• Tanumbirini 3H well (“T3H”) in EP 161 in the Beetaloo Sub-Basin spudded on 23 August 2021.
• T3H is currently ahead of schedule with the completion of the surface vertical hole section at 1,080 metres.
• The forward plan is to drill the vertical and angle build section to approximately 3,800 metres, prior to drilling approximately 1,000 metres horizontal section in the primary target of the MidVelkerri ‘B’ shale.
• Tanumbirini T2H (“T2H”) and T3H wells targeted to be fracture stimulated and flow tested prior to year-end 2021

Tamboran Resources Managing Director and CEO, Joel Riddle, said:
“The T3H well in EP 161, operated by our joint venture partner Santos QNT Pty Ltd (“Santos”), was spudded on the 23 August 2021. The drilling of the surface vertical hole section was completed at a depth of 1,080 metres and drilling in the intermediate vertical hole section is currently ahead of schedule.

“Once we have completed the drilling of the vertical and angle build section to the primary target of the Mid-Velkerri ‘B’ shale, we plan to drill a horizontal section of approximately 1,000 metres.

“Similar to our experience in other unconventional shale basins in the US, the learnings and knowledge gained by the recent T2H well are playing a considerable role in improving drilling efficiencies and reducing costs.

“Following the drilling of the T3H horizontal section, both T2H and T3H wells will be fracture stimulated and flow tested, with results expected to be available prior to year-end 2021. Our team will incorporate the learnings and information from T2H and T3H into the well design for Maverick 1H, the well that Tamboran intends to drill in EP 136, its 100% owned and operated permit, in 2022.”

Beetaloo / McArthur Project

Tamboran’s Beetaloo/McArthur Project is located in the Northern Territory in Australia and covers an area of 5.65 millions acres. The project comprises exploration permits EP 161, EP 162 and EP 189 and is located in close proximity to Darwin (~600km south), a major industrial and LNG export market.

In December 2012 Tamboran announced a farm-in with Santos Limited (ASX:STO) pursuant to which Santos would earn up to 75% in the permits and applications by funding a $71 million work program in two phases. The terms of the agreement provide for Santos to earn an initial 50% operated interest by funding a $41 million phase one work program over three years, and on completion of that program, a further 25% interest by funding a $30 million phase two work program including the drilling and testing of two wells. In conjunction with the farm-in, Santos also made a $10M equity investment in Tamboran and remains a major shareholder.

As part of the phase one work program, Santos completed a 500-kilometre 2D seismic survey over EP 161 in 2013 and drilled the Tanumbirini-1 exploration well in EP 161 in 2014. The Tanumbirini-1 exploration well is one of the deepest onshore wells to have been drilled in Australia, and reached a total depth of 3,945 metres.

The initial Tanumbirini-1 well results are extremely encouraging. Multiple thick intervals of organic-rich shale were intersected at the primary objective Mid-Velkerri level, accompanied by significant mud gas shows. Elevated gas readings were encountered over a total gross interval in excess of 500 metres. A 90 metre core was taken and extensive wireline and core evaluation conducted.

KeyFacts Energy: Tamboran Resources Australia country profile