After years plugging along, Tamboran Resources (ASX:TBN) has reached a positive FID on its Northern Territory Shenandoah South Pilot Project as part of the Beetaloo Joint Venture that also includes pipeline heavyweight APA Group and another vehicle saddled with the liabilities of constructing a gas plant.
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While called a pilot project, the market will be watching Shenandoah for a larger development: The NT’s Beetaloo basin is considered to be highly prospective for mammoth amounts of gas, and what Tamboran ultimately want to do is create a new source of production for the east coast gas market. It is timely, then, that sales are expected to kick off halfway through next year.
That’s because 2026 is the same year analysts have suggested the East Coast gas market will, for a volley of reasons, ‘run out’ of gas and need to begin importing from Asia.
(Also worth noting at the same time is that Tamboran is wrapped up in Gina Rinehart’s familial finance ecosystem, too, for what it’s worth.)
Still, the positive confirmation on Tuesday comes as something of a quiet response, as far as liquidity can go. Investors had traded $870K worth of shares in TBN heading into lunchtime, though it’s fair to note 1Y returns are up just north of +25%. That, too, could be an indictment on general investor enthusiasm for a gas player (but that doesn’t explain BPH Energy’s popularity on the boards).
What this finance journalist – who is from Darwin! – can regale is talking to locals about this company at a popular Irish pub earlier this year, nobody who lived and breathed the air seemed to know about it. Make of that what you will. At any rate, management is about as pleased as you’d expect.
“Our current drilling operations are progressing smoothly, and we expect to complete drilling in early 4Q 2025. The SS-4H well is to be flow tested ahead of the completion of three wells in 1H 2026,” TBN Chair and Interim CEO Richard Stoneburner said.
“Long-term production testing of the five wells (SS-2H ST1, -3H, -4H, -5H and -6H) are expected to deliver the initial gas sales by mid-2026.”
TBN last traded at 19cps.
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