December 2022 Quarterly Activities Report
Sydney, Jan 25, 2023 AEST (ABN Newswire) - During the quarter, Tamboran Resources Limited (ASX:TBN) (TBNRF:OTCMKTS) and Daly Waters Energy LP (DWE) completed the $60 million acquisition of Beetaloo Basin assets EP 76, 98 and 117. The acquisition positions Tamboran as the largest operator and acreage holder in the Basin, with ~1.9 million net prospective acres.
Tamboran completed drilling the Maverick 1V (M1V) well in 100 per cent owned and operated EP 136, reaching a total depth (TD) of 3,050 metres. The vertical well reached TD in 18.3 days, a 54 per cent reduction in drill time compared to other nearby vertical wells of similar depth, and encountered strong gas shows within the Mid-Velkerri "A", "B" and "C" shales.
In November 2022, Tamboran commenced drilling the Amungee 2H (A2H) well within 38.75 per cent owned and operated EP 98. The well reached a TD of 3,883 metres in 38 days, including a 1,275-metre horizontal section, in December 2022, representing the fastest well drilled to a TD in excess of 3,500 metres.
Tamboran plans to commence a stimulation program of the A2H well during the first quarter of calendar year 2023, subject to weather allowing for the mobilisation of equipment.
In December 2022, Santos, the operator of EP 161 (Tamboran 25 per cent), suspended operations at the Tanumbirini 2H (T2H) and 3H (T3H) wells. Following tubing installation in July 2022, the wells reached 90-day production rates (IP90) of 1.6 and 2.1 million standard cubic feet per day (mmscfd) respectively (normalised at 2.4 and 3.5 mmscfd over 1,000-metre horizontal sections).
Tamboran released its 2022 Sustainability Plan, outlining the Company's vision for playing a part in the global energy transition to a low carbon economy.
At 31 December 2022, the Company had a cash balance of $60.9 million, with no debt.
Tamboran Resources Limited Managing Director and CEO, Joel Riddle said:
"The second quarter of financial year 2023 has been a busy period for Tamboran, including the completion of the acquisition of Origin Energy's Beetaloo Basin assets in just 50 days and drilling the M1V well in EP 136 and A2H in EP 98.
"The vertical section of the 100 per cent owned and operated M1V well was drilled in 18.3 days, a significant reduction in drilling time compared to nearby offset wells with depths exceeding 2,500 metres. This was made possible by the Tamboran team's unconventional expertise, having drilled thousands of wells in North American shale basins, and supports our aims for long term cost reductions in Beetaloo drilling.
"Following the completion of the acquisition of Beetaloo Basin permits EP 76, 98 and 117, the team commenced drilling the A2H well, our first operated horizontal well in the Basin. The well was drilled and cased to a TD of 3,883 metres, which included a 1,275-metre horizontal section within the Mid-Velkerri 'B Shale' formation. Importantly, the A2H well was drilled and cased with 5-1/2 inch casing, the optimal casing size to place high intensity stimulation stages.
"The stimulation program at the A2H well is planned to commence in the first quarter of calendar year 2023 and will include up to 24 stimulated stages within the 1,200-metre horizontal section in the Mid-Velkerri 'B Shale'. We look forward to sharing the flow results during the first half 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