Resources and Reserves Statement

As at 31 August 2022, Tamboran did not hold any booked Reserves.

a) EP 161

In the technical report dated 26 August 2022, Netherland, Sewell & Associates, Inc. (NSAI), has provided a best estimate of the unrisked contingent resources and the unrisked prospective resources, as of 31 August 2022, to the Company’s 25% interest in the EP 161 shale gas prospects of approximately 404 BCF and 12.4 TCF respectively as shown in the table below.

Totals may not add because of rounding.

Gas volumes are after deductions for shrinkage due to condensate (pentanes plus) recovery and removal of inert gases. NSAI have not accounted for natural gas liquids volumes to be recovered; detailed gas analysis will be required to accurately estimate those volumes.

The estimates of contingent resources above are based on data from a vertical well for the Tanumbirini 1 and flow testing of two horizontal wells, Tanumbirini 2H and 3H wells, on EP 161. The two horizontal wells were drilled in the second half of calendar year 2021 and flow tested during the first half of calendar year 2022.

The estimates of Tamboran’s unrisked contingent gas resources relating to its 25% interest in EP 161, as provided by NSAI, range from a low estimate (1C) of approximately 83 BCF to a high estimate (3C) of approximately 941 BCF, reflecting asymmetrical risk to the upside relative to the ‘best estimate’ (2C) provided.

Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by the application of development project(s) not currently considered to be commercial owing to one or more contingencies. The contingent resources shown herein are contingent upon (1) demonstration of the economic viability of project development, (2) successful completion of work commitments prior to expiration of the leases, (3) development of infrastructure, (4) a sales contract, and (5) commitment to develop the resources. If these contingencies are successfully addressed, some portion of the contingent resources estimated in NSAI’s report may be reclassified as reserves; NSAI’s estimates have not been risked to account for the possibility that the contingencies are not successfully addressed. Because of the lack of commercial data given the early stage of development of this project, NSAI did not perform an economic analysis on these resources; as such, the economic status of these resources is undetermined. It should be understood that no economic gas production has been established in the McArthur Basin to date. The project maturity subclass for these contingent resources is development unclarified.

The contingent resources shown herein have been estimated using a combination of deterministic and probabilistic methods. Once all contingencies have been successfully addressed, the probability that the quantities of contingent resources actually recovered will equal or exceed the estimated amounts is 90 percent for the low estimate, 50 percent for the best estimate, and 10 percent for the high estimate. The estimates of contingent resources included herein have not been adjusted for development risk.

The estimates of Tamboran’s unrisked prospective gas and condensate resources relating to its 25% interest in EP 161, as provided by NSAI, range from a low estimate (1U) of approximately 7.1 TCF to a high estimate (3U) of approximately 26.5 TCF, reflecting asymmetrical risk to the upside relative to the ‘best estimate’ (2U) provided.

Prospective resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. The prospective resources included in NSAI’s report should not be construed as reserves or contingent resources; they represent exploration opportunities and quantify the development potential in the event a petroleum discovery is made. It should be understood that potentially significant quantities of shale are known to be present in the project area; however, with limited gas content and storage capacity data and no horizontal test data, this area is considered an undiscovered shale gas opportunity and the gas volumes are classified as prospective resources rather than contingent resources. NSAI did not perform an economic analysis on these resources; as such, the economic status of these resources is undetermined.

Totals of unrisked prospective resources beyond the prospect level are not reflective of volumes that can be expected to be recovered and are shown for convenience only. Because of the geologic risk associated with each prospect, meaningful totals beyond this level can be defined only by summing risked prospective resources. Such risk is often significant. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

The prospective resources shown herein have been estimated using combination of deterministic and probabilistic methods and are dependent on a shale gas discovery being made. If a discovery is made and development is undertaken, the probability that the recoverable volumes will equal or exceed the unrisked estimated amounts is 90% for the low estimate, 50% for the best estimate, and 10% for the high estimate.

b) EP 136

In the technical report dated 26 August 2022, NSAI has provided a best estimate of the unrisked gross prospective resources, as of 31 August 2022, to the Company’s 100% interest in the EP 136 shale gas prospects of approximately 19.1 TCF as shown in the table below.

The estimates of Tamboran’s gross prospective gas and condensate resources relating to its 100% interest in EP 136, as provided by NSAI, range from a low estimate (1U) of approximately 11.1 TCF to a high estimate (3U) of approximately 40.0 TCF, reflecting asymmetrical risk to the upside relative to the ‘best estimate’ (2U) provided.

Totals of unrisked prospective resources beyond the prospect level are not reflective of volumes that can be expected to be recovered and are shown for convenience only. Because of the geologic risk associated with each prospect, meaningful totals beyond this level can be defined only by summing risked prospective resources. Such risk is often significant. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

The prospective resources shown herein have been estimated using a combination of deterministic and probabilistic methods and are dependent on a shale gas discovery being made. If a discovery is made and development is undertaken, the probability that the recoverable volumes will equal or exceed the unrisked estimate amounts is 90% for the low estimate, 50% for the best estimate, and 10% for the high estimate.

c) EPs 98, 117 and 76

In the technical report dated 26 August 2022, Netherland, Sewell & Associates, Inc. (NSAI), has provided a best estimate of the unrisked contingent resources and the unrisked prospective resources, as of 31 August 2022, to the Company’s initial intention of acquiring 77.5% interest in the EPs 98, 117 and 76 shale gas prospects. The best estimate of the unrisked contingent resources and unrisked prospective resources, as of 31 August 2022, to the final acquisition of 38.75% interest in the EPs 98, 117 and 76 shale gas prospects of approximately 1,083 BCF and 116.3 TCF respectively, were derived from the aforementioned report and shown in the table below.

Totals may not add because of rounding.

Gas volumes are after deductions for shrinkage due to condensate (pentanes plus) recovery and removal of inert gases. NSAI have not accounted for natural gas liquids volumes to be recovered; detailed gas analysis will be required to accurately estimate those volumes.

The estimates of contingent resources above are based on data from Amungee NW 1 vertical well and flow testing of Amungee NW-1H horizontal well on EP 98. Amungee NW-1H horizontal well was drilled and completed between 2015 and 2016. The well was flow tested in 2016 for 57 days and again in 2021 for 45 days. The other key wells are Kalala S-1, Beetaloo W-1, Shenandoah-1A and Velkerri 76 S2-1.

The estimates of Tamboran’s unrisked contingent gas resources relating to its 38.75% interest in EPs 98, 117, and 76, as provided by NSAI, range from a low estimate (1C) of approximately 251 BCF to a high estimate (3C) of approximately 2,440 BCF, reflecting asymmetrical risk to the upside relative to the ‘best estimate’ (2C) provided.

Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by the application of development project(s) not currently considered to be commercial owing to one or more contingencies. The contingent resources shown herein are contingent upon (1) demonstration of the economic viability of project development, (2) successful completion of work commitments prior to expiration of the leases, (3) development of infrastructure, (4) a sales contract, and (5) commitment to develop the resources. If these contingencies are successfully addressed, some portion of the contingent resources estimated in NSAI’s report may be reclassified as reserves; NSAI’s estimates have not been risked to account for the possibility that the contingencies are not successfully addressed. Because of the lack of commercial data given the early stage of development of this project, NSAI did not perform an economic analysis on these resources; as such, the economic status of these resources is undetermined. It should be understood that no economic gas production has been established in the McArthur Basin to date. The project maturity subclass for these contingent resources is development unclarified.

The contingent resources shown herein have been estimated using a combination of deterministic and probabilistic methods. Once all contingencies have been successfully addressed, the probability that the quantities of contingent resources actually recovered will equal or exceed the estimated amounts is 90 percent for the low estimate, 50 percent for the best estimate, and 10 percent for the high estimate. The estimates of contingent resources included herein have not been adjusted for development risk.

The estimates of Tamboran’s unrisked prospective gas and condensate resources relating to its 38.75% interest in EPs 98, 117 and 76, as derived from the estimates provided by NSAI, range from a low estimate (1U) of approximately 67.4 TCF to a high estimate (3U) of approximately 245.5 TCF, reflecting asymmetrical risk to the upside relative to the ‘best estimate’ (2U) provided.

Prospective resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. The prospective resources included in NSAI’s report should not be construed as reserves or contingent resources; they represent exploration opportunities and quantify the development potential in the event a petroleum discovery is made. It should be understood that potentially significant quantities of shale are known to be present in the project area; however, with limited gas content and storage capacity data and no horizontal test data, this area is considered an undiscovered shale gas opportunity and the gas volumes are classified as prospective resources rather than contingent resources. NSAI did not perform an economic analysis on these resources; as such, the economic status of these resources is undetermined.

Totals of unrisked prospective resources beyond the prospect level are not reflective of volumes that can be expected to be recovered and are shown for convenience only. Because of the geologic risk associated with each prospect, meaningful totals beyond this level can be defined only by summing risked prospective resources. Such risk is often significant. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

The prospective resources shown herein have been estimated using combination of deterministic and probabilistic methods and are dependent on a shale gas discovery being made. If a discovery is made and development is undertaken, the probability that the recoverable volumes will equal or exceed the unrisked estimated amounts is 90% for the low estimate, 50% for the best estimate, and 10% for the high estimate.

d) Competent Person’s Statement

NSAI performs consulting petroleum engineering services under Texas Board of Professional Engineers Registration No. F-2699. NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services, and NSAI have the technical expertise and ability to perform these services in any oil and gas producing area in the world. The staff is familiar with recognized industry reserves and resources definitions, specifically those promulgated by the U.S. Securities and Exchange Commission, The ASX, SPE, Society of Petroleum Evaluation Engineers, World Petroleum Council, and American Association of Petroleum Geologists. The technical persons primarily responsible for preparing the estimates presented herein meet the requirements regarding qualifications, independence, objectivity, and confidentiality set forth in the SPE Standards and the requirements listed in the ASX Rules. NSAI are independent petroleum engineers, geologists, geophysicists, and petrophysicists. NSAI does not own an interest in these properties nor are NSAI employed on a contingent basis.

NSAI are not officers or proposed officers of any group, holding, or associated company of Tamboran. Furthermore, none of our staff or associates own shares or equity in Tamboran.

NSAI has prepared thousands of independent technical reports for clients including small privately owned oil and gas companies, major and independent oil and gas companies, national oil and gas companies, financial institutions, and investors. The firm has performed field characterization and reserves assessments for properties that range from exploration and early appraisal drilling areas to fully developed fields. The staff has extensive worldwide experience in the geology and petrophysics of complex structural and stratigraphic fields and unconventional reservoirs such as fractured basement, tight gas, and coal seam gas.

NSAI’s reservoir engineering experience includes reserves determination, reservoir simulation, material balance, production analysis, well test analysis, wellbore inflow/outflow modelling, probabilistic modelling, fluid analysis, and economic evaluation. NSAI also have staff engineers who specialize in field operations, facilities planning and design and drilling. NSAI uses its in-house proprietary economics software along with other industry-standard software to estimate future producing rates, future net revenue, and the net present value of such future net revenue in accordance with industry standards and other applicable regulatory provisions.

The estimates of contingent and prospective resources in the permits contained in the announcement were prepared by Netherland, Sewell & Associates, Inc., qualified resource evaluators.

The resource assessment was independently carried out by John G. Hattner, Senior Vice President, and Joseph M. Wolfe, Vice President of Netherland, Sewell & Associates, Inc., in accordance with the 2018 Petroleum Resource Management System (PRMS) approved by the Society of Petroleum Engineers (SPE).

Mr. Hattner and Mr. Wolfe meet the requirements of Qualified Petroleum Reserve and Resource Evaluator as defined in Chapter 19 of the ASX Listing Rules. Mr. Hattner is a Licensed Professional Geophysicist in the State of Texas, USA and Mr. Wolfe is a Licensed Professional Engineer in the State of Texas, USA. Mr. Hattner and Mr. Wolfe have consented to the use of the resource estimates figures in the form and context in which they appear in this release. Mr. Hattner has over 42 years of relevant experience. His qualifications include an MBA from Saint Mary’s College of California, Master of Science in Geological Oceanography, Florida State University, and a Bachelor of Science in Geology from University of Miami. Mr. Wolfe has over 14 years of relevant experience. His qualifications include a Master of Petroleum Engineering from Texas A&M University and a Bachelor of Science in Mathematics from Northwestern State University.

The estimates of prospective and contingent resources as set out in this report has been issued with the prior written consent of Mr. John G. Hattner in the form and context in which it appears.