Tamboran Resources Corp
For the period ended Mar 31, 2025. Filed May 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 14, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-31; filed 2025-02-12.
0001628280-25-005147
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0001628280-25-025261
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 217 previous paragraphs and 214 current paragraphs.
90 unchanged; 97 reworded; 25 added; 19 removed; 11 previous and 2 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (25)
Current report
during thethree months ended March 31, 2025, as compared to thethree months ended March 31, 2024, as a majority of
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the legal fees incurred during the comparative period were deferred to stock issuance costs within the condensed
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consolidated balance sheet, reducing the portion of costs expensed. Other legal, consultancy and professional fees remained
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fairly consistent during thethree months ended March 31, 2025.
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Exploration expense. For thethree months ended March 31, 2025, an expense for exploration of $1.2 million
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expense was recognized related to topographical, geographical and geophysical studies.
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loss of$12.2 million, primarily due to the weakening of the Australian Dollar as of March 31, 2024, as compared to
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during thenine months ended March 31, 2025, as compared to thenine months ended March 31, 2024, primarily due to
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period in 2024 which did not recur in thenine months ended March 31, 2025.
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period.
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Foreign currency translation. For thenine months ended March 31, 2025, we recognized a foreign currency
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translation loss of$15.5 million, primarily due to the weakening of the Australian Dollar as of March 31, 2025, as
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compared to July 1, 2024. In thenine months ended March 31, 2024, we recognized a foreign currency translation loss of
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$3.9 million, primarily due to the weakening of the Australian Dollar as of March 31, 2024, as compared to July 1, 2023.
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asset sales.
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infrastructure;
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a majority working interest.
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ended March 31, 2025.
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Committed spend for the SPCF project as of March 31, 2025, was$5.0 million which was related tothe engineering,
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procurement, and construction management for the detailed design, engineering, planning, construction, testing, inspection
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and commissioning of the facility and major equipment procurement.
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receivables and a$0.2 million increase in prepaid expenses and other assets.
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million.
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issuance of common stock of$73.1 millions that occurred in the comparative period, which didn't occur during thenine
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share of cash calls.
Removed paragraphs (19)
Previous report
period in 2023 with no comparable activity during thethree months ended December 31, 2024.
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classified as held for sale during thethree months ended December 31, 2024 as the value of the rig sold during the period
Previous report
had been reduced to the lower of its carrying amount and the fair value less costs to sell in the prior quarter. For thethree
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million as a result of the sale of rig 301 during thecomparative period.
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2024, as compared tothree months ended December 31, 2023, due to increased topographical, geographical and
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translation loss of$29.2 million, primarily due to the weakening of the Australian Dollar as of December 31, 2024, as
Previous report
during thesix months ended December 31, 2024, as compared to thesix months ended December 31, 2023, due to
Previous report
comparative period in 2023 with no comparable activity during thethree months ended December 31, 2024.
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Exploration expense. Exploration expense decreased by$0.9 million during the six months ended December 31,
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Foreign currency translation. For thesix months ended December 31, 2024, we recognized a foreign currency
Previous report
translation loss of$17.0 million, primarily due to the weakening of the Australian Dollar as of December 31, 2024, as
Previous report
compared to July 1, 2024. In thesix months ended December 31, 2023, we recognized a foreign currency translation gain
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facility and other infrastructure;
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our own, or with a majority working interest.
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months ended December 31, 2024.
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Procurement of the long lead items for the SPCF compressor package and dehydration package were placed in
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June 2024 with progress payments of$1.2 million required prior to the end of calendar year 2025.
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and other assets.
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$0.5 million.
Reworded paragraphs (97)
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based compensation, increased by$1.2 million during thethree months ended December 31, 2024, as compared to the
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based compensation, increased by$0.5 million during thethree months ended March 31, 2025, as compared to thethree
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three months ended December 31, 2023, due primarily to the restricted stock units granted in August 2024 and increased
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months ended March 31, 2024, due primarily to restricted stock units granted in August 2024 and increased headcount as
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headcount as compared to the comparative period.
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compared to the comparative period, while the prior period reflected performance-based bonuses issued during the period.
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Consultancy, legal and professional fees. Consultancy, legal and professional fees decreased by$1.1 million
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Consultancy, legal and professional fees. Consultancy, legal and professional fees increased by$0.3 million
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accretion of asset retirement obligations of$0.2 million was recognized. The recognition of such an expense was due to the
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accretion of asset retirement obligations of$0.3 million was recognized. The recognition of such an expense was due to the
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LNG feasibility study expense. During thethree months ended December 31, 2024, the Group incurred expenses
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LNG feasibility study expense. During thethree months ended March 31, 2025, the Group incurred expenses of
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$3.2 million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
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$2.0 million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
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General and administrative. General and administrative costs increased by$0.3 million during thethree months
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General and administrative. General and administrative costs increased by$0.8 million during thethree months
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ended December 31, 2024, as compared to thethree months ended December 31, 2023, as a result of increased expenses
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ended March 31, 2025, as compared to thethree months ended March 31, 2024, primarily as a result of increased expenses
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Interest income, net. Interest income, netincreased by$0.5 million during thethree months ended December 31,
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Interest income, net. Interest income, netdecreased by$0.2 million during thethree months ended March 31,
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2024, as compared to thethree months ended December 31, 2023, due to interest received from term deposits using IPO
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2025, as compared to thethree months ended March 31, 2024, primarily due to interest received from term deposits using
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proceeds during the period ended December 31, 2024 which did not exist during the comparative period.
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IPO proceeds during the period ended March 31, 2024 which did not exist during the comparative period.
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translation gain of$13.7 million, primarily due to the strengthening of the Australian Dollar as of December 31, 2023, as
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translation gain of$1.5 million, primarily due to the strengthening of the Australian Dollar as of March 31, 2025, as
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compared to September 30, 2024. In thethree months ended December 31, 2023, we recognized a foreign currency
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compared to December 31, 2024. In thethree months ended March 31, 2024, we recognized a foreign currency translation
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1, 2023. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the
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December 31, 2023. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and
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translation at fiscal year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
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from the translation at fiscal year-end exchange rates of monetary assets and liabilities denominated in foreign currencies
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foreign currencies are recognized on our condensed consolidated statement of operations and comprehensive loss.
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are recognized on our condensed consolidated statement of operations and comprehensive loss.
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December 31, 2024, and 2023. We have provided a full valuation allowance on our net deferred tax asset because
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March 31, 2025, and 2024. We have provided a full valuation allowance on our net deferred tax asset because management
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management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax
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has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during
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assets during a foreseeable future period. Management will continue to assess the potential for realizing deferred tax assets
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a foreseeable future period. Management will continue to assess the potential for realizing deferred tax assets based upon
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based upon income forecast data and the feasibility of future tax planning strategies and may record adjustments to the
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income forecast data and the feasibility of future tax planning strategies and may record adjustments to the valuation
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valuation allowance against deferred tax assets in future periods, as appropriate, that could have a material impact on the
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allowance against deferred tax assets in future periods, as appropriate, that could have a material impact on the condensed
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Result of Operations for the Six Months Ended December 31, 2024 and 2023
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Result of Operations for the Nine Months Ended March 31, 2025 and 2024
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earn any revenue and other operating income during thesix months ended December 31, 2024 and 2023, respectively.
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earn any revenue and other operating income during thenine months ended March 31, 2025 and 2024, respectively.
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based compensation, increased by$2.1 million during thesix months ended December 31, 2024, as compared to thesix
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based compensation, increased by$2.6 million during thenine months ended March 31, 2025, as compared to thenine
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months ended December 31, 2023, due primarily to the restricted stock units granted in August 2024 and increased
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months ended March 31, 2024, due primarily to the restricted stock units granted in August 2024 and increased headcount
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headcount as compared to the comparative period.
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as compared to the comparative period.
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Consultancy, legal and professional fees. Consultancy, legal and professional fees decreased by$1.4 million
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Consultancy, legal and professional fees. Consultancy, legal and professional fees decreased by$0.8 million
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held for sale amounting to$0.4 million during thesix months ended December 31, 2024, due to the write down of rig 403
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held for sale amounting to$0.4 million during thenine months ended March 31, 2025, due to the write down of rig 403 to
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to the fair value less costs to sell. In contrast, a loss on assets classified as held for sale amounting to$0.03 million was
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the fair value less costs to sell. In contrast, a loss on assets classified as held for sale amounting to$0.03 million was
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recognized during thesix months ended December 31, 2023, due to the sale of a smaller rig, rig 301.
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recognized during thenine months ended March 31, 2024, due to the sale of a smaller rig, rig 301.
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Accretion of asset retirement obligations expense. For thesix months ended December 31, 2024, an expense for
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Accretion of asset retirement obligations expense. For thenine months ended March 31, 2025, an expense for
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accretion of asset retirement obligations of$0.5 million was recognized. The recognition of such an expense was due to the
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accretion of asset retirement obligations of$0.8 million was recognized. The recognition of such an expense was due to the
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established the SPCF site during thesix months ended December 31, 2024, the expense for the current period has increased
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established the SPCF site during thenine months ended March 31, 2025, the expense for the current period has increased
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Exploration expense. Exploration expense decreased by$1.0 million during thethree months ended December 31,
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Exploration expense. Exploration expense increased by$0.7 million during thenine months ended March 31,
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2024, as compared tosix months ended December 31, 2023, due to increased activity for topographical, geographical and
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2025, as compared tonine months ended March 31, 2024, primarily due to increased activity for topographical,
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geophysical studies and other indirect expenditure in the comparative period.
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geographical and geophysical studies and other indirect expenditure relating to the non-operated joint venture in the current
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LNG feasibility study expense. During thesix months ended December 31, 2024, the Group incurred expenses of
Current wording
LNG feasibility study expense. During thenine months ended March 31, 2025, the Group incurred expenses of
Previous wording
of$3.2 million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
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$5.2 million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
Previous wording
Checkerboard fee. During thethree months ended December 31, 2024, the Group incurred an expense of$6.0
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Checkerboard fee. During thenine months ended March 31, 2025, the Group incurred an expense of$6.0 million
Showing the first 40 of 97 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
consolidated statement of operations and comprehensive loss.
Current report — wording carried from elsewhere
consolidated statement of operations and comprehensive loss.
Rearranged previous paragraphs (11)
Previous report — wording carried elsewhere
during thethree months ended December 31, 2024, as compared to thethree months ended December 31, 2023, due to
Previous report — wording carried elsewhere
Loss on remeasurement of assets classified as held for sale. The Group didnot recognize a loss on assets
Previous report — wording carried elsewhere
months ended December 31, 2023 the Group recognized a loss on assets classified as held for sale amounting to$0.03
Previous report — wording carried elsewhere
professional fees related to related to implementation of the scheme of arrangement and IPO readiness incurred in the
Previous report — wording carried elsewhere
geophysical studies and other indirect expenditure in the comparative period.
Previous report — wording carried elsewhere
Checkerboard fee. During thesix months ended December 31, 2024, the Group incurred an expense of$6.0
Previous report — wording carried elsewhere
million related to thesatisfaction of certain payment obligations to DWE under the TB1 Joint Venture Agreement. This
Previous report — wording carried elsewhere
obligation was satisfied through the issuance of common stock, subsequent to shareholder approval received in November
Previous report — wording carried elsewhere
of$8.3 million, primarily due to the strengthening of the Australian Dollar as of December 31, 2023, as compared to July
Previous report — wording carried elsewhere
recognized on our condensed consolidated statement of operationsand comprehensive loss.
Previous report — wording carried elsewhere
condensed consolidated statement of operations and comprehensive loss.