Tamboran enters Strategic Partnership with Liberty Energy
Sydney, Dec 15, 2023 AEST (ABN Newswire) - Tamboran Resources Limited (
ASX:TBN) (TBNNY:OTCMKTS) has entered into a Strategic Partnership and received a US$10 million (A$15.2 million) equity investment from Liberty Energy Inc. (NYSE:LBRT) (Liberty), a leading North American energy services firm.
Under the Strategic Partnership, Liberty plans to import a modern frac fleet into the Beetaloo Basin in 2024 to support the stimulation campaign with industry leading operational and subsurface engineering expertise for Tamboran's proposed 40 million cubic feet per day (MMcf/d) Shenandoah South Pilot Project, which is planned to commence production in 2026.
Once terms are finalised between the two parties, Liberty plans to deliver a dedicated frac fleet and crew into the Beetaloo Basin in 2024, which has the potential to reduce the delays experienced in mobilising equipment to site, thereby significantly increasing completion efficiencies and reducing the costs of future stimulation programs.
Under the Strategic Partnership, Tamboran has agreed to work with Liberty to bring the latest sand mining and handling management solution to the Beetaloo Basin.
In light of the Strategic Partnership, Tamboran, via its subsidiary Tamboran Infrastructure (TBI), has applied for 14 extractive mineral exploration licences in close proximity to the proposed Shenandoah South Pilot Project for the evaluation of and future extraction of frac sand.
The Strategic Partnership with Liberty and mining of local sand are two initiatives that are expected to support material reductions in stimulation costs for future development programs.
Tamboran Resources Corporation (ASX:TBN) Managing Director and CEO, Joel Riddle, said:
"We welcome the strategic investment from Liberty, which provides alignment between the two companies and demonstrates Liberty's confidence in the development of the Beetaloo Basin.
"Tamboran continues to partner with the best-in-class operating and technology companies to support the development of our assets. The Strategic Agreement with Liberty follows the partnership with Helmerich and Payne (H&P), which imported a modern US drilling rig in to the Beetaloo Basin in 2023, and aims to result in material cost reduction and improved efficiency across our operations.
"The supply of stimulation equipment to the Beetaloo Basin is Liberty's first outside of North America and we look forward to working with them for many years to come.
"Tamboran and Liberty are aligned on the common vision of proactively addressing global energy poverty by securing new supply of reliable and affordable energy. At Tamboran, we are committed to maintaining the energy security of Australians and aim to deliver affordable gas to Australians and Australia's trading partners in the Asia Pacific region with the aim of encouraging a transition away from coal-fired power."
Chris Wright, Liberty Energy's Chairman and Chief Executive Officer, said:
"We are proud to partner with Tamboran to develop a new shale gas basin in Australia. Natural gas is by far the world's fastest growing energy source because of its myriad uses and compelling advantages. Significant Beetaloo gas production could help energize Australia's future and help meet Asia's insatiable demand for natural gas to power economic growth, improve air quality, and lower greenhouse gas emissions. Beetaloo development perfectly aligns with our broader mission to better human lives."
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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