Mon, Sep 23, 10:03 AM (89 days ago)
Tamboran Resources Corporation's 10-K report for the fiscal year ending June 30, 2024, highlights its early-stage development in natural gas exploration, particularly in the Beetaloo Basin, where it holds approximately 4.7 million gross acres. The company reported no revenue from natural gas production, with a net loss of $23.9 million for FY 2024, down from $32.2 million in FY 2023. Operating expenses totaled $20.5 million, primarily due to compensation, consultancy fees, and exploration costs. Tamboran's cash position improved significantly, reaching $74.7 million due to IPO proceeds. The company plans to drill additional wells and construct infrastructure to support future production, aiming for commercial viability by 2026. However, it faces substantial risks, including capital requirements, regulatory hurdles, and market volatility. The report emphasizes the importance of securing pipeline capacity and strategic partnerships for gas distribution. Tamboran's commitment to achieving net-zero emissions aligns with Australian regulations, potentially increasing operational costs. The company remains focused on mitigating risks while advancing its development strategy.