Industry News

Highlights

• The Shenandoah South 1H (SS-1H) well in EP 117 achieved an average 60-day initial production (IP60) flow rate of 3.03 million cubic feet per day (MMcf/d) over the 1,644-foot, 10 stage stimulated length within the Mid Velkerri B Shale, normalized to 6.0 MMcf/d over 3,281-feet (1,000 metres).

• The SS-1H flow test indicates that future development wells with lateral lengths of 10,000 feet may be capable of delivering average rates of 18.4 MMcf/d over the first 60 days of production.

• Results continue to demonstrate that the 1 million acres below 8,850 feet (true vertical depth) in the Beetaloo West region is one of the most favorable places to anchor the initial development.

• The SS-1H well is planned to be flow tested until IP90, which is planned to be announced in late April 2024.

• Tamboran continues to undertake Front End Engineering and Design (FEED) studies on the proposed Shenandoah South Pilot Project. The Company expects to take Final Investment Decision (FID) in mid-2024, subject to funding and key stakeholder approvals.

To view the full ASX announcement, click here.

Source: Tamboran Resources

Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has elected to reduce its working interest in the proposed Shenandoah South Pilot Project (“Pilot) from 22.5% to 5%. This optimises Falcon’s interest in the Beetaloo, since Falcon will only have to pay for 5% of the costs of the two wells to be drilled in 2024 as part of the Pilot but will still retain a 10% working interest in the enlarged area of circa 72,000 acres around the Pilot and a 22.5% working interest in the remaining 4.52 million acres.

Key Highlights

• The election by Falcon to reduce its working interest to 5% will significantly reduce Falcon’s cost to participate in the Pilot.

• Falcon also retains the benefit of a further A$16.67m (US$11m) of gross carry that will be used to offset against the costs of the Pilot in 2024, thereby further reducing Falcon’s cost to participate.

• Falcon participated in the SS1-H well in 2023 at its 22.5% working interest which created a Drill Spacing Unit (“DSU”) of 20,480 acres.

• The two wells in the 2024 drilling program will create two new DSU’s totalling 51,200 acres in which Falcon will participate and retain a working interest at 5%.

• Falcon’s combined weighted average ownership and future participation entitlement of this enlarged area of 72,000 acres post the Pilot will be 10%.

• Falcon retains its full 22.5% participation interest in the remaining 4.52 million acres in the Beetaloo, net 1 million acres to Falcon.

Source: Falcon Oil & Gas

Highlights

• Tamboran has increased its working interest in the proposed Shenandoah South Pilot Project to a minimum of 47.5% following a decision by Falcon Oil & Gas Australia Limited (Falcon) to limit its participation to 5% in the Beetaloo Joint Ventures’ second Shenandoah South well pad (SS2) and the two wells in the 2024 drilling program.

• The two wells in the 2024 drilling program will create two Drilling Spacing Units (DSUs) totaling 51,200 gross acres around the new SS2 well pad, where Tamboran and Daly Waters Energy, LP (DWE) as 50/50% owners of Tamboran (B2) Pty Limited have agreed to pick up the non-consent, increasing interest to 95%.

• Tamboran and DWE will carry Falcon for up to A$3.75 million gross (A$1.875 million net) for the first well post 30 June 2024.

• The 51,200 gross acre area has the potential to accommodate 23 well pads (138 wells based on six wells per pad, 3,000-metre lateral sections and 500 metre well spacings) and it is expected to support the wells required to deliver gas to the proposed Shenandoah South Pilot Project.

To view the full ASX announcement, click here.

Assessment of Network Outage Event on 30 November 2023 - Power and Water Corporation

The Commission has published an assessment under clause 5.4.4 of the Electricity Industry Performance Code for the purpose of verifying that a network outage event in the Alice Springs region on 30 November 2023 was outside of Power and Water Corporation’s control, and therefore able to be excluded from its network performance reporting and guaranteed service level payments.

On 30 November 2023, a thunderstorm resulted in prolonged network outages for customers connected to the Alice Springs network. Power and Water Corporation notified the Commission and submitted a report in accordance with the requirements of the Electricity Industry Performance Code. The report proposed to exclude the events commencing on 30 November 2023 from adjusted category performance reporting and guaranteed service level payments.

The Commission has verified the network outage event was due to a natural event and is a statistical outlier, and was therefore outside the control of Power and Water Corporation. As such, the Commission considers the event an excluded event for the purpose of the Electricity Industry Performance Code.

Source: Utilities Commission of the Northern Territory

Central Petroleum’s Managing Director and CEO, Leon Devaney and CFO Damian Galvin have provided an update, including Central's half year results in an online presentation today.
 
To watch the presentation and Q&A session, click here.

The presentation is available here.

Source: Central Petroleum

ABC’s Country Hour has interviewed Central Petroleum’s Managing Director and CEO, Leon Devaney regarding the dynamic state of the Northern Territory’s gas supply. This follows the recent suspension of the Northern Gas Pipeline which connects the Northern Territory to eastern gas markets.
 
To hear the full interview, click here

You can read the ABC online news article here.

Source: Central Petroleum

The Territory Labor Government is backing local businesses and creating jobs with the Advanced Manufacturing Ecosystem Fund (AMEF).

The AMEF has spurred manufacturing activity and investment that is expected to create over 160 new jobs and generate over $84 million for the Territory’s economy in its first five years.

Water quality testing efficiency in remote areas of the Northern Territory will improve as part of a new, innovative project being led by a Darwin business.

Think Water, based in Coolalinga, is collaborating with environmental technology business, Eco Detection, and Darwin-based tank manufacturer, Terracorp Industries, to commercialise a water testing system which will address water testing issues, such as bacteria and heavy metals that collectively are present in more than 400 communities across Australia.

The collaboration will bring together Eco Detection’s award-winning Ion-Q+ monitor, a filtration system from Think Water, and a water storage tank manufactured by Terracorp Industries.

Three integrated prototype systems will then undergo six-month trials at three different remote locations to determine the effectiveness and suitability for remote regions.

The innovative project has been awarded $485,000 in co-investment through the Northern Territory’s Advanced Manufacturing Ecosystem Fund, administered by the Advanced Manufacturing Growth Centre (AMGC).

After successful commercialisation, 15 per cent (by value) of Melbourne-based Eco Detection’s Ion-Q+ electronic systems will be produced in the Territory, scaling up to 70 per cent assembly of the electronics in the NT in four years.

Think Water estimates the generation of revenue of $30 million and the creation of 45 jobs within five years of project completion.

It’s anticipated that testing in the demanding climates of the Northern Territory will provide certainty for not only other domestic customers, but international prospects as well.

For more information on the Advanced Manufacturing Ecosystem Fund please visit: https://www.amgc.org.au/projects/.

Quotes attributable to Chief Minister, Eva Lawler:

“The Territory Labor Government is attracting new innovative projects which get the Territory working and develop our communities – this is exactly what Think Water accomplishes.

Through this partnership, the Advanced Manufacturing Ecosystem Fund (AMEF) was established, in a bid to improve the Northern Territory’s advanced manufacturing capabilities and capacities.

Nine businesses have now been awarded co-investment across Darwin, Katherine and Alice Springs throughout a range of industries, including heavy machinery equipment, construction and carpentry.

Quotes attributable to Think Water Darwin Managing Director, Adam Stockwell:

“Clean drinking water is a fundamental requirement of life. What we aim to do with this project is develop a product suite that provides better visibility for residents and governments about the quality of the water they are being provided.

“In partnership with Eco Detect and Terracorp, we aim to take the guess work out of water quality to improve the lives of thousands of Australians and potentially more abroad via an always on monitoring solution.”

Quotes attributable to Eco Detection CEO, Jefferson Harcourt:

“We are excited to be making a real impact with our technology and help remote communities have access to safe water that is tested continuously for harmful nitrates and other pollutants.

“We will test every last drop and make this data available to the local community and the Department of Health. It’s an enormous issue – there are over 400 remote communities across the nation that don’t have access to safe drinking water right now.”

Quotes attributable to AMGC Northern Territory Director Charmaine Phillips:

“Intermittent water sampling is not perfect, but it becomes even less so if what’s being sampled is in a remote community, which is a considerable drive from the lab.

“This exciting project will automate testing, allow service providers to proactively monitor water quality, intervene earlier, and boost the creation of high-skilled manufacturing jobs in the NT. That’s wins all-around.”

Source: Northern Territory Government newsoom

Central Petroleum has been advised that the Northern Gas Pipeline will be closed until June 2024, interrupting delivery of gas to east coast customers.

As with previous outages, Central continues to supply gas to customers in the Northern Territory and is working with key stakeholders and customers in the NT to re-contract this gas to NT customers.

To read the full release, click here

Source: Central Petroleum

Diversifying and growing the Territory’s economy is a key focus of the Territory Labor Government.

Another sector the Territory Government is targeting to get Territorians trained and working in is the drone industry.

The drone industry has experienced significant growth over recent years with the global market, representing the revenue from drone sales, components and related services, estimated to be worth US$30 billion in 2022.

A mature drone industry has the potential to increase productivity and economic participation across all sectors and presents significant opportunities in regional and remote areas of the Territory.

The draft Northern Territory Drone Industry Strategy is open for consultation, and sets out a framework to drive the development of drone technologies to enhance traditional industries, deliver economic benefits and transform service delivery, including:

• Industry growth: work with industry to sustainably grow the NT drone industry.

• Education, training and workforce development: work with research and educational organisations to develop a skilled workforce required for the NT drone industry.

• Regulation and government settings: work with all levels of government to establish a regulatory environment that enables drone industry growth.

• Community and recreation: work with the public to increase awareness of and recreational use of drones. 

To find out more and to have your say on the Northern Territory Drone Industry Strategy visit https://haveyoursay.nt.gov.au/

Quotes attributable to Chief Minister and Minister for Industry and Trade, Eva Lawler:

“The Territory Labor Government will always seek out opportunities to expand our economic market, which creates working and training opportunities for Territorians.

“The Territory is well positioned to become a leader in the drone industry with our vast open landscapes, proximity to growth markets and strong research capabilities.

“With demand for drones set to rapidly increase due to technology becoming more advanced, accessible and cost effective, increased uptake of drones will enhance productivity across many the Territory’s key sectors including mining, agriculture and tourism. I encourage all Territorians to have their say on the draft NT Drone Industry Strategy and help shape the future of this exciting industry in the Territory."

Source: Northern Territory Government Newsroom

UGL, a member of the CIMIC Group, has been awarded a contract with leading energy company Santos, which will generate up to 100 new jobs in the Northern Territory.

UGL will provide brownfields construction services for Santos’ Darwin LNG Life Extension project. 

Works for this contract will commence immediately with up to 100 jobs to be generated through the life of the project.

This new contract further strengthens UGL’s presence within the Northern Territory and follows our announcement in August 2023 of a contract with the Department of Defence to provide strategic advice, planning, supply management, operations, and maintenance for the Australian Defence Force’s fuel network, which also has a presence in the Northern Territory. 

UGL is committed to, and will focus on, Aboriginal engagement, local employment, local supplier capability, and providing value to the communities in which we work.

CIMIC Executive Chairman Juan Santamaria said: “UGL has a strong history of working with the world’s largest energy companies, as a leading provider of critical services to the energy sector, and we are pleased to support Santos on this project.”

UGL Managing Director Doug Moss said: “UGL is looking forward to supporting the broader community through providing opportunities for local employment and local businesses to support the project.” 

Source: UGL