Tamboran Resources Ltd (ASX:TBN) has kicked off a 2D seismic acquisition program and advanced its civil works campaign on its 100%-owned and operated EP 136 acreage, one of its key assets in the Northern Territory’s Beetaloo Sub-Basin.
The natural gas company has embarked on an 85-kilometre seismic acquisition expedition, as approved by the Northern Territory Government, and holds the necessary Aboriginal Areas Protection Authority (AAPA) Authority Certificate.
TBN’s program includes 12 seismic lines, which will allow for enhanced resolution of the Mid Velkerri ‘B shale’ formation within the Sub-Basin.
In parallel with the seismic activity, Tamboran has been developing its civil works campaign since early June.
The energy stock has already erected access tracks, three well pads and a camp pad, while the first control monitor water bore well is being drilled.
Tamboran expects to complete its civil works before it drills the Maverick 1H (M1H) well, targeted to begin in the third quarter of this year.
Preparing for M1H drilling
“We have formally commenced our 2022 civil activities within our 100%-owned and operated EP 136 permit, within the ‘core’ Beetaloo of the Northern Territory," said managing director and CEO Joel Riddle.
“The activities will be undertaken in accordance with the Environmental Management Plan, approved by the Minister for the Environment, and all associated approvals or instruments including an Exploration Agreement with Native Title Holders (as identified by the Northern Land Council) and an AAPA Authority Certificate.
“Despite unlawful attempts by the pastoral leaseholder to frustrate our approved exploration activities, civil works are expected to be completed ahead of the commencement of drilling the M1H well, which is presently on track for the third quarter of 2022.
“We believe the M1H well is one of the most exciting wells to be drilled in Australia during 2022.
“Drilling of the M1H well will be a significant milestone for the company, as our first operated well, and for the future commercialisation of the Beetaloo Sub-basin.
“This occurs at a time when gas price volatility and price rises on Australia’s east coast have reached record levels following years of under-investment in new gas supply.
Appeals development
Tamboran has also updated the market on court proceedings concerning its planned activities in EP 136.
Riddle explained: “The hearing of appeal proceedings in the Northern Territory Supreme Court, brought by the foreign-owned pastoral leaseholder Rallen, concluded on June 21, 2022.
“The appeal followed the favourable decision in Northern Territory Civil and Administrative Tribunal that supported Tamboran’s planned activities.
“The company is eagerly awaiting an outcome. Rallen has subsequently applied for an injunction relating to Tamboran’s EP 136 activities within Tanumbirini Station.
“Notwithstanding the application, Tamboran’s approved activities within EP 136 are continuing and the company will update the market if there are any material developments.”