TBN — what changed in the latest 10-K
A section-by-section comparison of TBN's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-K · 2026-09-25 vs the prior 10-K · 2025-09-25
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| Risk factors | Text added/removed | +57 | −39 | ~61 | 201 |
| Legal proceedings | Text added/removed | +2 | −3 | ~1 | 0 |
| MD&A | Text added/removed | +32 | −34 | ~23 | 22 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Business, Market risk (Item 7A)
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
Risk factors
Text added vs the prior filing · source: 10-K · 2026-09-25
We do not currently have any commitments for future external funding, and we do not expect to generate any revenue from production until after initial gas sales which commenced in September 2026, and will depend upon successful drilling results, additional and timely capital funding, further regulat…
The inability of one or more third parties who contract with us to meet their obligations to us may adversely affect our financial results.
We may be liable for certain costs if third parties who contract with us or with the operators of our permit areas are unable to meet their commitments under such agreements. We are currently exposed to credit risk through joint interest receivables from our joint venture partners. If any of our par…
A majority of our assets and operations are located in the Beetaloo, making us vulnerable to risks associated with operating in one geographic area.
Our operations are geographically concentrated in the Northern Territory of Australia, and specifically the Beetaloo. As a result, we may be disproportionately exposed to the impact of regional supply and demand factors in the Beetaloo caused by significant governmental regulation, curtailment of pr…
Text removed vs the prior filing · source: 10-K · 2025-09-25
We do not currently have any commitments for future external funding, and we do not expect to generate any revenue from production until mid-calendar year 2026, at the earliest, which will depend upon successful drilling results,
additional and timely capital funding, further regulatory approvals, and access to suitable infrastructure. Additional financing may not be available on favorable terms, or at all. Even if we succeed in selling additional securities to raise funds, at such time the ownership percentage of our existi…
All of our assets and operations are located in the Beetaloo, making us vulnerable to risks associated with operating in one geographic area.
Our operations are geographically concentrated in the Northern Territory of Australia, and specifically the Beetaloo. As a result, we may be disproportionately exposed to the impact of regional supply and demand factors in the Beetaloo caused by significant governmental regulation, curtailment of pr…
Additionally, we will rely to a large extent on transportation infrastructure owned and operated by third parties and damage to, or destruction of, those third-party infrastructure will affect our ability to process, transport and sell our production.
Legal proceedings
Text added vs the prior filing · source: 10-K · 2026-09-25
On July 4, 2024, the Environment Centre Northern Territory (“ECNT”) lodged an Originating Application in the Northern Territory Civil and Administrative Appeals Tribunal (“NTCAT”) for a merits review of the Minister for Environment, Climate Change and Water Security’s (“Minister’s”) approval of TB1 …
On December 6, 2024, Lock the Gate Alliance Ltd (“Lock the Gate”) lodged an Originating Application in the Federal Court of Australia seeking an injunction under s475(2) of the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (“EPBC Act”), to restrain TB1 Operator from conducting …
Text removed vs the prior filing · source: 10-K · 2025-09-25
On July 4, 2024, the Environment Centre Northern Territory (“ECNT”) lodged an Originating Application in the Northern Territory Civil and Administrative Appeals Tribunal (“NTCAT”) for a merits review of the Minister for
Environment, Climate Change and Water Security’s (“Minister’s”) approval of TB1 Operator’s Shenandoah South Exploration & Appraisal Program EP98 and EP117 Environment Management Plan (“Shenandoah EMP”) (“NTCAT Merits Review”). On August 20, 2024, the TB1 Operator was added as a respondent to the NTC…
On December 6, 2024, Lock the Gate Alliance Ltd (“Lock the Gate”) lodged an Originating Application in the Federal Court of Australia seeking an injunction under s475(2) of the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (“EPBC Act”), to restrain TB1 Operator from conducting …
MD&A
Text added vs the prior filing · source: 10-K · 2026-09-25
In July 2026, Tamboran completed the stimulation campaign on the SS2-4H, SS2-5H and SS2-3H wells in the Northern Pilot Area. The program was the first three-well zipper stimulation and the largest stimulation campaign conducted in the Beetaloo Basin, with 178 stages placed across approximately 30,00…
respectively, and the SS1-2H well is currently being drilled. Stimulation of the three SS1 wells is planned for the fourth quarter of calendar year 2026.
Practical completion of the SPP occurred on July 17, 2026 and mechanical completion of the SPCF occurred on July 26, 2026. In early September 2026, Tamboran commenced the commissioning of the SPCF, with first gas sales delivered into the Northern Territory gas market on September 5, 2026 from the Co…
In early September 2026, Santos, as operator of EP 161 (Tamboran 25%), spudded the Jibera South 1H well with the Ensign 971 rig, the first of a two well appraisal program in the Beetaloo East depocenter. The Jibera South 1H and Newcastle South 1H wells are planned to be drilled with 10,000-foot hori…
In September 2026, Tamboran and Liberty Energy entered into a non-binding Memorandum of Understanding setting out the intent to extend the hydraulic fracture stimulation and wireline services agreement covering Tamboran's Beetaloo Basin operations, under which Liberty Energy intends to begin phasing…
Text removed vs the prior filing · source: 10-K · 2025-09-25
Following a special meeting of stockholders, on July 22, 2025, the second tranche of the Company’s sale of approximately $55.4 million of common stock in a private investment in public equity closed and the Company issued 940,729 shares of common stock at a price per share of $17.74. Additionally, o…
On July 27, 2025, we entered into a Cooperation Agreement (the “Cooperation Agreement”) with Bryan Sheffield, Sheffield Holdings, LP and certain other affiliated entities party thereto (collectively, the “Sheffield Group”). In connection with the Cooperation Agreement, the Company agreed, among othe…
On July 28, 2025, the employment of Joel Riddle, the former Chief Executive Officer and board member of the Company, was terminated and consequently Mr. Riddle resigned from the board. Additionally, John Bell Sr. retired from the board effective upon the execution of the Cooperation Agreement. The b…
On August 14, 2025, the lease of modular buildings and related equipment (“Stage 1 and 2 Hire Goods”) commenced pursuant to the Hire Terms and Conditions (the “Hire Conditions”) entered into with Northern Transportables Pty Ltd on June 9, 2025 to support the on-site operations. Pursuant to the Hire …
On September 2, 2025, the Beetaloo Joint Venture received approval from the NT Government to sell appraisal gas from its exploration permits in the Beetaloo Basin under the Beneficial Use of Gas (“BUG”) legislation. This is the first approval granted by the NT Government through the new BUG legislat…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice