Tamboran Resources Corporation Stock Market Press Releases and Company Profile

SS-1H achieves IP60 flow rate of 3.03 MMcf/d (normalized to 6.0 MMcf/d)

SS-1H delivered IP60 flow test result
SS-1H delivered IP60 flow test result

Sydney, Mar 26, 2024 AEST (ABN Newswire) - Tamboran Resources Corporation's (googlechartASX:TBN) (googlechartTBNNY:OTCMKTS) Shenandoah South 1H (SS-1H) well in EP 117 achieved an average 60-day initial production (IP60) flow rate of 3.03 million cubic feet per day (MMcf/d) over the 1,644-foot, 10 stage stimulated length within the Mid Velkerri B Shale, normalized to 6.0 MMcf/d over 3,281-feet (1,000 metres).

The SS-1H flow test indicates that future development wells with lateral lengths of 10,000 feet may be capable of delivering average rates of 18.4 MMcf/d over the first 60 days of production.

Results continue to demonstrate that the 1 million acres below 8,850 feet (true vertical depth) in the Beetaloo West region is one of the most favorable places to anchor the initial development.

The SS-1H well is planned to be flow tested until IP90, which is planned to be announced in late April 2024.

Tamboran continues to undertake Front End Engineering and Design (FEED) studies on the proposed Shenandoah South Pilot Project. The Company expects to take Final Investment Decision (FID) in mid-2024, subject to funding and key stakeholder approvals.

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

"The SS-1H well continues to demonstrate a steady, low declining type-curve and holding its downhole pressure, which implies the well is connected to a world class reservoir with a strong pressure regime in the Shenandoah South area that supports initial development activities in the region.

"These rates continue to track average flow rates from some of the core regions in the Marcellus Shale basin in the US, which gives us confidence these rocks can produce to commercial quantities with potential to provide energy security to the Northern Territory and East Coast Australian gas markets."

Shenandoah South 1H flow results

The SS-1H well in the Tamboran B2-operated Exploration Permit EP 117 achieved IP60 flow rates following the 10-stage stimulation program within the bottom 501 metres (1,644 ft) of the 1,020-metre (3,346 ft) lateral section in the Mid Velkerri B Shale on 25 March 2024.

Testing was carried out following the installation of production tubing and a three-week soaking period to allow for water used in the stimulation process to be absorbed by the shale. The soaking aims to increase the relative permeability to gas of the formation and enhance future production performance.

During the initial draw down period from 25 January to 8 February 2024 (~13.3 days), the choke was opened from 16/64" to 40/64" over staged intervals resulting in gas rates from 12.9 to 3.0 MMcf/d, with an average of 3.5 MMcf/d and 46.2 MMcf cumulative production over that period. Flowing wellhead pressures were drawn down from 4,611 psi to 792 psi.

During the subsequent continuous flowing period from 8 to 24 February 2024 (~16.7 days), the choke was opened to 43/64" at the beginning of the period, resulting in gas rates from 3.3 to 2.9 MMcf/d, with an average of 3.0 MMcf/d and 50.3 MMcf cumulative production over that period. Flowing wellhead pressures were drawn down from 792 to 578 psi.

During the following continuous flowing period from 25 February to 25 March (30 days), the choke was left unaltered at 43/64", resulting in gas rates ranging from 2.9 to 2.76 MMcf/d, with an average of 2.83 MMcf/d over the period. Flowing wellhead pressures were drawn down from 578 to 530 psi.

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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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Contact

Investor enquiries:
Chris Morbey
Vice President - Investor Relations
+61-2-8330-6626
Investors@tamboran.com

Media enquiries:
+61 2 8330 6626
Media@tamboran.com



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