Company
ASX:TBN
Tamboran Resources Corporation is a public natural gas company with a vision of supporting the net zero CO2 energy transition in Australia and Asia-Pacific through developing low CO2 unconventional gas resources in the Northern Territory of Australia. Holding premium acreage in the highly prospective Beetaloo/McArthur basin, the company is strategically positioned to commercialise these resources to address a forecast domestic energy shortfall and as a feed supplier to existing Australian LNG plants.
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“The drilling of our first operated well within the Beetaloo Basin is an exciting milestone for our team, allowing us to showcase the performance gains and drilling efficiencies we can bring to the region,” said MD and CEO Joel Riddle.
The company is poised to become largest landholder in the Beetaloo Basin and will enlist the capital and gas smarts of unconventional shale experts Helmerich and Payne.
An upgraded assessment has led to a 73% increase in gross 1C contingent gas resources to 330 billion cubic feet (BCF), of which 83 BCF is net to Tamboran, and a 164% increase in gross 2C contingent gas resources to 1.6 trillion cubic feet (
“Subject to success, the drilling of these three wells have potential to deliver 2C-contingent gas resources of 1 trillion cubic feet (TCF), as certified by independent resources auditor Netherland, Sewell and Associates Inc," MD and CEO Jo
The decision of the Northern Territory Supreme Court allows the company to progress its 2022 drilling program within the 100%-owned and operated EP 136 permit as planned.
“It is strategically important for Tamboran to secure access to the Jemena-owned Northern Gas Pipeline, an important piece of infrastructure and currently the only gas pipeline route connecting the Northern Territory to Australia’s East Coa
Tamboran expects to complete its civil works before it drills the Maverick 1H (M1H) well, targeted to begin in the third quarter of this year.
“We are excited to commence the pathway towards commercialisation of our vast acreage, which we believe will play a leading role in supporting Australia’s energy security for decades," said MD and CEO Joel Riddle.
The move indicates the average gas flow rates from Tanumbirini 2H and 3H, previously reported on February 1, 2022, now total 2 million standard cubic feet per day (mmscfd) and 1.7 mmscfd, respectively.
“The funding is intended to support up to 25% of the costs of drilling, fracture stimulation and flow testing of the M1H well,” says MD.
The forward plan is to continue flow testing both T2H and T3H to gather further information on the Med-Velkerri ‘B’shale formation.
“We are entering a significant year for the Beetaloo Sub-basin, as Tamboran plans to drill our M1H well in EP 136. The well will be drilled with an advanced frac design and will target commercial flow rates and support the booking of an ini
“The company plans to update the market with information regarding the 30-day flow test in the first quarter of calendar year 2022,” says CEO & MD.
“Each of these appointments brings a unique skillset and considerable energy experience to deliver our strategy of being the first to commercialise the core area of the Beetaloo Sub-basin in the Northern Territory,” managing director and CE
“Importantly, the 2021 drilling program was conducted safely and without incident, a testament to the excellent leadership and unwavering commitment to health, safety and environment by the rig crew,” says CEO & MD.
Bryan Sheffield, a legend in the US oil & gas sector, has anchored a successful $35 million placement.
Both T2 and T3 wells “will now be re-entered, fracture stimulated and flow tested with initial results expected to be announced by the end of 2021,” says MD.
After the completion of the T3H well, the rig will demobilise from the EP 161 location and a fracture stimulation operation will be conducted on the T2H and T3H wells.
FY21 saw Tamboran reach operator status in the Beetaloo Sub-Basin and execute a major IPO. Now, the energy stock is readying to bring the low-carbon Beetaloo gas to market and work towards becoming a zero-carbon emissions producer.
“Following the drilling of the T3H horizontal section, both T2H and T3H wells will be fracture stimulated and flow tested, with results expected to be available before calendar year-end 2021,” says CEO.
It intends to play a role in the global energy transition by responsibly investing in the development of clean, low carbon dioxide, unconventional natural gas resources in the Beetaloo Sub-basin.
Now that the Tanumbirini 2H well has been drilled, attention will turn to the nearby 3H asset, with initial flow test results from both wells anticipated in 2021’s fourth quarter.
The company hopes to play a constructive role in the global energy transition towards a lower-carbon future by developing low carbon dioxide unconventional natural gas resources in the Core Beetaloo Sub-basin.
