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4. Tamboran Resources (NYSE:TBN)

Number of Hedge Fund Investors in Q2 2024: 4 

Tamboran Resources (NYSE:TBN) is a natural gas company operating in Australia and the broader Asia-Pacific region. As the largest landholder and operator in the Beetaloo Sub-basin, the company controls around 1.9 million acres in the Beetaloo/McArthur basin, located 500 km southeast of Darwin which spans 28,000 square kilometers and is estimated to have 500 trillion cubic feet of gas. The company plays a key role in delivering cleaner energy solutions and has extensive experience in assessing unconventional gas fields.

In July, Tamboran Resources (NYSE:TBN) secured an Interim Agreement for a 420-acre site at the Middle Arm Sustainable Development Precinct. This agreement gives the company exclusive rights to the Wirraway North site until the end of 2027, with the option to extend twice for one year. Moreover, in April 2024, Tamboran Resources (NYSE:TBN), along with its Beetaloo Joint Venture (BJV) partner, signed a major gas supply agreement with the Northern Territory Government to supply 40 terajoules (TJ) of gas per day from their Shenandoah South Pilot Project. The supply will last for an initial nine years, starting in the first half of 2026, delivering a total of 131.4 petajoules (PJ) of gas. Tamboran Resources (NYSE:TBN) share amounts to around 62.4 PJ. The Northern Territory Government also has the option to extend the contract for an additional six-and-a-half years until mid-2041.

The gas will be transported via the Amadeus Gas Pipeline on a take-or-pay basis. This means that the Northern Territory Government will either take the gas or pay for it and the price of gas will follow the Consumer Price Index (CPI), meaning it will adjust with inflation. If the  Northern Territory Government chooses to extend the contract, they will receive the gas at a slightly discounted rate.

The binding gas supply agreement with the Northern Territory Government ensures a steady revenue stream for the company, starting in 2026, with an option for extension until 2041 which offers robust growth and long-term shareholder returns. As of the second quarter, Tamboran Resources’ (NYSE:TBN) stock is held by 4hedge funds, with a total stake valued at $95.04 million.