Formentera Partners and its Australian operating company, Daly Waters Energy (DWE), today announced the start of natural gas commissioning at the Sturt Plateau Compression Facility (SPCF). The SPCF is the final piece of infrastructure needed to start the flow of natural gas from the Beetaloo Basin to the people and businesses of the Northern Territory.

“This is a great day for the Northern Territory,” said Bryan Sheffield, Managing Partner of Formentera. “Four years ago, we said we would bring U.S. shale know-how to the Northern Territory, and today the plant is built, five wells are tied in, three additional wells are being drilled, and natural gas is flowing through the facility. Our partnership delivered on time and on budget. That’s rare in a frontier basin, and it demonstrates what companies, governments, and local communities can do when they work together. The Beetaloo is one step closer to moving beyond potential to a reliable, long-term supply source for the Territory.”

The plant is owned by the SPCF Trust, a 50/50 joint venture between Daly Waters Energy and Tamboran Resources Corporation (NYSE/ASX: TBN). DWE holds its share through Daly Waters Infrastructure, a wholly owned unit. Tamboran operates the project.

Highlights

  • The SPCF has a nameplate capacity of 48.5 MMcf/d (50 TJ/d) of natural gas.

  • 38.8 MMcf/d (40 TJ/d) is contracted to the NTG under a take-or-pay agreement that runs for up to 15 years.

  • All five wells on the Shenandoah South 2 pad are drilled, completed and tied back to the plant.

  • The plant was delivered on schedule and inside the gross budget of US$99 million.

  • Natural gas will be sold during the commissioning period.

Great Progress in Just Four Years

Formentera entered the play in 2022. It now holds 1.9 million net acres, one of the largest blocks of onshore shale acreage in the basin. The rock shares key traits with proven U.S. plays such as the Marcellus Shale in Pennsylvania. A string of successful appraisal wells points to multi-TCF potential, which means there is enough natural gas to meet the needs of the Northern Territory and eventually supply larger cities and industry on Australia’s East Coast and also help backfill and grow LNG export capacity.

In March 2026, Formentera and DWE joined together with INPEX, one of the world’s leading LNG providers, to accelerate work in the basin. In August, the group announced plans to add a Helmerich & Payne FlexRig®, which is expected to arrive in the second quarter of 2027.

About Formentera

Formentera Partners is a global E&P operator with an in-house private equity platform. Formentera produces approximately 70,000 barrels of oil equivalent per day on approximately 3 million gross acres globally, with balanced commodity exposure. Based in Austin, Texas, the firm directly employs more than 300 people and manages more than $2.9 billion in total investor commitments. Formentera has deep experience in operations, capital allocation and financing applying a battle-tested, value-creation playbook to high-quality proven assets creating meaningful return of capital.

For more information, visit: https://www.formenterapartners.com

About Daly Waters Energy

DWE, backed by Formentera Partners, is a leading exploration and production company focused on the Beetaloo Basin in Australia’s Northern Territory. DWE entered the Beetaloo Basin in 2022 through a joint venture with Tamboran Resources and has more than 1.9 million net acres in the core of the basin. DWE will operate some of the best acreage in the Beetaloo Basin once its retention license applications are approved, likely in Q4 2026.

For more information, visit: https://www.dalywaters.com

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