Tamboran is an early-stage, pre-revenue natural gas E&P company focused exclusively on developing the Beetaloo Basin in Australia's Northern Territory — an unconventional shale gas play the company compares to the Marcellus Shale. Tamboran holds approximately 1.9 million net prospective acres, making it the largest acreage holder in the basin. The company's development plan has three phases: first, delivering domestic gas into the NT market by mid-2026 under a contract with the NT Government for up to ~40 MMcf/d; second, supplying Australia's East Coast gas market via an ~1,000-mile pipeline being developed with APA Group; and third, exporting LNG through a proposed two-train, 12 MTPA facility near Darwin, with BP and Shell having signed non-binding MoUs to purchase up to 2.2 MTPA each. Once in production, Tamboran's revenue model is straightforward: sell gas under long-term contracts. Key economic drivers include well productivity, well costs (targeting ~$16M per well vs. ~$30M today), and gas pricing. Tamboran's core acreage is held through a 50/50 joint venture with Daly Waters Energy, controlled by Bryan Sheffield, Tamboran's largest shareholder. Outside the joint venture, Tamboran holds 100% working interests on additional acreage. The company is currently funded by equity and debt raises and explicitly expects to need additional capital to fund its development program.