Quarterly Activities Report
Sydney, April 28, 2023 AEST (ABN Newswire) - Tamboran Resources Limited (
ASX:TBN) (TBNNY:OTCMKTS) provide the third quarter activities report for period ended 31 March 2023.
Highlights
- Tamboran successfully completed the 25-stage stimulation program over a 1,020-metre horizontal section within the Mid Velkerri "B Shale" of the Amungee 2H (A2H) well, located within the 38.75 per cent owned and operated EP 98 permit.
- In mid-April 2023, the A2H well was shut-in and production tubing was successfully installed within the well bore. The installed tubing is expected to deliver optimal flow rates during the extended production testing.
- Tamboran plans to release 30-day initial production (IP30) flow rates during Q2 2023.
- The Helmerich & Payne (H&P) super spec FlexRig(R) Flex 3 rig arrived in Australia during April 2023. The rig is currently in customs and is expected to arrive in the Beetaloo Basin in mid-2023 to commence the upcoming drill program.
- During the quarter, Tamboran announced the election of the Hon. Andrew Robb AO and Mr John Bell Sr. to its Board of Directors, effective from 16 April 2023. These appointments coincided with the resignations of Mr Daniel Chandra and Ms Ann Diamant.
- At 31 March 2023, the Company had a cash balance of $29.1 million, with no debt. Additional cash is expected from sale of US rig assets, which are under auction in May 2023.
Tamboran Resources Limited Managing Director and CEO, Joel Riddle said:
"Tamboran progressed towards the extended production testing of the A2H well in EP 98, successfully completing 25 stimulation stages across 1,020 metres of Mid Velkerri 'B Shale'. We look forward to sharing the IP30 flow rates with the market during the second quarter of 2023.
"Following the release of the A2H extended production test, we plan to update the market on our 2023 drilling program and multi-year plan to unlock the Beetaloo Basin, subject to joint venture approval. The upcoming 2023 well program, which will be drilled with the H&P FlexRig(R) , will target material resource growth and deliverability of the Mid Velkerri 'B Shale' formation within the Beetaloo Basin. This is expected to support a sanctioning decision of the proposed Pilot Development.
"Tamboran remains committed to delivering an environmentally responsible and community focused development of the Beetaloo, which will not only support Australia's transition to Net Zero by 2050, but also deliver significant job opportunities to Territorians and royalties to the NTG and Traditional Owners."
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/W6QAV9TC
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.
| ||
|
