Tamboran Resources Limited (ASX:TBN) EP 98 - Amungee 2H Interim Flow Rates and Forward Program

Tamboran Resources Limited (ASX:TBN) (OTCMKTS:TBNNY) report that the Amungee 2H (A2H) well in EP 98 has achieved gas breakthrough, however modelling and independent third-party analysis of fluids recovered from the well have identified potential skin inhibiting gas and water flow. Tamboran is highly encouraged that the initial results from the laboratory provide a potential pathway to cleaning up the well and delivering improved flow rates.

Despite gas flow rates being potentially constrained and with only 10 per cent of water used in the stimulation program recovered to date, the well is currently flowing at a steady rate of 0.83 million cubic feet per day (mmscfd) and averaged 0.97 mmscf over the first 50 days.

Clean up activity is proposed to be undertaken during the third quarter of 2023. An update is expected to be provided on completion of these activities.

The Beetaloo Joint Venture (BJV) does not believe this is a reservoir issue or that the initial results are indicative of the prospectivity of the Amungee area. The Amungee NW1H well achieved flow rates of >5 million cubic feet per day (mmscfd) over a normalised 1,000-metre horizontal section from the same well pad in 2021.

The BJV plan to drill the Shenandoah South 1H (SS1H) in EP 117 during the third quarter of 2023, where the Mid Velkerri "B Shale" is expected to be approximately 700 metres (30 per cent) deeper than at A2H. The SS1H well will complete the farm-in commitment with Falcon Oil and Gas Australia Limited (Falcon).

Following the drilling of SS1H, the BJV plans to drill the Amungee 3H (A3H) well to follow up results from the A2H location. Tamboran will incorporate lessons learned from the drilling and stimulation program at A2H across both SS1H and A3H wells.

Upon success at A3H and SS1H, the Amungee or Shenandoah area could underpin a proposed Flare Avoidance Project, including Clean Energy Fuels Australia Marketing's (CEFAM) mini-LNG facility, to provide a cleaner and economic alternative to diesel for electricity generation and fuel in the transport and mining industries.

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

"The A2H well is only the sixth horizontal well drilled and stimulated to date in the Beetaloo Basin and we continue to take each well as a learning opportunity. The well was successfully drilled with an increase in stimulated stages and proppant compared to the Amungee NW1H well, located on the same well pad. We believe the initial results from the A2H well are not indicative of the underlying production potential of the Mid Velkerri 'B Shale' in the Amungee area.

"Modelling of the well rates and independent third-party testing of fluids recovered from the well identified potential skin that seems to be inhibiting flow from the well. Despite the potential skin, the well is still delivering approximately 0.83 mmscfd, with tracer data showing a good distribution of flows across the entire stimulated section. The Beetaloo JV are currently assessing clean-up options with plans to undertake a clean-up campaign during the third quarter of 2023.

"Lessons learned from the four wells drilled and stimulated to date in across Tamboran's Beetaloo Basin permits will be incorporated into the proposed upcoming two-well drilling program. The program includes drilling the SS1H well in the deeper EP 117 acreage and the A3H well in the Amungee region, with operations commencing during the third quarter of 2023.

"The decision for the SS1H well location follows analysis of the Tanumbirini wells in the Santos-operated EP 161 permit, which showed Marcellus Basin production type-curves from the wells drilled in the Tanumbirini area. Specifically, at T3H, which has demonstrated a 20-year EUR of approximately 18.5 BCF for a future proposed 3,000-metre development well.

"This result demonstrates the enormous productivity within the deeper regions of the Beetaloo Basin and gives us confidence that improved results can be achieved at SS1H.

"On completion of flow testing at SS1H and A3H, and clean-up activities at A2H, the BJV will assess the performance and productivity of each region ahead of a potential sanctioning of a Flare Avoidance Project or pilot development, which could accelerate gas sales into the tightening NT Gas market."

Amungee 2H flow results

The A2H well in Tamboran B2-operated EP 98 successfully achieved gas breakthrough following the 25-stage stimulation program and the installation of production tubing across the 1,020-metre horizontal section within the Mid Velkerri "B Shale".

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/7DD1V05I


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.

 

Related Companies

Tamboran Resources Corporation
             

Falcon Oil & Gas Limited