Tamboran Resources Corporation Stock Market Press Releases and Company Profile
Tamboran Increase Beetaloo Basin 2C Gas Resources to 2.1 TCF
Tamboran Increase Beetaloo Basin 2C Gas Resources to 2.1 TCF

Sydney, Feb 26, 2024 AEST (ABN Newswire) - Tamboran Resources Corporation (googlechartASX:TBN) (googlechartTBNNY:OTCMKTS) has booked its first estimate of contingent gas over the Shenandoah South region across EP 98 and 117 in the Beetaloo Basin following a successful 30-day initial production (IP30) flow test of the Shenandoah South 1H (SS-1H) well.

The EP 76/98/117 unrisked net 1C contingent gas resources increase by 33 billion cubic feet (Bcf) to 284 Bcf and unrisked net 2C contingent gas resources increase by 152 Bcf to 1.2 trillion cubic feet (Tcf).

The resource upgrade has been evaluated and certified by leading independent third-party resource certifier Netherland, Sewell & Associates, Inc. (NSAI), with an effective date of 31 January 2024.

The 2C resources support the sanctioning of the proposed 40 million cubic feet per day (MMcf/d) Shenandoah South Pilot Project, which is expected to be sanctioned in mid-2024 and deliver first gas into the Northern Territory in Q1 2026, subject to securing financing and key stakeholder approvals.

Tamboran Resources Corporation Managing Director and CEO, Joel Riddle, said:

"The Shenandoah South 1H well has de-risked some of the highest quality shale intersected to date in the Beetaloo Basin, with the IP30 flow results demonstrating strong and commercial deliverability. Importantly, this has led to the first booking of contingent gas resources over the Shenandoah South region of the Beetaloo Basin, on the border of the EP 98 and 117 permits.

"The initial unrisked 2C contingent gas resources booking of 152 Bcf net to Tamboran over the Shenandoah South area is expected to support the initial proposed 40 MMcf/d Pilot Project. These volumes are anticipated to secure important gas supply into the Northern Territory gas market for the next decade. This comes at a time when local supplies of gas, which provide the majority of the Territory's power, are at risk of running low.

"Tamboran stands by its commitment to deliver first volumes from the Beetaloo Basin into the Northern Territory before exporting volumes into the East Coast and international LNG gas markets."

Increase to Beetaloo Basin contingent gas resources

Tamboran has increased net Beetaloo Basin unrisked net 2C contingent gas resources by 8 per cent to 2.1 TCF. The increase follows the drilling and successful flow test of the SS-1H well, which has resulted in an initial resource booking over the Shenandoah South region of the exploration permits (EPs) 98 and 117.

The changes to the net 1C contingent gas resources from the previous resource estimate (September 2023) include an increase of 33 Bcf in EP 76/98/117.

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About Tamboran Resources Corporation

Tamboran Resources LtdTamboran Resources Corporation (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.



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