$TBN

Tamboran Resources (NYSE:TBN) began gas sales from the Beetaloo Basin, marking its first revenue. The company has a take-or-pay agreement for 38.8M cubic feet/day by early 2027, with a fixed price adjusted annually. The pilot project reduces market uncertainty but profitability and financing remain key concerns.

The Australian S&P/ASX Small Ordinaries index was down 0.02% at market open. Tamboran Resources (TBN) and Daly Waters Energy started first gas sales from the Beetaloo Basin, with production expected to reach 40 terajoules per day by early 2027. Anteris Technologies (AVR) appointed Brent Moen as CFO, effective September 12, 2026.

Tamboran Resources (NYSE:TBN) and partner Daly Waters Energy began gas sales from the Shenandoah South project in Australia's Beetaloo Basin, delivering first volumes to the Northern Territory network. Production will ramp up to 40 TJ/d by early 2027 under a long-term agreement. Tamboran aims to establish Beetaloo as a long-term gas source for the region.

Analysts from Northland Securities and RBC Capital maintained Buy ratings on Tamboran Resources (TBN), with price targets of $60.00 and $55.00 respectively. The stock closed at $39.43. Diversified Energy (GB:DEC) received a Buy rating from KeyBanc, with a price target of £1736.05, and a Strong Buy consensus. The stock closed at £1128.00.

The S&P/ASX Small Ordinaries (XSO) dropped 1.73% to 3,427.20 at 10:05 am AEST, extending a reversal from its late-August peak. Despite market challenges, several ASX-listed small caps advanced exploration programs. Lightning Minerals defined new gold targets at Mt Turner, Nova Minerals progressed on an Alaska access road, St George Mining began a pilot study at Araxá, Tamboran started gas facility commissioning, and Solis Minerals commenced drilling at Cinto Copper.

Tamboran Resources (NYSE: TBN) began gas commissioning at its Shenandoah South development, targeting first sales to the Northern Territory Government. The Sturt Plateau Compression Facility, a joint venture, is on schedule and within budget. Tamboran also plans to extend its partnership with Liberty Energy (NYSE: LBRT) for up to five years for hydraulic fracture stimulation services.

Formentera Partners and Daly Waters Energy (DWE) began commissioning the Sturt Plateau Compression Facility, enabling natural gas flow from the Beetaloo Basin. The plant, a 50/50 joint venture with Tamboran Resources (TBN), has a 48.5 MMcf/d capacity and a 15-year take-or-pay agreement. The project was completed on time and within a $99M budget. Formentera holds 1.9M net acres in the basin, with plans to expand supply to Australia's East Coast and LNG export capacity.

Tamboran Resources (NYSE: TBN) is nearing first gas sales from its Shenandoah South Pilot Project in Australia's Beetaloo Basin. The company expects to supply 40 terajoules per day under a 9-year contract, with potential expansion to 100 terajoules by 2028. Tamboran aims to reduce well costs and has secured funding to support further development, targeting larger markets like Australia's east coast and Asia.

RBC Capital analyst Scott Hanold maintained a Buy rating on Tamboran Resources (TBN) with a $55 price target. The stock closed at $37.97. The consensus rating is Strong Buy with a $51.25 average target. TBN reported a Q1 GAAP net loss of $9.41M, wider than last year's $6.66M loss.

H&P Research assigned Tamboran Resources (TBN) a risked valuation implying 113% upside, keeping risked NAV at US$67 per TBN share (A$0.47 per ASX CDI) versus a higher market price. It cited completion of a record Beetaloo Basin stimulation campaign, reduced execution risk, and catalysts including first gas in Sep 2026 and possible Orion farm-out. H&P set unrisked value at >US$7.1B and risked at ~US$2.4B.