TBN: Successfully Completes SS-3H, -4H, and -5H Zipper Fracs

Research evidence excerpt

TBN: Successfully Completes SS-3H, -4H, and -5H Zipper Fracs

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Scott Hanold (Analyst)

Royal Bank of Canada, Sydney Branch

Gordon Ramsay (Analyst)

July 19, 2026

Tamboran Resources Corporation

Successfully Completes SS-3H, -4H, and -5H Zipper Fracs

NYSE: TBN | USD 31.43 | Outperform | Speculative Risk | Price Target USD 55.00

Sentiment: Neutral

RBC view. TBN successfully completed stimulation, cleanout and completion activities of the Shenandoah South 3H (SS-3H), -4H

and -5H wells in the Northern Pilot Area of the Beetaloo Basin, the largest program ever in the basin. Local sand was tested on the

SS-4H well. The wells will not be tested prior to first gas sales that is on track for 3Q26. TBN also commenced drilling activities of

the SS-7H, -8H and -9H wells on the SS1 well pad, which will eventually backfill volumes and support the 40+ MMcf/d production

target. We think this update is constructive given the successful first ever zipper frac in the Beetaloo Basin.

Press Release Summary

• TBN successfully completed stimulation, cleanout and completion activities of the Shenandoah South 3H (SS-3H), -4H and -5H

wells in the Northern Pilot Area of the Beetaloo Basin.

• The program was the first three-well zipper stimulation and the largest campaign ever conducted in the Beetaloo Basin, with

178 stages placed across ~30k feet within the Mid Velkerri B Shale formation.

• Averaged 6.7 stimulated stages/day, with Beetaloo records in pumping operations exceeding 20 hours/day and 12 stages

delivered in a single day.

• TBN successfully utilized local sand in 10 stages across the lateral section within the SS-4H well, with tracers deployed to evaluate

stage performance relative to imported sand.