Tamboran Resources Reports $22.3 Million Net Loss for Six Months Ending December 31, 2024

Tamboran Resources Corporation has reported its financial results for the six months ending December 31, 2024, revealing a net loss of $22.3 million, compared to a loss of $11.3 million for the same period in 2023. The company has not generated any revenue during this period, consistent with its ongoing exploration and appraisal activities in the Beetaloo Basin, Northern Territory, Australia. The increase in losses is attributed to higher operating costs, which rose to $22 million from $11 million year-over-year, driven primarily by increased compensation and benefits, exploration expenses, and costs associated with a checkerboard fee related to its joint venture agreement.

In terms of financial position, Tamboran's total assets increased slightly to $362.9 million as of December 31, 2024, up from $358.6 million at the end of June 2024. The company reported cash and cash equivalents of $59.4 million, a decrease from $74.7 million, primarily due to operational expenditures and investments in exploration activities. The accumulated deficit has grown to $150.4 million, reflecting the company's ongoing investment in its natural gas properties without immediate revenue generation.

Strategically, Tamboran has made significant moves, including the issuance of common stock to satisfy obligations under its joint venture agreement, which has increased its share count to 14.5 million shares. The company has also engaged in various capital commitments, including $70.4 million for the Beetaloo Joint Venture, which involves drilling and hydraulic fracturing activities. Additionally, the company is progressing with the Sturt Plateau Compression Facility, with plans to connect to the Amadeus Gas Pipeline.

Operationally, Tamboran has focused on its exploration and appraisal programs, with significant expenditures on drilling activities. The company has reported a decrease in exploration expenses compared to the previous year, indicating a shift in focus towards more advanced stages of its projects. However, the company continues to face challenges, including the need for additional capital to fund ongoing operations and development plans, as it does not expect to generate revenue until at least 2026.

Looking ahead, Tamboran's management has indicated that the company will require approximately $50 million to advance its development plans over the next fiscal year. The company is actively seeking additional funding sources to support its operations and growth strategy, which may include equity placements and asset sales. The outlook remains cautious, with management acknowledging the substantial doubt regarding the company's ability to continue as a going concern without securing necessary capital.