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    Tamboran Resources (ASX:TBN) Nears First Gas Sales Following Beetaloo Milestone As Undervalued Narrative Holds

    Simply Wall St·07/21/2026 23:30:09
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    Tamboran Resources wells move closer to first gas sales after major Beetaloo campaign

    Tamboran Resources (ASX:TBN) has completed stimulation, cleanout and completion work on three Shenandoah South wells in the Beetaloo Basin, capping the largest stimulation campaign conducted in the area and progressing toward first gas sales.

    See our latest analysis for Tamboran Resources.

    At a share price of A$0.23, Tamboran Resources has seen a 1-day share price return of 6.98% and a year-to-date share price return of 15%, while the 1-year total shareholder return of 51.22% suggests momentum has been building around milestones such as the Beetaloo campaign completion.

    If this Beetaloo update has you thinking about where else growth stories could emerge in energy and infrastructure, it may be worth checking out 35 power grid technology and infrastructure stocks

    The recent jump in Tamboran Resources after the Beetaloo campaign has investors weighing operational progress against changing sentiment. How does the current A$0.23 share price stack up against the company’s fundamentals and risks?

    Most Popular Narrative: 38.7% Undervalued

    Tamboran Resources is trading at A$0.23 against a most followed narrative fair value of A$0.38, so the current price sits well below that narrative view.

    Progress towards first gas from the Beetaloo Basin Pilot Area in the third quarter of calendar 2026, supported by an 88% complete compression facility and an APA owned pipeline in final commissioning, is expected to move Tamboran Resources from a pre revenue phase toward contracted gas sales. This is likely to affect revenue visibility and cash flow generation.

    Read the complete narrative.

    Want to see what is sitting behind that gap between share price and fair value? The narrative leans heavily on future revenue ramps, margin uplift and a punchy earnings multiple. The exact mix of growth, profitability assumptions and discounting is where the story becomes more detailed and nuanced.

    Result: Fair Value of A$0.38 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    However, Tamboran Resources remains pre revenue, and any delay in Beetaloo gas sales or tighter access to funding could quickly challenge the current undervalued narrative.

    Find out about the key risks to this Tamboran Resources narrative.

    Another view on Tamboran Resources valuation

    The analyst narrative presents Tamboran Resources as undervalued relative to a fair value of A$0.38. However, the current P/B ratio of 2.8x versus 1.3x for the Australian oil and gas industry and 1.2x for peers points in the opposite direction, suggesting investors are already paying a premium that could limit upside if expectations reset.

    To see how this premium compares with the numbers in more depth, take a look at the See what the numbers say about this price — find out in our valuation breakdown.

    ASX:TBN P/B Ratio as at Jul 2026
    ASX:TBN P/B Ratio as at Jul 2026

    Next Steps

    With mixed signals around Tamboran Resources, the next move is yours. Review the data, weigh the risks against the rewards and check out the 1 key reward and 4 important warning signs

    Looking for more Tamboran Resources sized investment ideas?

    If Tamboran Resources has sharpened your focus on finding the next opportunity, do not stop here. Broaden your watchlist with ideas filtered by fundamentals and risk.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.