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Tamboran Resources: Upgrade to T2H and T3H Flow Test Results

21 Mar 2022 1:00 PM | Stephanie Berlin (Administrator)

Operational update: Approximately 17% upward revision to Tanumbirini 2H and 3H flow test results 

Tamboran Resources told the market this morning that the increase in gas flows follows a recalibration of historic flow data it reported at the beginning of last month. 

The recalibration now indicates average gas flow rates were 2 million standard cubic feet per day at T2H and 1.7Mmscfd/d at T3H - still below the 3Mmcf/d Tamboran has previously said it needed to make the project commercially viable. 

Tamboran managing director and CEO Joel Riddle said compositional analysis from Velkerri B shale interval gas samples confirmed the presence of high-quality gas in both wells, with the well test gas rates being updated based on the analyses. 

"The revised flow rate data has resulted in an approximately 17% increase to the 14-day average gas flow rate for the T2H well to 3MMscf/d and in the ten-day average gas flow rate for the T3H well to 2.9MMscf/d, normalised over a 100m horizontal section," he said. 

T2H has been drilled to 4598m total measured depth and has been stimulated across 11 stages, while T3H has been drilled to 4857m and stimulated over 10 stages. 

Riddle noted that the T2H well continued being flow tested throughout March, with the 60-day average flow rate showing minimal decline, delivering 1.8MMscf/d over the stimulated 660m lateral section, normalised at 2.7MMscf/d over 1000m. 

T3H has been shut in for pressure build up and tubing. 

"Flow testing at this rate from the fracture stimulation program gives us increased confidence in the productivity and has not changed our understanding of the commerciality of the Mid-Velkerri B shael within the Beetaloo Sub-Basin," he said. 

Tamboran said that Santos was assessing the possibility of running production tubing in the T2H well during the current quarter. 

Earlier this month the federal government announced it was giving the JV A$7.5 million from the Beetaloo Cooperative Drilling Program. 

Tamboran's cash will go to drilling its Maverick-1 well in wholly owned acreage beside the Tanumbirini project.

Tambaoran's share price is flat, trading at 22.5c. 

Source: Energy News Bulletin

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