SEAAOC Conference Presentation Darwin NT - August 2022
Sydney, Aug 24, 2022 AEST (ABN Newswire) - Tamboran Resources Limited (ASX:TBN) (TBNNY:OTCMKTS) provides a presentation (attached) to the ASX updating the market on the material de-risking of the Beetaloo Sub-basin over the last 12 months. It highlights the significance of the Tanumbirini 2H (T2H) and 3H (T3H) flow tests in EP 136 and provides an overview of the Maverick 1H (M1H) well, planned to spud in early September 2022, which will be a key catalyst for the Company.
Tamboran's Managing Director and CEO, Mr. Joel Riddle, will present at the 2022 SEAAOC conference in Darwin this afternoon, providing an update on the Company's Beetaloo Sub-basin activities.
Tamboran Resources Managing Director and CEO, Joel Riddle, said:
"The Beetaloo Sub-basin has undergone a significant de-risking over the last 12 months, highlighting the potential to commercialise this significant, low-CO2, natural gas resource. The de-risking has been supported by the recently announced flow test results from the Santos-operated T2H and T3H wells in EP 161 following the installation of production tubing.
"The T2H and T3H wells delivered rates of 4.3 and 7.4 million standard cubic feet per day (mmscfd), respectively, over the first eight days of testing, normalised for a 1,000-metre horizontal section within the Mid-Velkerri 'B Shale'. These rates exceed what we believe to be the commerciality threshold of 3.0 mmscfd per 1,000-metre horizontal section for the Beetaloo Sub-basin. This is despite the unoptimised design and fracture stimulation program.
"The recent flow rates from T2H and T3H demonstrate the significant improvement in well performance in the deeper, and therefore higher pressure, formations within the 'Core' Beetaloo Sub-basin.
"Our focus continues to be on delivering the M1H well, which is on track to spud with the Ensign 970 rig in early September 2022. The rig is capable of drilling the proposed 1,000-metre horizontal section within the Mid-Velkerri 'B Shale' with an optimal 5-1/2-inch casing and allow for up to 20 fracture stimulated stages, which is planned to take place in the first quarter of calendar year 2023. Importantly, the M1H well has been designed using data from the T2H and T3H wells as well as simulations validated by leading US independent subsurface consultants, Subsurface Dynamics, Inc.
"This well design is the first step in delivering a US-style shale well in the Beetaloo Sub-basin. The limitation in delivering a modern US unconventional fracture stimulation and completion program remains the lack of capable drilling rigs that can achieve more than 3,000-metre horizontal sections. Tamboran has been seeking to resolve this and is close to finalising the process of importing a 'best-in-class' modern fast walking US drilling rig into Australia.
"If development progresses, the Beetaloo has the potential to bring significant benefits to all stakeholders within the Northern Territory, including the creation of many local jobs and the payment of significant royalties to the Northern Territory Government and Traditional Owners. These royalties will help support Government investment in education, health and other essential services and infrastructure for all Territorians.
"The second half of calendar year 2022 is going to be an exciting period for Tamboran as we drill M1H and further prove up the commerciality of this low-CO2 natural gas basin. We believe that the Beetaloo has the potential to play a significant role in the energy transition for Australia and our neighbours within the Pacific region."
*To view the presentation, please visit:
About Tamboran Resources Limited
Tamboran Resources Ltd (ASX:TBN) is a natural gas company that intends to play a constructive role in the global energy transition towards a lower carbon future by developing low CO2 unconventional natural gas resources in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets are a 25% working interest in EP 161 and a 100% working interest in EP 136, EP 143 and EP(A) 197 which are located in the Beetaloo Sub-basin.
Tamboran Resources Limited