Highlights

• During the quarter, Tamboran drilled and cemented the Shenandoah South 1H (SS1H) and Amungee NW 3H (A3H) wells within EP 117 and 98, respectively. The wells were drilled with the H&P super-spec FlexRig® Flex 3 rig and delivered significant improvements in drilling efficiency.

• The SS1H well successfully intersected 90 metres of high quality Mid Velkerri B Shale, the thickest section to date within the Beetaloo Basin depocentre. Logging of the shale formation indicated higher porosity and gas saturation relative to offset wells.

• The A3H well was successfully drilled and cemented in less than 18 days, the fastest well drilled to Total Depth (TD) with a horizontal section into the Mid Velkerri B Shale to date. The well was drilled ~20 days faster and ~30% lower cost than the A2H well from the same pad.

• Tamboran announced a 32 per cent increase in Beetaloo Basin unrisked 2C contingent gas resources to 2.0 TCF following the drilling of the Maverick 1V (M1V) well in EP 136.

• During the quarter, Tamboran signed six Letters of Intent (LOIs) with Australia’s largest gas and energy retailers for 600 – 875 TJ per day (220 – 320 PJ per annum) for up to 10 – 15 years, demonstrating long term domestic demand for Beetaloo Basin gas supplies.

• In October, Tamboran announced the intention to re-domicile to the United States by way of a Scheme of Arrangement (Scheme). Tamboran will remain listed on the ASX via CHESS depositary interests (CDIs) under the TBN ticker. 

• Tamboran commenced Concept Select engineering studies with Wood Group in relation to the Company’s proposed NTLNG development at Middle Arm.

• In September, Tamboran announced the appointments of Ms. Stephanie Reed and Mr. Ryan Dalton as Non-Executive Directors to the Board of Tamboran Resources Limited. 

At 30 September 2023, the Company had a cash balance of A$33.5 million.

To view the full ASX announcement, click here.

Source: Tamboran.com