Highlights
- Tamboran Resources Corporation and Santos Limited (ASX: STO)
have entered into a non-binding Memorandum of Understanding (MOU)
to undertake technical studies relating to a potential Darwin LNG
(DLNG) Train 2 expansion and collaborative work on the jointly
owned EP 161 acreage (Santos 75% operator, Tamboran 25%) in the
Beetaloo Basin.
- The goal of the studies is to evaluate options for supplying
natural gas to a potential expansion train at the existing DLNG
facility at Middle Arm. DLNG was approved to a nominal 10 million
tonnes of LNG per annum (MTPA), with this expansion opportunity up
to ~6 MTPA.
- Santos is the operator of the existing DLNG project with a
43.4% working interest.
- Tamboran and Santos are joint venture partners in the EP 161
acreage which holds ~300,000 acres of Mid Velkerri B Shale at
depths below 8,850 feet (~2,700 metres). The region has
demonstrated Marcellus Basin-type decline curves from two
Tanumbirini wells that were drilled and flow tested in
2022.
- Tamboran remains committed to progressing the development of
the proposed NTLNG project at Middle Arm, which is currently
undergoing pre-FEED studies with Bechtel Corporation.
- Tamboran and Santos are both committed to supplying natural
gas from the Beetaloo Basin into both the Australian domestic gas
and international LNG markets.
Tamboran Resources Corporation Managing Director and CEO,
Joel Riddle, said:
“The MOU between Tamboran and Santos aims to explore
commercialization options for the development of DLNG Train 2
utilizing natural gas supplied from the extensive prospective gas
resources within the Beetaloo Basin.
“With approximately two million net prospective acres across the
Beetaloo Basin, Tamboran holds significant gas resources capable of
supplying Northern Territory and Australia’s East Coast gas market
for decades. With multiple commercialization pathways via LNG
markets at Darwin and Gladstone and the East Coast domestic gas
market, Tamboran is well positioned to assess opportunities to
accelerate value for our shareholders.
“Tamboran and Santos have been partners in the EP 161 acreage,
which hosts the Beetaloo East area, for more than a decade.
“We believe the shale within the deepest Beetaloo East region is
on par with some of the high-quality shale qualities we have
successfully unlocked in the Shenandoah South area in the Beetaloo
West. The Beetaloo East is the location of the Tanumbirini wells,
which were drilled and flow tested in 2022 and were the first wells
in the Basin to demonstrate Marcellus Basin-style decline curves,
albeit with undersized equipment, drilling and stimulation
techniques.
“We look forward to advancing discussions with Santos to unlock
this significant shale gas resource and contribute to the expansion
of DLNG in Darwin. This development has the potential to deliver
royalties to the Northern Territory Government while generating
jobs and royalties for Native Title Holders in the region.”
EP 161 interests
Company
Interest
Santos QNT Pty Ltd1
75.0%
Tamboran Resources Corporation
25.0%
Total
100.0%
1Denotes operator of EP 161 acreage.
This announcement was approved and authorized for release by
Joel Riddle, the Managing Director and Chief Executive Officer of
Tamboran Resources Corporation.
About Tamboran Resources Corporation
Tamboran Resources Corporation, (“Tamboran” or the “Company”),
through its subsidiaries, is the largest acreage holder and
operator with approximately 1.9 million net prospective acres in
the Beetaloo Sub-basin within the Greater McArthur Basin in the
Northern Territory of Australia.
Tamboran’s key assets include a 38.75% working interest and
operatorship in EPs 98, 117 and 76, a 100% working interest and
operatorship in EP 136 and a 25% non-operated working interest in
EP 161, which are all located in the Beetaloo Basin.
Disclaimer
Tamboran makes no representation, assurance or guarantee as to
the accuracy or likelihood of fulfilment of any forward-looking
statement or any outcomes expressed or implied in any
forward-looking statement. The forward-looking statements in this
report reflect expectations held at the date of this document.
Except as required by applicable law or the ASX Listing Rules,
Tamboran disclaims any obligation or undertaking to publicly update
any forward-looking statements, or discussion of future financial
prospects, whether as a result of new information or of future
events.
The information contained in this announcement does not take
into account the investment objectives, financial situation or
particular needs of any recipient and is not financial product
advice. Before making an investment decision, recipients of this
announcement should consider their own needs and situation and, if
necessary, seek independent professional advice. To the maximum
extent permitted by law, Tamboran and its officers, employees,
agents and advisers give no warranty, representation or guarantee
as to the accuracy, completeness or reliability of the information
contained in this presentation. Further, none of Tamboran nor its
officers, employees, agents or advisers accept, to the extent
permitted by law, responsibility for any loss, claim, damages,
costs or expenses arising out of, or in connection with, the
information contained in this announcement.
Note on Forward-Looking Statements
This press release contains “forward-looking” statements related
to the Company within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and Section
27A of the Securities Act of 1933, as amended. Forward-looking
statements reflect the Company’s current expectations and
projections about future events at the time, and thus involve
uncertainty and risk. The words “believe,” “expect,” “anticipate,”
“will,” “could,” “would,” “should,” “may,” “plan,” “estimate,”
“intend,” “predict,” “potential,” “continue,” and the negatives of
these words and other similar expressions generally identify
forward-looking statements.
It is possible that the Company’s future financial performance
may differ from expectations due to a variety of factors, including
but not limited to: our early stage of development with no material
revenue expected until 2026 and our limited operating history; the
substantial additional capital required for our business plan,
which we may be unable to raise on acceptable terms; our strategy
to deliver natural gas to the Australian East Coast and select
Asian markets being contingent upon constructing additional
pipeline capacity, which may not be secured; the absence of proved
reserves and the risk that our drilling may not yield natural gas
in commercial quantities or quality; the speculative nature of
drilling activities, which involve significant costs and may not
result in discoveries or additions to our future production or
reserves; the challenges associated with importing U.S. practices
and technology to the Northern Territory, which could affect our
operations and growth due to limited local experience; the critical
need for timely access to appropriate equipment and infrastructure,
which may impact our market access and business plan execution; the
operational complexities and inherent risks of drilling,
completions, workover, and hydraulic fracturing operations that
could adversely affect our business; the volatility of natural gas
prices and its potential adverse effect on our financial condition
and operations; the risks of construction delays, cost overruns,
and negative effects on our financial and operational performance
associated with midstream projects; the potential fundamental
impact on our business if our assessments of the Beetaloo are
materially inaccurate; the concentration of all our assets and
operations in the Beetaloo, making us susceptible to
region-specific risks; the substantial doubt raised by our
recurring operational losses, negative cash flows, and cumulative
net losses about our ability to continue as a going concern;
complex laws and regulations that could affect our operational
costs and feasibility or lead to significant liabilities; community
opposition that could result in costly delays and impede our
ability to obtain necessary government approvals; exploration and
development activities in the Beetaloo that may lead to legal
disputes, operational disruptions, and reputational damage due to
native title and heritage issues; the requirement to produce
natural gas on a Scope 1 net zero basis upon commencement of
commercial production, with internal goals for operational net
zero, which may increase our production costs; the increased
attention to ESG matters and environmental conservation measures
that could adversely impact our business operations; risks related
to our corporate structure; risks related to our common stock and
CDIs; and the other risk factors discussed in the this report and
the Company’s filings with the Securities and Exchange
Commission.
It is not possible to foresee or identify all such factors. Any
forward-looking statements in this document are based on certain
assumptions and analyses made by the Company in light of its
experience and perception of historical trends, current conditions,
expected future developments, and other factors it believes are
appropriate in the circumstances. Forward-looking statements are
not a guarantee of future performance and actual results or
developments may differ materially from expectations. While the
Company continually reviews trends and uncertainties affecting the
Company’s results of operations and financial condition, the
Company does not assume any obligation to update or supplement any
particular forward-looking statements contained in this
document.
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version on businesswire.com: https://www.businesswire.com/news/home/20250122852542/en/
Investor enquiries: Chris Morbey, Vice President –
Corporate Development and Investor Relations +61 2 8330 6626
Investors@tamboran.com Media enquiries: +61 2 8330 6626
Media@tamboran.com
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