INPEX – minority interests in Beetaloo development projects

INPEX Corporation, through its wholly owned Australian subsidiaries - INPEX FSDA N&S Pty Ltd and INPEX BCD Pty Ltd (collectively, INPEX) entered into a farm-in agreement with Daly Waters Energy LP (DWE) to acquire:

a 20% interest in the Beetaloo Central Development project;

an 11.25% interest in the First Strategic Development Area (FSDA) South project; and

an 11.25% interest in the FSDA North project, (together, the Acquisition).

The projects will be operated as an unincorporated joint venture between DWE (via its subsidiaries), Tamboran Resources Corporation (via its subsidiaries) and INPEX (acting via its subsidiaries) (together, the Joint Venture Parties), and will be governed by separate joint operating agreements.

Pursuant to the terms and conditions of the Retention Licences that will be obtained for each project and a joint operating agreement, the Joint Venture Parties will explore for, and undertake appraisal activities to confirm, a commercial resource of conventional and unconventional oil and gas resources within each project area.