PRIVATELY held Tamboran Resources has acquired three permits in the Beetaloo Sub-basin after announcing it would acquire Sweetpea Petroleum yesterday in an all-scrip deal.

It said this was a move to strategically expand its foothold in the highly prospective frontier basin in the Northern Territory. 

Tamboran already owns a 25% stake in the EP161 tenement in the Beetaloo alongside Santos (75%). 

The company will now add to its portfolio exploration permits EP136, EP143 and EP197. 

EP136 sits adjacent to the EP161 permit and according to Tamboran covers a portion of the Beetaloo with the "thickest and highest quality" shales as delineated by seismic and data from previous wells. 

"The acquisition of EP 136 is a very important milestone for the company," Tamboran chief executive Joel Riddle. 

"We are now resuming our role as an operator for what we believe will be the next phase of development in the Beetaloo."

Tamboran and Santos have already drilled one well, Tanumbirini-1, in EP161 which was successfully fracced this earlier this year. 

The well flowed at a rate of 2.3 million cubic feet of gas per day over a 90-hour test. 

Shortly after the flow test Tamboran and Santos announced they would drill two appraisal wells, Tanumbirini-1 and Tanumbirini-3, both of which will target the Middle Velkerri Formation. 

The wells are expected to be drilled over the next 12 months following the wet season. 

Tamboran noted that the new permit EP136 sits next to Origin Energy and Falcon Oil & Gas' EP76. Origin and Falcon are planning to drill a new exploration well targeting the same Middle Velkerri Formation next year. 

"In total, this area may see between three and five new delineation wells or results over the next year making this one of the most active onshore exploration plays globally," Riddle said. 

Source: Energy News Bulletin

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