Highlights
- Tamboran Resources Corporation has commenced its Shenandoah
South (SS) Pilot Project drilling program with the spudding of the
Shenandoah South 2 (SS-2H) well in EP 98. The SS-2H well is being
drilled off a new pad located approximately 3 miles north of the
Shenandoah South 1H (SS-1H) well and within the Tamboran-operated
SS Pilot Project area (47.5% working interest).
- Following the drilling of the SS-2H well, Tamboran will
immediately drill the Shenandoah South 3H (SS-3H) well off the same
pad ahead of the stimulation program.
- The SS-2H and SS-3H wells will be drilled with the Helmerich
& Payne (NYSE: HP) super-spec FlexRig® Flex 3 rig and will
target the Middle Velkerri B Shale at a depth of approximately
9,910 feet (3,020 metres). Each well is expected to be drilled in
30 days.
- Both the SS-2H and SS-3H wells are designed to include a
10,000-foot (3,000-metre) horizontal section and will each be
stimulated with up to 60 stages utilizing the Liberty Energy (NYSE:
LBRT) modern frac fleet which has recently been mobilized from the
US to Australia. The increased efficiency and performance of the
Liberty frac fleet is expected to result in a material increase in
the number of completed stages per day and optimized gas
flows.
- Initial flow test results from each well are expected in Q1
2025. Once flow testing is complete, both wells will be suspended
as future producers to supply Tamboran’s proposed 40 million cubic
feet per day (MMcf/d) SS Pilot Project. Production from the SS
Pilot Project is expected to commence in H1 2026, subject to final
stakeholder and regulatory approvals.
- The two well program will be the largest single campaign in
the Beetaloo Basin to date.
Tamboran Resources Corporation (NYSE: TBN, ASX: TBN):
Tamboran Resources Corporation Managing Director and CEO,
Joel Riddle, said:
“We are excited to commence our 2024 Beetaloo Basin drilling
program, which includes the longest horizontal wells drilled in the
Beetaloo Basin to date. With up to 120 stimulation stages to be
completed across the two wells, this will be the largest single
campaign in the basin to date.
“With the new Liberty stimulation equipment being mobilized from
the US to Australia, we are eager to demonstrate the deliverability
of the Mid Velkerri B Shale over the longer lateral sections with
modern US completions equipment. The Liberty frac fleet is capable
of materially increasing the stimulation intensity and completing
more stages per day compared to the legacy stimulation fleets in
Australia.
“It is our strategic partnerships with our largest shareholders,
H&P and Liberty, which have dedicated equipment in Tamboran’s
Beetaloo Basin operations, that put us in a commanding position to
derisking significant, long duration gas reserves in the Beetaloo
Basin.”
EP 98/117 interests
Company
Interest
Tamboran (B2) Pty Limited1
77.5%
Falcon Oil and Gas Australia Limited
(Falcon)
22.5%
Total
100.0%
Shenandoah South-2 Drilling Spacing Units (DSUs) –
51,200-acres2
Company
Interest
Tamboran (B2) Pty Limited1
95.0%
Falcon Oil and Gas Australia Limited
(Falcon)
5.0%
Total
100.0%
1Tamboran (B2) is a 50%/50% Joint Venture between Tamboran and
Daly Waters Energy, LP (100% owned by Formentera Australia Fund,
LP, which is managed by Formentera Partners, LP, a private equity
firm of which Bryan Sheffield serves as managing partner). Tamboran
(B2) is the operator of EP 98/117 and Tamboran is acting as
operator on behalf of the joint venture. 2Subject to the completion
of the SS-2H and SS-3H wells on the Shenandoah South pad 2.
This announcement was approved and authorized for release by
Joel Riddle, the Managing Director and Chief Executive Officer of
Tamboran Resources Corporation.
About Tamboran Resources Corporation
Tamboran Resources Corporation, (“Tamboran” or the “Company”),
through its subsidiaries, is the largest acreage holder and
operator with approximately 1.9 million net prospective acres in
the Beetaloo Sub-basin within the Greater McArthur Basin in the
Northern Territory of Australia.
Tamboran’s key assets include a 38.75% working interest and
operatorship in EPs 98, 117 and 76, a 100% working interest and
operatorship in EP 136 and a 25% non-operated working interest in
EP 161, which are all located in the Beetaloo Basin.
Disclaimer
Tamboran makes no representation, assurance or guarantee as to
the accuracy or likelihood of fulfilment of any forward-looking
statement or any outcomes expressed or implied in any
forward-looking statement. The forward-looking statements in this
report reflect expectations held at the date of this document.
Except as required by applicable law or the ASX Listing Rules,
Tamboran disclaims any obligation or undertaking to publicly update
any forward-looking statements, or discussion of future financial
prospects, whether as a result of new information or of future
events.
The information contained in this announcement does not take
into account the investment objectives, financial situation or
particular needs of any recipient and is not financial product
advice. Before making an investment decision, recipients of this
announcement should consider their own needs and situation and, if
necessary, seek independent professional advice. To the maximum
extent permitted by law, Tamboran and its officers, employees,
agents and advisers give no warranty, representation or guarantee
as to the accuracy, completeness or reliability of the information
contained in this presentation. Further, none of Tamboran nor its
officers, employees, agents or advisers accept, to the extent
permitted by law, responsibility for any loss, claim, damages,
costs or expenses arising out of, or in connection with, the
information contained in this announcement.
Note on Forward-Looking Statements
This press release contains “forward-looking” statements related
to the Company within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and Section
27A of the Securities Act of 1933, as amended. Forward-looking
statements reflect the Company’s current expectations and
projections about future events at the time, and thus involve
uncertainty and risk. The words “believe,” “expect,” “anticipate,”
“will,” “could,” “would,” “should,” “may,” “plan,” “estimate,”
“intend,” “predict,” “potential,” “continue,” and the negatives of
these words and other similar expressions generally identify
forward-looking statements.
It is possible that the Company’s future financial performance
may differ from expectations due to a variety of factors, including
but not limited to: 1) our early stage of development with no
material revenue expected until 2026 and our limited operating
history; 2) the substantial additional capital required for our
business plan, which we may be unable to raise on acceptable terms;
3) our strategy to deliver natural gas to the Australian East Coast
and select Asian markets being contingent upon constructing
additional pipeline capacity, which may not be secured; 4) the
absence of proved reserves and the risk that our drilling may not
yield natural gas in commercial quantities or quality; 5) the
speculative nature of drilling activities, which involve
significant costs and may not result in discoveries or additions to
our future production or reserves; 6) the challenges associated
with importing U.S. practices and technology to the Northern
Territory, which could affect our operations and growth due to
limited local experience; the critical need for timely access to
appropriate equipment and infrastructure, which may impact our
market access and business plan execution; 7) the operational
complexities and inherent risks of drilling, completions, workover,
and hydraulic fracturing operations that could adversely affect our
business; 8) the volatility of natural gas prices and its potential
adverse effect on our financial condition and operations; 9) the
risks of construction delays, cost overruns, and negative effects
on our financial and operational performance associated with
midstream projects; 10) the potential fundamental impact on our
business if our assessments of the Beetaloo are materially
inaccurate; 11) the concentration of all our assets and operations
in the Beetaloo, making us susceptible to region-specific risks;
12) the substantial doubt raised by our recurring operational
losses, negative cash flows, and cumulative net losses about our
ability to continue as a going concern; 13) complex laws and
regulations that could affect our operational costs and feasibility
or lead to significant liabilities; 14) community opposition that
could result in costly delays and impede our ability to obtain
necessary government approvals; 15) exploration and development
activities in the Beetaloo that may lead to legal disputes,
operational disruptions, and reputational damage due to native
title and heritage issues; 16) the requirement to produce natural
gas on a Scope 1 net zero basis upon commencement of commercial
production, with internal goals for net zero Scope 1 and 2
emissions, which may increase our production costs; 17) the
increased attention to ESG matters and environmental conservation
measures that could adversely impact our business operations; and
18) the other risk factors discussed in the company's filings with
the Securities and Exchange Commission.
It is not possible to foresee or identify all such factors. Any
forward-looking statements in this document are based on certain
assumptions and analyses made by the Company in light of its
experience and perception of historical trends, current conditions,
expected future developments, and other factors it believes are
appropriate in the circumstances. Forward-looking statements are
not a guarantee of future performance and actual results or
developments may differ materially from expectations. While the
Company continually reviews trends and uncertainties affecting the
Company’s results of operations and financial condition, the
Company does not assume any obligation to update or supplement any
particular forward-looking statements contained in this
document.
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version on businesswire.com: https://www.businesswire.com/news/home/20240829390482/en/
Investor enquiries: Chris Morbey, Vice President –
Corporate Development and Investor Relations +61 2 8330 6626
Investors@tamboran.com
Media enquiries: +61 2 8330 6626 Media@tamboran.com
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