June 2022 Quarterly Activities Report
- Secured Ensign Rig 970 to spud the Maverick 1H (M1H) well in the 100 per cent owned and operated EP 136 permit during third quarter of calendar year 2022, subject to final Environmental Management Plan (EMP) approvals.
- Commenced approved civil works and completed an 85-kilometre 2D seismic acquisition program within EP 136. The seismic program is expected to provide improved imaging of the target zone for the M1H well and subsequent Maverick development wells.
- Executed a Memorandum of Understanding (MOU) with Jemena enabling Tamboran to contract ~100 TJ per day (36 PJ per annum) of firm capacity through the Northern Gas Pipeline (NGP) under a long-term gas transportation agreement. Completion of the pipeline access agreement will support the sanctioning of the proposed Maverick Pilot Development, planned for the end of calendar year 2023, subject to the results of the EP 136 drilling program.
- Paid a cash deposit of US$10 million ($14.3 million) to secure a 'best in class', modern fastwalking US drilling rig in preparation for Tamboran's calendar year 2023 drilling program. The rig is capable of drilling more than 3,000-metre laterals, with potential to support up to 60 per cent reduction in drilling cost per unit of recoverable gas and in material reduction in land usage.
- Strong balance sheet with $26.8 million cash balance at 30 June 2022.
Tamboran Resources Limited Managing Director and CEO, Joel Riddle said:
"The fourth quarter of financial year 2022 was a significant period for Tamboran, with the Company making material progress towards commercialising its low-carbon dioxide gas resource in the 'Core' Beetaloo Subbasin of the Northern Territory. "It has been exciting to see our operations get underway on the ground in preparation for our first operated drilling campaign within EP 136. Our team has done an incredible job in progressing the civil works safely and completing 85-kilometres of 2D seismic acquisition, with no reportable incidents to date.
"Securing the Ensign Rig 970 to drill the M1H well, subject to EMP approvals, is a significant milestone and positions the Company for an exciting second half of calendar year 2022.
"The MOU we signed with Jemena during the quarter, which enables Tamboran to contract ~100 terajoules per day of firm capacity through the NGP is also strategically important. Having access to this gas pipeline, which provides a gateway for future gas sales to Australia's East Coast gas market, is a critical requirement for commercialisation of our acreage.
"With the seismic program now complete, drilling of the M1H well planned to commence in September and the NGP access agreement in place, the Company is making good progress towards sanctioning the proposed 100 million standard cubic feet per day (mmscfd) Maverick Pilot Development Project, which, subject to the drilling results, is targeted for the end of calendar year 2023."
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About Tamboran Resources Limited
Tamboran Resources Ltd (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.
Tamboran Resources Limited