Awarded Grant of up to $7.5 Million under the Beetaloo Cooperative Drilling Program
Sydney, Mar 7, 2022 AEST (ABN Newswire) - Tamboran Resources Limited (
ASX:TBN) has been awarded a grant of up to $7.5 million through the Commonwealth Government's Beetaloo Cooperative Drilling Program.
The funding will support the drilling of the Maverick 1H ("M1H") well within Tamboran's 100 per cent owned and operated EP 136 permit, located within the 'Core' Beetaloo Sub-basin during calendar year 2022.
Subject to the delivery of commercial flow rates from the M1H well, which is planned to spud in mid-calendar year 2022, Tamboran intends to accelerate the Maverick Pilot Development with a target of delivering gas to the Australian domestic market by the end of calendar year 2025.
Tamboran Resources Limited (ASX:TBN) Managing Director and CEO, Joel Riddle, said:
"We are pleased to announce that Sweetpea, a wholly owned subsidiary of Tamboran, has received an approved grant for up to $7.5 million through the Beetaloo Cooperative Drilling Program initiative provided by the Commonwealth Government of Australia.
"The funding is intended to support up to 25 per cent of the costs of drilling, fracture stimulation and flow testing of the M1H well, limited to $7.5 million, in EP 136, our 100 per cent owned and operated permit in the 'Core' Beetaloo Sub-basin. Subject to the delivery of commercial flow rates from the M1H well, Tamboran plans to expedite the proposed Maverick Pilot Development within EP 136, which could target first gas deliveries to the Australian domestic market by the end of calendar year 2025.
"The award of the grant reflects the support and ongoing commitment of the Commonwealth Government to the development of the Beetaloo Sub-basin as a new source of low carbon dioxide natural gas for Australia to promote jobs, manufacturing and, importantly, national energy security.
"Santos, our joint venture partner and operator of EP 161, successfully drilled the Tanumbirini 2H and 3H wells, which are currently undergoing extended flow testing. These wells have already provided valuable information and learnings that has validated our Mid-Velkerri "B" shale model and details for the design and execution of our drilling program on EP 136 during calendar year 2022."
About the Beetaloo Cooperative Drilling Program
The Beetaloo Cooperative Drilling Program is a key initiative of "Unlocking the Beetaloo: The Beetaloo Strategic Basin Plan" (the "Plan") initiated in January 2021 by the Hon Keith Pitt MP, the Commonwealth's Minister for Resources and Water, to encourage the industry to accelerate resource exploration and appraisal. According to the Plan, "The Beetaloo Sub-basin's resource potential is a significant opportunity for the economic recovery of the Northern Territory and Australia. Industry analysis projects that the Beetaloo development has the potential to create up to 6,000 jobs by 2040. Economic activity could increase between $18.0 billion and $36.8 billion over the same period. This investment has the potential to create long-term benefits such as local jobs, generate revenue and provide a springboard for many downstream industries in the Northern Territory."
The Hon Keith Pitt MP released a media statement in relation to the approval of the grant to Sweetpea under the Beetaloo Cooperative Drilling Program and can be found in Appendix A*.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/57T64NS9
About Tamboran Resources Corporation
Tamboran Resources Corporation (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.
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