SS1H intersects 90-metres of high quality Mid Velkerri B Shale in ‘core’ Beetaloo Basin

Highlights

• The Shenandoah South 1H (SS1H) well in EP 117 has reached a Total Depth (TD) of 3,300 metres, intersecting approximately 90 metres of high quality Mid Velkerri B Shale with strong dry gas shows. This represents the thickest section of Mid Velkerri B Shale seen in the Beetaloo Subbasin depocenter to date.

• Tamboran’s new Helmerich & Payne (NYSE: HP) super spec FlexRig® Flex 3 rig reached TD of the pilot hole in 21.5 days, drilling at 153 metres per day. This is a new record for wells drilled below 3,000 metres in the Beetaloo Sub-Basin.

• Logging of the Mid-Velkerri B Shale formation indicates higher porosity and gas saturation relative to offset wells, consistent with the Marcellus Shale in the US.

• Initial evaluation confirms reservoir continuity of the Mid Velkerri B Shale over 150 kilometres between the Amungee 2H and Beetaloo W1 wells. This includes a target development area of approximately 1 million acres where the shale depth exceeds 2,700 metres.

• Tamboran will commence drilling of a 1,000-metre horizontal section within the shale formation ahead of a stimulation program of up to 10 stages over a 500-metre section, which is planned for Q4 2023.

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