#1Next Generation E&P Company Supporting the Net Zero Energy Transition in Australia and Asia-Pacific Developing Northern Australia Conference Presentation | August 2021 CARPENTARIA HIGHWAY, NORTHERN TERRITORY AUSTRALIA tamboran RESOURCES#2WELCOME TO THE NORTHERN #NTAUSTRALIA TERRITORY BUSHIES NAS Disclaimer This presentation has been prepared by Tamboran Resources Limited (Tamboran). The information in this presentation is information of a general nature and is subject to change without notice. This presentation contains information in a summary form only and should be read in conjunction with Tamboran's other periodic disclosure announcements to the ASX available at www.asx.com.au. An investment in shares in Tamboran is subject to known and unknown risks, many of which are beyond the ability of Tamboran to control or predict. These risks may include, for example, movements in oil and gas prices, risks associated with the development and operation of the acreage, exchange rate fluctuations, an inability to obtain funding on acceptable terms or at all, loss of key personnel, an inability to obtain appropriate licences, permits and or/or other approvals, inaccuracies in resource estimates, share market risks and changes in general economic conditions. Such risks may affect actual and future results of Tamboran and its shares. This presentation may contain forward looking statements, including statements of current intention, statements of opinion and expectations regarding Tamboran present and future operations, possible future events and future financial prospects. Such statements are not statements of fact and may be affected by a range of variables which could cause Tamboran's actual results, performance or trends to materially differ from the results or performance expressed or implied by such statements. There can be no certainty of outcome in relation to the matters to which the statements relate, and the outcomes are not all within the control of Tamboran. Tamboran makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement. The forward-looking statements in this report reflect expectations held at the date of this document. Except as required by applicable law or the ASX Listing Rules, Tamboran disclaims any obligation or undertaking to publicly update any forward-looking statements, or discussion of future financial prospects, whether as a result of new information or of future events. Maps and diagrams contained in this presentation are provided to assist with the identification and description of Tamboran's interests. The maps and diagrams may not be drawn to scale. The information contained in this presentation does not take into account the investment objectives, financial situation or particular needs of any recipient and is not financial product advice. Before making an investment decision, recipients of this presentation should consider their own needs and situation and, if necessary, seek independent professional advice. To the maximum extent permitted by law, Tamboran and its officers, employees, agents and advisers give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Further, none of Tamboran nor its officers, employees, agents or advisers accept, to the extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the information contained in this presentation. The estimates of contingent and prospective gas resources in the permits contained in the report were prepared by Netherland, Sewell and Associates Inc., qualified resource evaluators. The resource assessment was independently carried out by Scott Rees III, Chairman and CEO, Joseph M Wolfe, Vice President, and John G Hattner, Senior Vice President or Netherland, Sewell and Associates Inc., in accordance with the SPE-PRMS guidelines. Hattner and 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. Hattner and 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 39 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 15 years of relevant experience. His qualifications include a Master of Petroleum Engineering from Texas A&M and a Bachelor of Science in Mathematics from Northwestern State University. The estimates of contingent and prospective gas resources provided in this presentation were originally released to the market in Tamboran's prospectus for its initial public offering available on ASX on 1 July 2021 and were estimated using the probabilistic methods and are dependent on an unconventional gas discovery being made. Tamboran confirms that it is not aware of any new information or data that materially affects the information included in its prospectus at that date and that all of the material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. Numbers in this report have been rounded. As a result, some figures may differ insignificantly due to rounding and totals reported may differ insignificantly from arithmetic addition of the rounded numbers. Approved and authorised for release by the Disclosure Committee of Tamboran Resources Limited. 2#3Tamboran Resources Supporting the global energy transition towards a lower carbon future Our Vision To play a role in the global energy transition by responsibly investing in the development of clean, low CO2, unconventional natural gas resources in the Beetaloo Sub-basin of the Northern Territory and ultimately at the point of first gas sales be a net zero emissions producer for our equity share of Scope 1 and Scope 2 GHG emissions. 124 Our Mission De-risk substantial prospective resources that can supply affordable gas to meet predicted Australian gas shortfalls.(1) Our Values Core values are leadership, sustainability, integrity, diversity and inclusion, courage and commitment. Note: 1-ACCC Gas Enquiry Feb 2021, 2- Shell Investor Day (Feb 2021); IHS Markit; Wood Mackenzie 135 137 Estimated LNG Trade Volume in 2040(2) (million tonnes) 100 45 3 78 GAS DEMAND GAS SUPPLY tamboran Beetaloo Basin EAST COAST GAS MARKET 3#4Tamboran Highlights Focused Strategy on Developing Clean, Low Cost, Gas Resources from the Beetaloo Sub-basin 00 Target is to become a Net Zero Emissions Producer -Targeting development of clean, low CO2 gas from the Beetaloo Sub- basin. -Committed to integrating renewables and carbon offsets to become a net zero gas producer when the company initiates first gas sales. Focused "Core Beetaloo" Strategy Strategy focused solely on accelerated commercialisation of the Beetaloo Basin. High-Quality Assets with Scale and Multiple High Impact Wells Planned · Tamboran's licenses located in the heart of the 'Core Beetaloo'. _ Net prospective resources in EP161 & EP136 of 31 TCF, to be tested by drilling program commencing April 2021.(1) Low-Cost Development Targeting Multiple Markets, Premium Pricing - - Targeting early gas deliveries (up to 15 PJ/y) to local NT markets as soon practible. JV with Jemena targeting Beetaloo pilot development (40 PJ/y) to domestic markets by YE2025 Expertise in Unconventional E&P Development Board and management have deep technical knowledge and operational experience in developing and commercialising large scale unconventional gas assets in the United States. Note: 1- Refer to NSAI March 2021 resource assessment. Acquisition of EP 136 target completion on 14-May 2021, 2- Refer to slide 15 for cost breakdown. All costs in presentation are in AUD unless stated otherwise. 4#5Tamboran's Vision is to Become a Net Zero Carbon Gas Producer Tamboran's Six Sustainability Pillars: 1) Health and Safety: Putting health and safety first 9 2) Climate Change: Playing a role in the transition to a lower carbon economy 7 Approximate CO² Contained In Reservoir (1) Aim to become a net zero emissions producer 3) Environment: Applying leading North American drilling technologies to promote efficiency and minimise environmental impacts 4) People: Attracting, developing and retaining a diverse, inclusive and competent workforce 5) Community: Partnering with our local and host communities to share value 6) Economic Sustainability: Generating economic growth and value for our investors, employees, customers and communities Our sustainability plan aligns with key United Nations Sustainability Development Goals (SDGs) 5 2 Peer Average Tamboran Tamboran Target Note: 1 - Logarithmic scale. Peer average includes Barossa, Gorgon, Browse, Ichthys, Prelude, Wheatstone, Bayu Undan, Janz and Scarborough, 2- Carbon Capture, Utilisation and Storage 15 LIFE ON LAND 5 GENDER EQUALITY 13 CLIMATE ACTION 3 GOOD HEALTH AND WELL-BEING 7 AFFORDABLE AND CLEAN ENERGY 8 DECENT WORK AND ECONOMIC GROWTH 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE 17 PARTNERSHIPS FOR THE GOALS LO 5#6Tamboran's focused "Core Beetaloo" Basin Strategy Focused on Accelerating Commercialisation of the Beetaloo Basin Offshore NT • "World-Class" Shale Basin Similar scale and high-quality reservoir properties as Marcellus Shale Ichthys (Pennsylvania, USA) • Low Carbon gas characteristics Reservoir gas contain very low CO2 (~3%) and has no major impurities • Multiple Commercialisation pathways to market • Jemena and Tamboran have an infrastructure plan to deliver gas to Australian markets Strong alignment from Northern Territory and Federal Governments to accelerate Beetaloo commercialisation Note: 1-See Appendix LNG Export Terminals Amadeus Beetaloo Basin McCarthur Cooper Bowen LNG Export Terminals Domestic East Coast Target Shale Otway Gas Market Gippsland Bass Velkerri Fm Oil Kyalla Shale Upper Velkerri C Shale B Shale Middle Velkerri A Shale Lower Velkerri Condensate Gas CO 6#7Tamboran's "Core Beetaloo❞ Focus Premium Acreage in Basin Depocenter, Positioned to Deliver First Beetaloo Development by 2025 Current and upcoming drilling by Santos, Origin and Tamboran primarily focused in the "Core Beetaloo", the area positioned to deliver first commercial pilot development by year-end 2025. Tamboran's key assets (EP 161 and EP 136) are located in the "Core Beetaloo" area. - 31 TCF total net resources in Beetaloo Sub-basin depocenter position (~3,000m depth) Mid-Velkerri B shale, is thickest with very limited faulting and superior reservoir qualities. 3 horizontal wells are currently being drilled in the Core Beetaloo with results by YE2021 Beetaloo Sub-basin Regional Map (Mid-Velkerri Shale) EP167 Wyworrie 1 EP288 Tarlee S3 Birdum Creek 1 EP15 Tarlee 2 EP168 Shallow Beetaloo Tarlee 1 EP318, Beetaloo Extension EP154 Santos tamboran EP 136 Tanumb 2H/3H horizontal wells underway 75% Santos (operator) 25% Tamboran Core Beetaloo Tanumbirini 2H Marmbulliganl EP161 Tanumbirini 3H Kalala South 1 Amungee NW 1H EP98 Tanumbirini #10 Shenandoah 1 Maverick #1 76-N2 EP136 EP76 Beetaloo WI Kyalla 117 N2 Depth to top of Middle Velkerri (meters) EP(A)197 -250 -500 -750 -1,250 -1,750 -2,250 -2,750 FALCON origin 0 32 kilometers Amungee NW1H, Kyalla 117 N2, and EP 76-N2 operations currently underway EP(A)354 EP187 Carpentaria tamboran RESOURCES EP 136 Maverick 1/1H horizontal well (1H 2022) 100% Tamboran (operator) Previously drilled wells Wells anticipated in 2021/2022 7#8Tamboran's EP 161 and EP 136 Assets in the "Core Beetaloo" 100% Operator of EP 136 Allowing Tamboran to Set the Pace for Development tamboran RESOURCES EP 161 Santos 25% net interest, Santos-operated. 12 TCF net resources.(1) Strong performance from Tanumbirini #1 vertical flow test (10 mmcf/d peak flow rate, 1.5 mmcf/d average rate from first 9 days of testing) Strong alignment with Santos Core Beetaloo RESOURCES N Marmbulligan 1 EP161 tamboran EP 136 - 100% interest, Tamboran-operated. - 19 TCF net resources.(1) -Acreage on trend with Santos' EP 161 and Origin's EP 76 drilling activity in 2021 - Partnered with Jemena on midstream Tanumbirini 2H Tanumbirini #1 Tanumbirini 3H Activities Two horizontal wells (Tanumbirini #2H/3H) currently underway, delivery of flow test results by YE2021 Note: 1 - Refer to NSAI Independent Report in Tamboran Prospectus. Maverick #1 Depth to top of Middle Velkerri (meters) 76-N2 -250 -500 EP136 -750 -1,250 -1,750 -2,250 32 -2,750 kilometers Activities - Maverick #1 horizontal well planned within 12 months 8#9Tamboran's "Core Beetaloo" Basin Depocenter Position ~500m Mid-Velkerri section with limited faulting, superior reservoir qualities and de-risked by Tanumbirini #1 West to East Cross-Section - Mid-Velkerri Shale Depth Km 2 tamboran origin RESOURCES 76-N2 Well Maverick #1/1H Core Beetaloo Kyalla Shale B Shale Mid-Velkerri Shale Depocenter Santos tamboran RESOURCES Tanumbirini #1 Tanumbirini #2H/3H 9#10Tamboran - The Most Active Driller in The Beetaloo for FY2021 Tamboran Committed for Three Well Drill Campaign to De-risk Resource & Accelerate Development Easternwell 106 Rig Company Blocks 1H 2021 tamboran RESOURCES Santos EP 161 tamboran EP 136 RESOURCES FALCON EP 76 OIL & GAS origin Photo from pad construction of Tanumbirini #2H 2H 2021 1H 2022 Tanumbirini #2H Horizontal Drill Tanumbirini #3H Horizontal Drill Tamboran Committed for a 3 Well Drill Campaign Velkerri 76-N Vertical Drill Maverick #1H Horizontal Drill Initial flow test results from Tanumbirini #2H/ #3H expected by Year End 2021 10#11EP 161/EP 136 Phased Appraisal Plan Multiple High Impact Wells Planned in the Next 12 months, Targeting Maverick Pilot Section by YE 2023 Phase 1 (through 1H 2022) Santos tamboran RESOURCES Phase 2 (through YE 2023) Santos tamboran RESOURCES EP 161 EP 136 Maverick #1/1H Tanumbirini #2H/3H McArthur River Pipeline Carpentaria Highway tamboran RESOURCES 3 horizontal wells + flow tests Key Objectives: Confirm commercial flow rates Initiate EP 136 Maverick Pilot EP 161 EP 136 Maverick #2H/3H/4H tamboran RESOURCES Tanumbirini #2H/3H 20 MMCF/d 5 horizontal wells + flowtests Sanction EP 136 Maverick Pilot Book 2P Reserves Sign Gas Sales Agreement (40 PJ/year) EP 136 Maverick Pilot (40 PJ/year) First Gas in 2025 11#12"Core Beetaloo" Commercial Threshold Tanumbirini #2H/#3H/Maverick #1H commercial flow rates would trigger EP 136 Maverick Pilot Development Vertical Well EP 161 Tanumbirini #1 Horizontal "Test" Well EP 161 Tanumbirini #2H/#3H EP 136 Maverick #1H Horizontal Development Well EP 136 Maverick Pilot Development Middle Velkerri Shale Target 0 B Shale B Shale ~1000m lateral ~10 Stages ~3000m lateral ~30+ Stages A Mid-Velkerri A/B/C Shale tested to define target zone for Horizontal "Test" well Provides initial indication of commercial potential Tanumbirini #1 flowtest (10 mmcf/d peak flow rate, 1.5 mmcf/d average rate 9 days) Mid-Velkerri B Shale focus Trigger for EP 136 Pilot Development >2 mmcfd = commercial flow rate (30 days) Mid-Velkerri B Shale focus ~8-10 development wells, 100 mmcf/d production >6 mmcfd = commercial flow rate (30 days) 12#13Tamboran's EP 136 Commercialisation Strategy with Jemena Phased, Long-Term Strategy Targeting Multiple Markets and Premium Pricing Davin 3 1 Northern Gas Pipeline Northern Territory 250 Kilometres 500 2 Queensland Queensland Gas Pipeline 3 Wallumbilla --- Future Jemena Pipeline Jemena bringing energy to life In 2020, Tamboran and Jemena agreed on a detailed commercial framework to form a Joint Venture (JV) to build, own, and operate long term midstream gas infrastructure. 1 2 3 Local Northern Territory Market 2023-24 Targeting 15 PJ/y to local NT gas market. Australian Domestic Market 2025 Joint Venture with Jemena targeting first Beetaloo pilot development (40 PJ/y) to domestic markets by YE2025. LNG Backfill (Darwin or Gladstone) 2028+ EP 161 or EP 136 full field development (+200 PJ/y) targeting potential LNG backfill markets in Darwin or Gladstone in 2028+. 13#14Targeted Full-Cycle Cost from EP 136 for Target Markets Darwin Northern Gas Pipeline Northern Territory 1 1 2023 - 2024 2 YE2025 3 2028+ Domestic & LNG Backfill --Future Jemena Pipeline Jemena bringing energy to life Cost Breakdown (1) Upstream Cost(2) Local NT Market SE Existing Infrastructure Wallumbilla Darwin ~$4.50 ~$3.00 ~$2.00 - $3.00 ~$2.00 - $3.00 $A per GJ Queensland Northern Territory ~$0.50 via McArthur River Pipeline Queensland Gas Pipeline 2 3 Wallumbilla Domestic Market ~$4.00 Existing Infrastructure Darwin LNG 250 Kilometres Industry-leading development costs and JV partnership with Jemena will enable Tamboran to be one of the lowest cost gas producers to the domestic market. via new Jemena Pipeline (1,000 TJ/d) Wallumbilla via new Jemena Pipeline (1,000TJ/d) Total (A$/GJ) ~$0.50 ~$2.00 ~$5.00 ~$7.00 ~$4.00 $5.00 ~$2.50 $3.50 Note: 1- Costs are in AUD and from Jemena and Tamboran estimates as of 1-June 2021, 2- Upstream cost includes capital and operating cost, 14#15Tamboran Operating Team - US Shale Experts Focused on accelerated reduction of costs by applying US Shale Expertise & Latest 7-Gen Drilling Technology Tamboran's operating team provides a significant competitive advantage to unlocking value in the "Core Beetaloo", reducing drilling costs and increasing well performance. 200 years of combined US unconventional experience Strong track record of safely drilling and supervising over 5,000 horizontal wells in US shale basins over the last 10 years Tamboran's US Shale Operating Experience by Basin & Operator Permian . 1,600 wells drilled ~2,600 wells supervised Barnett/East Texas • ~300 wells drilled ~300 wells supervised Eagle Ford ~900 wells drilled ~1,300 wells supervised PIONEER NATURAL RESOURCES bp Chevron Apache Marcellus ~200 wells drilled ~800 wells supervised Matador HESS RESOURCES COMPANY 15#16Tamboran Resources "Next Generation" E&P Company ✓ Targeting to become a net zero gas producer when company initiates first production by YE 2025 ✓ High quality "Core Beetaloo" asset base positioned to deliver gas to the East Coast domestic market, the Gladstone LNG projects and Darwin LNG. ✓ Beetaloo Basin earmarked by the government as highly strategic for the future direction of Australian gas supply with significant upside potential to convert multi-TCF resources into large 2P reserves. ✓ The Jemena and Tamboran commercial arrangement would afford Tamboran the typical rights of an anchor shipper on the NGP. ✓ Strong operator credentials in EP 136 from depth of team's experience in US shale. 16#17tamboran RESOURCES [email protected] +61 2 9977 6522#18Appendix: Technical Expert Report - Resource Disclosures - - - - - - Contingent and Prospective Resource estimates for EP 161 and EP 136 were assessed as of 31 January 2021. Tamboran confirms that it is not aware of any new information or data that materially affects the information included and that all the material assumptions and technical parameters supporting the estimates continue to apply and have not materially changed. Petroleum resources are classified in accordance with the Petroleum Resource Management System (PRMS) sponsored by the Society of Petroleum Engineers (SPE). Contingent Resources have been categorised and reported as 1C, 2C and 3C. An arithmetic summation by category (that is 1C, 2C and 3C) has been used to represent Contingent Resources. For prospective resources, the general cumulative terms low/best/high estimates apply and are used to estimate the resulting 1U/2U/3U quantities. No specific terms are defined for incremental quantities within prospective resources Prospective Resources reported are the estimated Prospective Resource quantities of petroleum that may potentially be recovered by the application of future development projects related 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. Tamboran owns a 25 percent working interest in exploration permit 161 and will own a 100% working interest in exploration permit 136. Both permits are located in the Mcarthur Basin, Northern Territory, Australia. Probabilistic methods were used to estimate the contingent resources. The key contingencies are listed in the last paragraph of page 1 of the report. The further appraisal, drilling and evaluation work to be undertaken is also outlined in the contingent resources section of the report. The estimates of Contingent and Prospective Resources in the permits contained in the report were prepared by Netherland, Sewell and Associates Inc., qualified resource evaluators. The resource assessment was independently carried out by Scott Rees III, Chairman and CEO, Joseph M Wolfe, Vice President, and John G Hattner, Senior Vice President or Netherland, Sewell and Associates Inc., in accordance with the SPE-PRMS guidelines. Hattner and 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. Hattner and 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 39 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 15 years of relevant experience. His qualifications include a Master of Petroleum Engineering from Texas A&M and a Bachelor of Science in Mathematics from Northwestern State University. 18