Bullish indicating open at $55-$60, IPO prices at $37
SYDNEY - Tamboran Resources Corporation (NYSE:TBN, ASX: TBN), a $382.3 million market cap energy exploration company currently trading at $20.51, announced Monday that its Shenandoah South 2H sidetrack well achieved a Beetaloo Basin record average 90-day initial production flow rate of 6.7 million cubic feet per day. According to InvestingPro data, analysts have set price targets ranging from $29 to $53 for the stock.
The SS-2H ST1 well, located in Exploration Permit 98 in Australia’s Northern Territory, maintained the flow rate over a 5,483-foot stimulated horizontal section within the Mid Velkerri B Shale.
According to the company’s press release, flow rates from the well increased by approximately 2% over the last 30 days without any downhole intervention while maintaining a 44/64 choke. At the completion of the 90-day period, the well was flowing at 6.5 million cubic feet per day with a wellhead pressure of around 700 psi, representing a 3% decline from the end of day 60.
The well has been suspended ahead of planned gas sales to the Northern Territory Government via the Sturt Plateau Compression Facility in mid-2026, subject to weather conditions and final stakeholder approvals.
Tamboran also reported progress on its three-well 2025 Shenandoah South drilling campaign, with the intermediate sections of the SS-5H and SS-6H wells successfully drilled. The company is currently drilling the intermediate section of the SS-4H well in what it describes as the first multi-well drilling program implementing batch drilling in the Beetaloo Basin.
Following completion of the intermediate section of the SS-4H well, the company plans to commence drilling 10,000-foot horizontal sections of the three wells.
Tamboran holds a 47.5% interest in the SS-2H ST1 well, which produced cumulative gas of 601.2 million cubic feet during the 90-day testing period. For detailed financial analysis and access to over 30 key metrics and investment tips, visit InvestingPro, where you’ll find comprehensive research reports covering what really matters about Tamboran Resources and 1,400+ other stocks.
In other recent news, Tamboran Resources Corporation has undergone significant leadership changes with the appointment of Dick Stoneburner as interim CEO. This follows the departure of Joel Riddle, who stepped down from his roles as CEO and Managing Director. The company is actively searching for a permanent CEO with the help of an executive search firm. Additionally, Tamboran Resources’ shareholders have approved proposals related to its May 2025 private investment in public equity (PIPE) financing. The proposal saw 8,942,826 votes in favor, 916,117 against, and 88,501 abstentions.
In terms of stock analysis, RBC Capital has adjusted its price target for Tamboran Resources to $30.00 from a previous $31.00, maintaining a Sector Perform rating. The firm anticipates limited market reaction to the company’s upcoming fiscal fourth-quarter 2025 earnings report. Furthermore, Tamboran Resources has reported a cash balance of $25.6 million, supported by a $70 million capital raise, which will fund future drilling projects. The company continues to prioritize cost reduction and operational efficiency as part of its strategic initiatives.
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