Tamboran Resources Ltd (ASX:TBN) has posted an approximate 17% increase on previously reported gas flows from the Tanumbirini 2H and 3H natural gas wells in the Northern Territory’s prolific Beetaloo Sub-basin.
Santos QNT Ltd, which operates the EP 161 permit where the wells are located, advised of the increase after historical flow data was recalibrated.
The move indicates the average gas flow rates from Tanumbirini 2H and 3H, previously reported on February 1, 2022, now total 2 million standard cubic feet per day (mmscfd) and 1.7 mmscfd, respectively.
Further market updates on the Tanumbirini wells are expected once tubing is installed during the second quarter of 2022.
“High-quality gas in both wells”
Speaking to the development, Tamboran managing director and CEO Joel Riddle said: “During the course of flow testing, the T2H and T3H wells’ representative gas samples from the Velkerri 'B' shale interval were acquired.
“Compositional analysis was completed on these samples, confirming the presence of high-quality gas in both wells.
“Well test gas rates have been updated based on these analyses.
“The revised flow rate data has resulted in an approximately 17% increase to the 14-day average gas flow rate for the T2H well to 3.0 mmscfd and in the 10-day average gas flow rate for the T3H well to 2.9 mmscfd, normalised over a 1,000-metre horizontal section.
A full breakdown of the updated flow test results is detailed:
“Increased confidence in productivity”
Riddle continued: “The T2H well has continued to undergo flow testing during March 2022, with the 60-day average flow rate showing minimal decline, delivering 1.8 mmscfd over the stimulated 660-metre lateral section, normalised at 2.7 mmscfd over 1,000 metres.
“Flow testing at this rate from the fracture stimulation program gives us increased confidence in the productivity and has not changed our understanding of the commerciality of the Mid-Velkerri 'B' shale within the Beetaloo Sub-basin of the Northern Territory.
“The T3H well was shut-in during mid-February 2022 to record surface pressure build-up data and to run a production tubing string to optimise well performance.
“The operator is assessing the potential to run production tubing in the T2H well in the second quarter of calendar year 2022."
Shares have been as much as 20% in the first hour of trade to $0.27.