Operational Update - A3H Drilled in Record Time
Sydney, Oct 16, 2023 AEST (ABN Newswire) - Tamboran Resources Limited (
ASX:TBN) (TBNNY:OTCMKTS) provide an operational update for EP 98/117 with A3H drilled in record time in less than 18 days.
The Amungee NW 3H (A3H) well in 38.75 per cent owned exploration permit EP 98 has reached a Total Depth (TD) of 3,837 metres (12,589 feet), including a 1,100-metre (3,609 feet) horizontal section within the Mid Velkerri B Shale.
The well intersected the target Mid Velkerri B shale at a total vertical depth (TVD) of 2,272 metres (7,454 feet) and encountered significant gas shows within the shale, in line with pre-drill expectation.
Drilling took in 17.9 days (spud to TD), 20 days faster than the Amungee 2H (A2H) well, at an average daily rate of 214 metres per day (702 feet per day). This demonstrates the improved drilling efficiency of Helmerich & Payne, Inc.'s (H&P), (NYSE: HP), super-spec FlexRig(R) Flex 3 Rig.
Total estimated cost for the drilling and cementing of the A3H well is A$12.6 million, in line with forecast and ~30 per cent lower cost compared to the A2H well. The stimulation program is planned for the second quarter of 2024, following the end of the Northern Territory wet season.
Stimulation activities for the Shenandoah South 1H (SS1H) well in EP 117 are on track to commence in November 2023 with IP30 flow rates planned for early 2024, subject to successful completion of the stimulation program and weather delays.
Tamboran Resources Limited Managing Director and CEO, Joel Riddle, said:
"The Tamboran and H&P teams have done an incredible job in demonstrating the improved drilling efficiency of the recently imported H&P rig in the Beetaloo Basin.
"The A3H well has achieved the fastest drilling rates experienced in the Beetaloo Basin to date, delivering an average of 214 metres per day and reaching TD in less than 18 days. This is a 20-day improvement on the A2H well drilled from the same pad in H2 2022 and with a 1,025-metre (3,363 foot) lateral section.
"Importantly, the A3H well was drilled and cemented at approximately 30 per cent lower cost compared to the A2H well, demonstrating how lessons from previously drilled wells and modern drilling technology can result in operational improvements and cost reduction.
"Finally, activities at the SS1H well location continue to progress, and we are on track to commence the stimulation program during November 2023. Based on the current timeline, we expect to update the market with IP30 flow rates in early 2024."
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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