Tamboran increases Pilot interest to a minimum of 47.5%
Sydney, Mar 25, 2024 AEST (ABN Newswire) - Tamboran Resources Corporation (
ASX:TBN) (TBNNY:OTCMKTS) has increased its working interest in the proposed Shenandoah South Pilot Project to a minimum of 47.5% following a decision by Falcon Oil & Gas Australia Limited (Falcon) to limit its participation to 5% in the Beetaloo Joint Ventures' second Shenandoah South well pad (SS2) and the two wells in the 2024 drilling program.
The two wells in the 2024 drilling program will create two Drilling Spacing Units (DSUs) totaling 51,200 gross acres around the new SS2 well pad, where Tamboran and Daly Waters Energy, LP (DWE) as 50/50% owners of Tamboran (B2) Pty Limited have agreed to pick up the non-consent, increasing interest to 95%.
Tamboran and DWE will carry Falcon for up to A$3.75 million gross (A$1.875 million net) for the first well post 30 June 2024.
The 51,200 gross acre area has the potential to accommodate 23 well pads (138 wells based on six wells per pad, 3,000-metre lateral sections and 500 metre well spacings) and it is expected to support the wells required to deliver gas to the proposed Shenandoah South Pilot Project.
Tamboran Resources Corporation Managing Director and CEO, Joel Riddle, said:
"The increased working interest to a minimum of 47.5% over 51,200 gross acres in the core of the Beetaloo West acreage is a significant opportunity for Tamboran's shareholders.
"This area has the potential to accommodate up to 23 well pads (~138 wells) around the new SS2 well pad, including the development wells required to supply gas for the proposed 40 million cubic feet per day (MMcf/d) Pilot Project into the Northern Territory gas market.
"We plan to announce the Final Investment Decision on the proposed Pilot Project in mid-2024, subject to funding and standard stakeholder and joint venture approvals."
About Tamboran Resources Corporation
Tamboran 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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