Tamboran is an early-stage natural gas exploration and production company focused on developing unconventional shale gas resources in the Beetaloo Basin in Australia's Northern Territory. Tamboran holds approximately 2.8M net prospective acres, making it the largest acreage holder in the basin. The company produces natural gas from the Middle Velkerri B shale formation. Tamboran operates a business model centered on drilling and completing horizontal wells and selling gas under long-term, take-or-pay contracts. The company achieved initial commercial production from its Shenandoah South Pilot Project to supply the Northern Territory Government through 2034. Tamboran operates leanly, outsourcing drilling and hydraulic fracturing operations to major contractors, including Helmerich & Payne and Liberty Energy. The company pursues a three-phase development strategy: supplying the local Northern Territory market, expanding into the Australian East Coast domestic gas grid through a planned pipeline, and exporting liquefied natural gas to Asian markets via a proposed terminal near Darwin.