RE: TBN Makes Final Investment Decision30 Sep 2025 00:30
Tamboran currently plans to commence the sale of appraisal gas to the Northern Territory Government in
mid-2026, following the completion of construction of the SPCF and stimulation of the remaining three of
five wells. Long-term production testing of the five wells is expected to deliver plateau production of 40 TJ/d
(~39 MMcf/d), with additional wells required to maintain plateau production over the duration of the gas
contract.
The Pilot Project has been designed to;
1. deliver long-term production testing of Beetaloo Basin wells,
2. deliver energy security to the Northern Territory,
3. reduce emissions by allowing sale of gas rather than flaring,
4. accelerate royalties to the Northern Territory Government and Native Title Holders,
5. bring forward revenue to fund additional resource delineation, and
6. provide a pathway to cost reduction.
Debt Facility
Tamboran and DWI have secured the Debt Facility with a consortium of lenders which it intends to use
toward funding the remaining capital expenditure associated with the construction of the SPCF.
Key terms of the Debt Facility include;
Borrower: SPCF Financing Pty Ltd.
Lenders: A consortium of lenders.
Purpose: Finance/refinance SPCF project costs funded via equity including flowlines,
compressors, engineering costs, and financing costs.
Amount: Up to A$179.8 million (~US$118 million) backstopped by an NTG Guarantee (NTGG)
for up to A$75 million of Tamboran’s A$90m (50%) share.
Term: 4 years with 30% debt amortization, leaving 70% balloon payable at maturity.
Security:
All tangible assets of SPCF including bank accounts, shares and units in SPCF, joint
and several guarantees from both Tamboran, Formentera (DWI’s parent) and the
NTGG.
Availability:
Subject to meeting ongoing drilling and fracture stimulation commitments, quarterly
cost-to-complete and production tests, maintaining tenure, no change of control, no
breach of key project documents and ongoing financial reporting, amongst others.
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