Tamboran Resources Ltd (ASX:TBN) is poised to drill up to seven natural gas wells on its wholly-owned and operated EP136 permit after securing approval from the Northern Territory government for an environmental management plan (EMP).
The EMP is the final regulatory approval needed for the company to begin drilling the Maverick 1H (M1H) well, due to be spudded in early September this year.
At this point, Tamboran has completed the well pad construction and drilling required for a control monitoring bore and is mobilising the Ensign 970 drill rig to the Maverick 1H well site – expected to arrive in mid-August.
Potential for 1 trillion cubic feet of gas
“We are pleased to obtain the final approval allowing us to commence drilling activities of our high-impact M1H well within our 100%-owned and operated EP 136 permit,” Tamboran Resources managing director and CEO Joel Riddle said.
“The EMP approves Tamboran to drill up to seven wells within the permit, also allowing for the drilling of the Maverick 2H and 3H wells, currently planned for calendar year 2023.
“Subject to success, the drilling of these three wells have potential to deliver 2C-contingent gas resources of 1 trillion cubic feet (TCF), as certified by independent resources auditor Netherland, Sewell and Associates Inc.
“Booking of 1 TCF of contingent gas resources would allow Tamboran to sanction the proposed 100-terajoule (TJ) per day Maverick Pilot Development by the end of calendar year 2023.
“With the Ensign 970 rig now on route to the Beetaloo Sub-basin and expected to arrive at the M1H well location in the next couple of weeks, we are eagerly anticipating the spudding of what we believe will be a significant well in the opening of the vast low-reservoir CO2 natural gas volumes in the basin.
“Our team on the ground have done an excellent job delivering the civil activities safely and on budget. We look forward to delivering further updates as drilling activity commences.”