1Q FY27
Filed Nov 12, 2026Tamboran reports first gas sales from the Beetaloo Basin and well deliverability results, with US$1.8 million of gas sales and about US$180 million pro forma cash in a presentation-only 8-K
The filing shows operational progress: first gas sales, a 98% NT Government nomination rate, and well test rates that support deliverability. Reported revenue is small at US$1.8 million, nominations constrained production, and the filing contains no income statement, prior-year comparison or EPS.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| 1Q FY27 net production to Tamboranother | 0.31 Bcf | – | – |
| 1Q FY27 average gross daily volumeother | ~24.8 MMcf/d | – | – |
| 1Q FY27 revenue generated from gas salesother | $1.8M | – | – |
| NT Government nominations met (Sept 5 to Oct 31, 2026)other | 98% | – | – |
| Pro forma cash balanceother | ~US$180 million | – | – |
| Cash at September 30, 2026other | $165M | – | – |
| Reported cash balance at September 30, 2026other | $169.7M | – | – |
| Near-term cash inflows (acreage sale to DWE)other | $15M | – | – |
| Restricted cash, Tamboran net shareother | $4.8M | – | – |
| SS2-3H IP30 rateother | 8.8 MMcf/d | – | – |
| SS2-5H IP30 rateother | 10.0 MMcf/d | – | – |
| SS2-2H ST1 average rate over 720 interrupted hours (not IP30)other | 10.2 MMcf/d | – | – |
What drove it
- The company reports first gas sales from the Beetaloo Basin in September 2026, with 40 TJ/d (gross) from the Pilot Project contracted to the Northern Territory Government at a fixed price, CPI escalated.
- Gas sales are constrained by Northern Territory nominations, according to the company's footnote. The company also says the wells experienced short-term interruptions from facility downtime and reduced nominations.
- SS2-2H ST1 averaged 10.2 MMcf/d over 720 interrupted hours across a ~5,500 ft lateral, normalized to 18.4 MMcf/d per 10,000 feet. The company compares this with 7.2 MMcf/d in its 2025 test, at a higher wellhead pressure (~1,100 vs 906 psi).
- The company says that high bottomhole pressures have potential to increase deliverability as wells clean up. It also says continued production of 200 to 400 bbl/d of stimulation water is occurring.
- The SPCF was completed, which the company says was on time and about US$10 million under budget. Commissioning is targeted for 4Q 2026.
- The SS1 three-well drilling program is described as within budget. SS1-2H required a side-track after a downhole issue, according to the company.
- The company describes its Beetaloo acreage as 2.8 million net prospective acres. The presentation also lists strategic partnerships with Helmerich & Payne, Liberty Energy and Baker Hughes, all described as equity holders.
Concerns
- Reported gas sales revenue of US$1.8 million is small, and the filing gives no income statement, cost base, net loss or EPS for the quarter.
- Production is constrained by Northern Territory nominations, and the company describes short-term well interruptions.
- The US$15 million near-term inflow from the DWE acreage sale remains subject to conditions precedent, according to the company.
- The company states that SS2-2H, SS2-1H and SS2-4H were not fully opened and were managed as balancing wells during commissioning. Well rates are therefore described as preliminary by the company.
What to watch
- Commencement of the Take-or-Pay contract with the NTG, which the company forecasts for 1Q 2027, at 40 TJ per day regardless of nominations.
- Completion of SPCF commissioning, targeted for 4Q 2026.
- Stimulation of the three SS1 pad wells, planned for 4Q 2026 to 1Q 2027 subject to weather.
- Satisfaction of the conditions precedent for the US$15 million DWE acreage sale inflow.
- Commencement of the four-well non-operated program with DWE/INPEX in the BCDA, planned for 2Q 2027.
- Strategic joint venture discussions, which the company lists as in progress.
Balance sheet and cash flow
- Pro forma cash of about US$180 million includes US$165 million cash at September 30, 2026 and US$15 million of near-term inflows, per the company's footnote. Reported cash of US$169.7 million is less the Daly Waters Infrastructure, LP 50% share of restricted cash.
- The US$15 million inflow from the acreage sale to Daly Waters Energy (DWE) is subject to satisfaction of certain conditions precedent, according to the company.
- Restricted cash of US$4.8 million net to Tamboran (US$9.6 million gross) at September 30, 2026 is to be used for commitment fees, interest and debt payments on the SPCF syndicated debt facility.
- The company states the SPCF construction was forecasted to be about US$10 million under budget. This is a forecast in the presentation, not a reported cost line.
- The cash bridge chart on slide 9 is not reproduced here because its bar labels cannot be reliably matched to line items from the text.
Analysis
This is a presentation-only 8-K for the first quarter of fiscal 2027, the period ended September 30, 2026. It does not include financial statements, so there is no reported income statement, EPS, net income or cost line to read. The reported financial items are limited to US$1.8 million generated from gas sales, about 0.31 Bcf of net production to Tamboran (~24.8 MMcf/d average gross daily volume) and a 98% NT Government nomination rate between September 5 and October 31, 2026. Nothing in the filing gives a prior-year or prior-quarter comparison for these figures.
The main operating news is the start of gas sales. The company says first gas sales were achieved in September 2026 and that the SPCF was completed on time and about US$10 million under budget. The company states that sales are currently constrained by NT nominations, and that the Take-or-Pay contract at 40 TJ per day is forecast to begin in 1Q 2027. The revenue in this quarter therefore reflects an early, nomination-limited stage of production, and the filing does not provide a comparable volume or revenue base for earlier periods.
The well data is the most detailed part of the filing. SS2-3H averaged an IP30 of 8.8 MMcf/d and SS2-5H an IP30 of 10.0 MMcf/d. SS2-2H ST1 averaged 10.2 MMcf/d over 720 interrupted hours, which the company says is not an IP30 figure. The company compares this with 7.2 MMcf/d from its 2025 test at a higher wellhead pressure, but the two tests were run under different conditions, so the comparison is shown here as the company's own explanation only. Several wells were not fully opened, and the company states that deliverability is expected to improve as stimulation water is recovered.
Liquidity is described through a pro forma cash balance of about US$180 million. This combines US$165 million of cash at September 30, 2026 and US$15 million of near-term inflows from the DWE acreage sale, which is subject to conditions precedent. The reported cash balance is US$169.7 million, after deducting the Daly Waters Infrastructure 50% share of restricted cash. The filing does not provide operating or investing cash flow totals in text form, so the cash bridge on slide 9 is not used here.
Overall the filing supports a read of operational progress with an early revenue base. Key items to follow are the start of the take-or-pay revenue in 1Q 2027, the completion of SPCF commissioning and the SS1 stimulation program, and whether the DWE inflow closes. Full financial statements and the company's formal quarterly results are needed before any further assessment of earnings, margins or capital returns.
Not in the filing
stated, not guessed- The filing contains no financial statements or results table, so total revenue, cost of sales, operating expenses, operating income, interest, tax, net income and EPS are not available.
- No prior-year or prior-quarter comparisons are printed for any metric.
- No segment revenue breakdown is provided.
- No operating cash flow or investing cash flow totals are printed in text. The slide 9 bar labels are not reliably mapped to line items.
- No capital expenditure total, debt balance, total assets or equity figures are printed in text.
- No share repurchases, dividends or other capital return figures are printed.
- No formal financial guidance or outlook range is printed. The 40 TJ/d contract volume is a contracted sales rate and is not stated as guidance.
- No previous outlook document was provided, so vs_prior_guidance is empty.
- No direct spoken quotes from named executives are in the filing text, so the quotes field is empty.
- The 2025 comparison figure of 7.2 MMcf/d is for a different test (SS2-2H ST1 2025) and is not a same-period prior-year value, so prior_year is null.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.