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SS-1H achieved final IP90 commercial flow rates
SS-1H achieved final IP90 commercial flow rates

Sydney, April 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 90-day initial production (IP90) flow rate of 2.9 million cubic feet per day (MMcf/d) over the 1,644-foot, 10 stage stimulated length within the Mid Velkerri B Shale, normalized to 5.8 MMcf/d over 3,281-feet (1,000 metres).

The IP90 flow test at SS-1H was ~65% higher than the Santos-operated EP 161 Tanumbirini 3H well, which previously achieved the highest flow rate in the Beetaloo Basin.

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 17.8 MMcf/d over the first 90 days of production.

Flow testing has demonstrated productivity and decline profiles in line with the most prolific regions of the Marcellus Shale in the US. This confirms the Company's view that the Beetaloo West region is the preferred region in the basin to commence development operations.

The well will now be shut in and suspended as a potential future production well.

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 results of the SS-1H flow test have continued to exceed our pre-drill expectations, with flow rates and pressure declines in line with some of the most prolific regions of the Marcellus Shale in the US.

"The results have validated the Company's view that the deepest regions of the Beetaloo Basin are the most productive and are expected to deliver premium economics and returns when compared to shallower areas within the region. The 1 million acres of deep shale in the Beetaloo West have potential to deliver Tamboran's gross Beetaloo Basin production ambition of 2 Bcf/d (~775 MMcf/d net to Tamboran) (equivalent to more than 13.0 million tonnes per annum of LNG export capacity) for 40 years from a single landing zone.

"Management will commence an evaluation of the results and integrate these into our development planning, including the assessment of the 2024/25 six well drilling campaign that will support the proposed 40 MMcf/d (gross volume) Pilot Project in the Shenandoah South region in the Beetaloo West.

"The gas sales from the proposed Pilot Project have been contracted to the Northern Territory Government under a binding take-or-pay gas sales agreement to support the local Northern Territory gas market over approximately 15 years. It is our commitment to produce first volumes from the Beetaloo Basin to Territorians and secure energy supply into the 2040s."

Shenandoah South 1H flow results

The SS-1H well in the Tamboran B2-operated Exploration Permit (EP) 117 achieved IP90 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 24 April 2024.

During the period from 26 March to 24 April 2024 (30 days), the choke was maintained at 43/64", resulting in gas rates fluctuating from 2.76 to 2.64 MMcf/d, with an average of 2.7 MMcf/d over the 30-day period and day 90 exit rate of 2.68 MMcf/d. Flowing wellhead pressures were drawn down from 529 to 518 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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