest placing a protective stop-loss zone roughly between 0.210 and 0.215, positioned below the 0.235 support level and near the lower channel boundary — where the long thesis (relying on the support and channel holding) would fail.

Volume

Recent sell-off into support came on declining or average volume after earlier strong buying spikes, indicating profit-taking rather than aggressive distribution so far.

RSI~43

RSI has cooled from prior overbought highs toward the 40, showing momentum has reset without entering oversold, which is consistent with a normal pullback in an uptrend.

FAQs about Tamboran Resources Corporation (ASX: TBN)

1- What are IP-30 flow tests?

IP-30 flow tests measure gas flow rate from wells, indicating how much gas is available and the extraction speed. Tamboran expects IP-30 results for two wells around late March or early April.

2- Is Tamboran Resources involved in fracking?

Yes, Tamboran uses hydraulic fracturing (fracking) to stimulate shale rock and facilitate gas extraction from the Beetaloo Basin, a process central to unconventional gas production.

3- What is Tamboran’s fiscal year-end?

Tamboran Resources’ fiscal year ends on 30 June 2026, aligning with standard Australian corporate reporting periods.