On behalf of the Board of Directors, I am pleased to offer you the opportunity to become a shareholder in Tamboran
Resources Limited (Tamboran or the Company).
Founded in 2009, Tamboran is a public company that intends to play a constructive role in the global energy transition
towards a lower carbon future by developing clean, low CO2 unconventional natural gas resources in the Beetaloo
Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran has four key strategic
1. Lead the commercialisation of the substantial prospective gas resources in the
Tamboran’s key focus is to de-risk the substantial resources identified within its highly prospective acreage in
the Beetaloo Sub-basin. Tamboran’s assets include EP 136, EP 143, EP 161 and EP(A) 197 (Tamboran Assets).
Netherland, Sewell & Associates, Inc., an independent reserves and resource certifier, has given a best estimate that
the net prospective resources in EP 161 and EP 136 total approximately 31 Tcf, comprising:
• approximately 12 Tcf net un-risked prospective resource (25% non-operating interest) in EP 161; and
• approximately 19 Tcf net un-risked prospective resource (100% working interest) in EP 136.
For more technical information on the Tamboran Assets, see section 3 and the Technical Expert’s Reports in
Subject to a successful seismic, drilling and testing program, Tamboran is well positioned to commercialise these
resources. We are targeting to provide affordable gas to local Northern Territory markets and supply gas to the east
coast of Australia, to meet forecast domestic gas shortfalls. A commercial framework has been agreed with Jemena,
which provides for the construction of a pipeline connecting the Beetaloo Sub-basin directly to the South East
Australian domestic gas market via Jemena’s existing northern gas pipeline or north to the Darwin LNG complex.
We believe that this arrangement will help facilitate the delivery of reliable, affordable gas to domestic markets.
There is support from both the Northern Territory and Australian Federal Governments for the development of the
Beetaloo Sub-basin. In December 2020, the Federal Government announced $50 million in incentives for the industry
to accelerate gas exploration and production in the Beetaloo Sub-basin.
2. Develop clean, low CO2 unconventional natural gas resources and become a net zero
emissions producer when the Company initiates sales of natural gas
Production tests of wells that have been drilled within and on trend with the Tamboran Assets in the Beetaloo Subbasin indicate that the gas in the basin generally has a lower CO2 content than the industry average for gas fields
currently in production or under development in the north-west of Australia. Tamboran is committed to minimising
the carbon emissions related to the development of this resource further, by using advanced drilling technologies and
exploring options to integrate renewable energy, carbon capture and sequestration and carbon offsets. Our goal is to
become a producer of gas with net zero emissions for our equity share of Scope 1 and Scope 2 emissions when the
Company initiates sales of natural gas1.
3. Leverage the Company’s expertise in unconventional gas development
The Company’s Board and management team have a strong track record of commercialising unconventional resources
in the United States and Australia. Members of Tamboran led the initial development of multiple prolific US oil and
gas unconventional resource plays, including in Eagle Ford, Marcellus, Woodford, Fayetteville and Haynesville, as well
as the successful development and monetisation of Australian gas assets. Tamboran will seek to utilise this extensive
experience in the development of the unconventional gas resources in the Beetaloo Sub-basin.
4. Operate sustainably, safely and adhere to best practices throughout operations
Tamboran believes that operating in a sustainable manner is essential to delivering the Company’s core strategy
and objectives. Our core values, which underpin everything that we do and are central to our Code of Conduct, are
leadership, sustainability, integrity, diversity and inclusion, courage and commitment. The Company has established a
Sustainability Plan with six pillars:
(1) Health and Safety: Putting the health and safety of our people, contractors and community first through
effective systems, culture and secure operations.
(2) Climate Change: Playing an effective role in the transition to a lower carbon economy through the production of
low CO2 natural gas resources.
(3) Environment: Applying leading technologies and to promote efficiency and minimise environmental impacts.
(4) People: Attracting, developing and retaining a diverse, inclusive and competent workforce.
(5) Community: Partnering with local and host communities to share value through the creation of local jobs and
(6) Economic Sustainability: Generating economic growth and value for our investors, employees, customers, and
communities through sustainable production and distribution of affordable gas resources to multiple markets.
These pillars align with selected Sustainable Development Goals as defined by the United Nations.
The Directors believe that this strategy will enable Tamboran to achieve both its corporate vision and mission and
will help create the maximum long-term value for all our stakeholders, including shareholders, host governments,
partners, traditional landowners and local communities.
The Offer comprises the Institutional Offer, Priority Offer, Broker Firm Offer and General Offer. The Offer seeks to raise
a minimum of $60 million and a maximum of $66 million at $0.40 per Share. The Company intends to use the proceeds
from the Offer as follows:
• drilling up to three wells;
• well testing;
• seismic acquisition and processing;
• geographical, geophysical and engineering activities;
• general working capital purposes; and
• the costs and expenses of the Offer.
Please see section 7.4 for further detail.
This Prospectus contains detailed information about the Offer, the industry in which Tamboran operates and its
financial and operating performance.
As set out in section 5, there are potential risks associated with an investment in the Company which include, for
example, exploration and market risks, permit risks and development risks. While the Board will endeavour to mitigate
those risks to the extent practicable, many risk factors are outside the control of the Company.
It is important that you read this Prospectus in its entirety before deciding whether to invest in the Company and if
you wish to invest the in Company, please complete the relevant Application Form.
On behalf of the Directors, I look forward to welcoming you as a shareholder in the Company.