Exploration and Development Success Risk: Tamboran's future success depends on the successful exploration, appraisal, and development of its assets in the Beetaloo Basin, which involves significant geological and operational uncertainties and capital expenditure.

Commodity Price Volatility Risk: The company's revenues and profitability are highly susceptible to fluctuations in natural gas and oil prices, which are influenced by global supply, demand, and geopolitical factors beyond its control.

Regulatory and Environmental Approval Risk: Operations are subject to extensive environmental regulations and permitting processes, with potential for delays, increased costs, or denial of permits due to evolving policies or community opposition, particularly concerning fracking.