Tamboran Resources Ltd (ASX:TBN) is set for a busy second half with activities primarily focused on the Beetaloo Sub-basic assets within the Greater McArthur Basin in the Northern Territory.
The Core Beetaloo Sub-basin is recognised as one of the highest potential natural gas resources in Australia with national significance.
Its EP 161 Tanumbirini 2H (T2H) drilling commenced in May and Tanumbirini 3H (T3H) drilling will follow the completion of T2H.
Fracture stimulation and flow testing will take place after the drilling of T3H, with the preliminary flow test results from T2H and T3H wells anticipated by year-end 2021.
Successful listing
Tamboran Resources managing director and CEO Joel Riddle said: “We are excited to welcome our new shareholders who participated in our listing on the ASX.
“The reception, feedback and support that we received from investors reflects the quality and potential of our assets in the Core Beetaloo Sub-basin in the Northern Territory.
“The listing was aided by the fact that we hit the ground running operationally with Santos, our joint venture partner in EP 161 with the commencement of T2H, our first high-impact horizontal well in May 2021.
Tamboran successfully raised $61 million and made its debut on the Australian Securities Exchange (ASX) in the June quarter.
Funds from the IPO proceeds will go towards the drilling and flow testing of its Core Beetaloo Sub-basin wells over the next 18-24 months.
Active second half
Riddle continued: “We are looking forward to an active second half of the calendar year, which includes the completion of T2H, the drilling of T3H and the testing of both wells.
“The data and information we receive from this testing program will also aid in the design and implementation of our operated drilling operations in EP 136, our 100% working interest property located adjacent to EP 161, in 2022.
“National significance”
“The Core Beetaloo Sub-basin is recognised as one of the highest potential natural gas resources in Australia with national significance.
“The natural gas discovered to date in the Beetaloo has low CO2 content and our assets have considerable potential to provide a new and considerable source of energy for Australia’s energy needs as the country transitions to a lower emissions future.
Exploration activities
During the quarter, Tamboran and its joint venture partner, Santos QNT Pty Ltd, commenced drilling the T2H well in EP 161 with the Easternwell 106 rig.
In July 2021, the 3,800-metre vertical component was completed and the well was cased prior to commencing drilling the horizontal section in the target zone in the Mid-Velkerri ‘B’ shale.
During the quarter, $2.9 million was spent by Tamboran on its share of the current EP 161 joint venture drilling campaign.
On completion of T2H, the Easternwell 106 rig will be moved to T3H, which will be drilled to a similar depth and on completion of T3H, both wells will be fracture stimulated and flow tested, with results anticipated in the September quarter.
On May 21, 2021, Tamboran completed the acquisition of Sweetpea Petroleum Pty Limited, the registered holder of a 100% working interest in each of EP 136 and EP 143 in the Beetaloo Sub-basin.
It also applied for exploration permit application EP(A) 197.
During the quarter, Tamboran began preparations to acquire seismic in EP 136 and planning for its drilling operations to commence in 2022, which included the purchase of certain long-lead items.
Planned activities
During the September quarter, the company will be focused primarily on the Beetaloo Subbasin assets, with news expected to include the following:
- Completion of T2H well;
- Completion of T3H well;
- Commencement of fracture stimulation and flow tests of T2H and T3H; and
- Continue planning for 2D seismic acquisition on EP 136.
Natural gas resources
The natural gas company is targeting to play a constructive role in the global energy transition towards a lower-carbon future by developing low carbon dioxide unconventional natural gas resources in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory.
Tamboran’s key assets are a 25% working interest in EP 161 and a 100% working interest in EP 136, EP 143 and EP(A) 197, in the Beetaloo Sub-basin.