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Tamboran Resources Limited (TBN.AX) March 2022 Quarterly Activities Report

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Tamboran Resources Limited
Tamboran Resources Limited

Tamboran Resources Limited (TBN.AX) March 2022 Quarterly Activities Report

Sydney, Australia, April 21, 2022 - (ABN Newswire) - Tamboran Resources Limited (ASX:TBN) provide the third quarter activities report for period ended 31 March 2022.

- The Tanumbirini 2H (T2H) well averaged 1.7 million standard cubic feet per day (mmscfd) (2.6 mmscfd normalised for a 1,000-metre section) over an initial 83-days of flow testing. Rates have declined in-line with expectation.

- The Tanumbirini 3H (T3H) well averaged 1.5 mmscfd (2.5 mmscfd normalised for a 1,000-metre section) over 32-days prior to being shut-in for pressure build-up in mid-February 2022. Both the T2H and T3H wells are planned to have production tubing installed during the current quarter.

- Announced a 428 per cent increase to Tamboran's unrisked net 2C contingent resources to 153 billion cubic feet (BCF), certified by Netherland, Sewell & Associates, Inc. (NSAI). This represents only 1.2 per cent of the ~12.3 TCF best estimate of net prospective gas resource in EP 161, which highlights the significant upside potential for further resource conversion within the permit.

- NSAI resource maturation study highlighting potential for Tamboran to book approximately 1 TCF 2C contingent gas resources within EP 136 by the end of calendar year 2023, subject to positive results from the planned Maverick 1H (M1H), 2H and 3H wells.

- Awarded a grant of up to $7.5 million through the Commonwealth Government's Beetaloo Cooperative Drilling Program. The grant is expected to support funding of up to 25 per cent of the M1H well in EP 136, planned to spud in mid-calendar year 2022.

- Members of Tamboran's Board and management team acquired 3.6 million shares, increasing ownership to 25 per cent. The purchases highlight the team's confidence in the commercialisation of Tamboran's Beetaloo acreage following the T2H and T3H flow tests.

- Strong balance sheet with $55.4 million cash balance at 31 March 2022.

Tamboran Resources Limited (ASX:TBN) Managing Director and CEO, Joel Riddle said:

"The third quarter of financial year 2022 was another busy period for the Company as we continue to focus our efforts on commercialising the low-carbon dioxide gas resource in the 'Core' Beetaloo Sub-basin of the Northern Territory.

"During the period, the T2H and T3H wells delivered potentially commercial flow rates from unoptimised fracture stimulated lateral sections within the Mid-Velkerri B Shale. Each well produced approximately 3.0 mmscfd, normalised at a 1,000-metre stimulated lateral section, following a recalibration of previously reported flow data in early March 2022.

"As a result of the T2H and T3H well flow tests, NSAI certified a 428 per cent increase in our net 2C contingent resources to 153 BCF and 336 per cent increase in our net 1C contingent resources to 48 BCF within EP 161. Importantly, these contingent resources cover only 1.2 per cent of the Tamboran's current 12.3 TCF of net unrisked prospective gas resources in the permit, with further upside as prospective gas resources are converted to contingent resources with additional drilling within the permit.

"During the quarter, our team worked closely with NSAI to develop a resource maturation study that could potentially result in us booking approximately 1 TCF of 2C contingent gas resources within our 100 per cent owned and operated EP 136 acreage. The maturation study includes a three well configuration that could be delivered by successful results from the M1H, M2H and M3H wells by the end of calendar year 2023."

*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/C7PH25OB


About Tamboran Resources Limited:


Tamboran Resources Ltd (ASX:TBN) is a natural gas company that intends to play a constructive role in the global energy transition towards a lower carbon future by developing low CO2 unconventional natural gas resources in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. 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 which are located in the Beetaloo Sub-basin.

Contact:

Investor enquiries:
Chris Morbey
Vice President - Investor Relations
+61-2-8330-6626
Investors@tamboran.com

Media enquiries:
+61 2 8330 6626
Media@tamboran.com

Source:
Tamboran Resources Limited

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