EP 98 Operational Update: SS-2H ST1 well cased and progressing to SS-3H well

Highlights

• The Shenandoah South 2H sidetrack (SS-2H ST1) well has been cased and suspended at a measured depth of 16,182 feet (4,932 metres). This includes a 5,906-foot (1,800-metre) horizontal section within the Mid Velkerri B Shale, of which ~5,577 feet (~1,700 metres) is planned to be stimulated.

• Tamboran will immediately commence the drilling of the Shenandoah South 3H (SS-3H) well, which is planned be drilled with a ~10,000-foot (~3,000-metre) lateral section in the Mid Velkerri B Shale.

• Following the drilling of the SS-3H well, the Liberty Energy (NYSE: LBRT) stimulation equipment is expected to complete the SS-2H ST1 and SS-3H wells with at least 34 and 60 stages, respectively, commencing in 1Q 2025.

• Lessons learned from the Shenandoah South 2H (SS-2H) well were successfully incorporated in the drilling of the SS-2H ST1 well, which resulted in drilling rates of 1,240 feet per day (from spud of the sidetrack to total depth (TD), ~31% faster than the SS-2H well over the same interval.

• The Company remains on track to deliver IP30 flow rates from both the SS-2H ST1 and SS-3H wells during 1Q 2025.

Tamboran Resources Corporation Managing Director and CEO, Joel Riddle, said:

“Following consultation with our Beetaloo Joint Venture (BJV) partners, the decision was made to case and suspend the SS-2H ST1 well at a measured depth of 16,182 feet (4,932 metres), following the failure of a directional drilling tool while drilling the horizontal section.

“The decision to case the SS-2H ST1 well early will avoid additional rig costs and will enable the immediate drilling of the SS-3H well from the same well pad. Following consultation with our oilfield services provider, Tamboran expects an increased performance from the directional drilling tools that will be used in the SS3H well.

“Prior to the completion of drilling the SS-2H ST1 well, I was pleased to see our team successfully apply lessons from prior wells in the Beetaloo Basin and achieve record drilling rates of 1,240 feet drilled per day from spud of sidetrack to TD, 31% faster than the SS-2H well. We expect further learnings to be applied in the drilling of the SS-3H well.

“Importantly, Tamboran's geologic modeling of the Mid Velkerri B Shale continues to be validated, with a step-out of ~1,640 feet (~500 metres) from the original SS-2H well. The SS-2H ST1 well logged a consistent, high quality reservoir section with no faulting within the shale formation.”

To view the full ASX announcement, click here.

Source: Tamboran Resources