Tamboran is a development-stage shale-gas company built around a dominant acreage position in the Beetaloo Basin of Australia's Northern Territory, targeting domestic east-coast gas supply and longer-term LNG exports (NTLNG). It has effectively no proved reserves and negligible production; equity value rests on very large contingent resource and the appraisal/pilot programme rather than a booked NAV.
Dual-listed on the NYSE (from mid-2024) and ASX, the company is pre-revenue and burns cash on drilling, testing and infrastructure, funded chiefly by equity. FY2025 saw an operating loss of roughly US$39m and a net loss near US$37m. Key value catalysts are Shenandoah South pilot flow rates, the Sturt Plateau development, pipeline/gas-processing tie-ins, and progress toward a Darwin LNG export solution.
Its EV/EBITDA of -39.7x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of -13.4% is lower than the 6.5% median, and at $59.50/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Tamboran Resources scores 42/100, strongest on safety (70/100). Sub-scores: value 30, quality 28, growth 50, risk 30 (higher = riskier).
Tamboran Resources holds approximately 0.02 billion boe of proved (1P) reserves with FY2025 production of about 3 thousand boe/d (0% liquids), a reserve life of roughly 18.3 years. Break-even: pre-production (Beetaloo shale-gas developer) — development-stage; value in large contingent resource, not proved reserves
For Tamboran Resources, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Australia | 100% | 10 | Stable; rising carbon/PRRT tax scrutiny and approvals delays. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Asset | Country | Type | note |
| Beetaloo SS-1H / SS-2H | Australia | Shale gas appraisal | Horizontal Shenandoah South wells; extended flow testing |
| Shenandoah South Pilot | Australia | Development pilot | Initial ~40 TJ/d pilot targeting first commercial gas / domestic supply |
| Sturt Plateau Development | Australia | Shale gas development | Core acreage for phased Beetaloo commercialisation |
| NTLNG (Darwin LNG export) | Australia | LNG export ambition | Proposed Middle Arm LNG for future export offtake |
| Beetaloo Basin acreage | Australia | Exploration/appraisal | Large contiguous EP position, mid-Velkerri shale target |
| Domestic gas pipeline / SSDP | Australia | Infrastructure | Gas gathering/processing and pipeline tie-in to east-coast market |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 0 | 0 | 0 | 1 | 3 |
| Proved reserves (bnboe) | 0.00 | 0.00 | 0.01 | 0.01 | 0.02 |
| Revenue ($bn) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| EBITDA ($bn) | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 |
| Net income ($bn) | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 |
| Free cash flow ($bn) | -0.0 | -0.1 | -0.1 | -0.2 | -0.2 |
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✓ FY2025 figures verified against primary sources: