Highlights
- Tamboran has commenced stimulation activities of the
Shenandoah South 2H sidetrack (SS-2H ST1) and 3H (SS-3H) wells in
Beetaloo Basin exploration permit EP 98.
- The Company is planning to pump up to 119 stimulation stages
across the two wells with reduced spacing between stages. The SS-2H
ST1 well is planned to include 43 stages over a 5,427-foot
(1,654-metre) horizontal section and the SS-3H well is planned to
include 76 stages over a 9,766- foot (2,977-metre) horizontal
section.
- The campaign is being conducted with the Liberty Energy
(NYSE: LBRT) modern stimulation equipment, which is the first
80,000 hydraulic horsepower (HHP) frac spread imported into the
Beetaloo Basin from the US.
- The increased horsepower from the Liberty equipment is
expected to result in a >25% increase in proppant intensity of
>2,800 pounds per foot, as compared with Shenandoah South 1H
well. All stages are being pumped with a slickwater fluid
design.
Tamboran Resources Corporation Managing Director and CEO,
Joel Riddle, said:
“We are excited to commence the stimulation program for the
SS-2H ST1 and SS-3H wells in the Beetaloo Basin with Liberty
Energy's modern stimulation equipment. The increased horsepower of
this equipment is expected to deliver a step change in stimulation
efficiency and proppant intensity compared to previous wells
completed in the Basin.
“This stimulation campaign is planned to be the largest in the
Beetaloo Basin to date, with up to 119 stages over a full lateral
length of 15,193 feet (~4,631 meters) across the two wells, an
average of ~127 feet per stimulated stage.
“Importantly, these wells are planned to be among the first to
provide reliable energy to the Northern Territory, with production
expected to feed into the proposed 40 MMcf/d Shenandoah South Pilot
Project.
“We have successfully undertaken stimulation programs during the
wet season in the Basin over the last two years, with campaigns at
Amungee 2H (2022/23) and Shenandoah South 1H (2023/24). This
experience gives us confidence in our ability to safely and
efficiently conduct these operations year-round.”
Tamboran Resources Corporation
ARBN 672 879 024 Tower One, International Towers Suite 1, Level
39, 100 Barangaroo Avenue, Barangaroo NSW 2000, Australia +61 2
8330 6626 www.tamboran.com
Planned SS-2H ST1 and SS-3H completion
design (as compared with SS-1H)
Well
SS-1H
SS-2H ST11
SS-3H1
Usable lateral stimulation length
(feet)
1,640
5,427
9,766
Number of stimulated stages
(#)2
10
43
76
Average spacing (feet)
164
126
128
Stimulation intensity (lb/ft)
2,212
2,880
2,820
Average sand per stage (lb)
355,997
373,608
373,608
Equipment Used
Condor Energy
Liberty Energy
Equipment Horsepower (HHP)
40,000
80,000
1Planned stimulation design compared to
actuals from the SS-1H well, which was completed in 2H 2023.
2Excludes the stimulation of the toe.
EP 98/117 interests
Company
Interest
Tamboran (B2) Pty Limited1
77.5%
Falcon Oil and Gas Australia
Limited (Falcon)
22.5%
Total
100.0%
Shenandoah South-2 Drilling Spacing
Units (DSUs) – 46,080-acres2
Company
Interest
Tamboran (B2) Pty Limited1
95.0%
Falcon Oil and Gas Australia
Limited (Falcon)
5.0%
Total
100.0%
1Tamboran (B2) is a 50%/50% Joint Venture
between Tamboran and Daly Waters Energy, LP (100% owned by
Formentera Australia Fund, LP, which is managed by Formentera
Partners, LP, a private equity firm of which Bryan Sheffield serves
as managing partner). Tamboran (B2) is the operator of EP 76/98/117
and Tamboran is acting as operator on behalf of the joint
venture.
2Subject to the completion of the SS-2H
ST1 and SS-3H wells on the Shenandoah South pad 2.
This announcement was approved and authorized for release by
Joel Riddle, 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/20250123854017/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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