June 2024 Quarterly Activities Report
Sydney, July 31, 2024 AEST (ABN Newswire) - Tamboran Resources Corporation (
ASX:TBN) (TBNNY:OTCMKTS) (NYSE:TBN) completed an initial public offering (IPO) on the New York Stock Exchange (NYSE), issuing approximately 3.4 million shares (including the underwriters' partial exercise of the overallotment option) of Common Stock at US$24.00 per share. The proceeds of US$82 million (before fees) are expected to fund Tamboran's two well 2024 drilling program, which are planned to supply the Company's proposed Shenandoah South Pilot Project.
Tamboran announced an average IP90 flow test for the Shenandoah South 1H (SS-1H) well of 2.9 million cubic feet per day (MMcf/d) over a 1,644-foot (501-metre) horizontal section within the Mid Velkerri B Shale (normalized at 5.8 MMcf/d over a 3,280-foot (1,000-metre) horizontal section). The flow results were the highest normalized rate produced in the Beetaloo Basin to date.
In April 2024, Tamboran announced a binding, long-term take-or-pay Gas Sales Agreement (GSA) to supply the Northern Territory Government (NTG) with 40 TJ per day (~19 TJ per day net to Tamboran) for an initial term of nine years from the proposed Shenandoah South Pilot Project.
In June 2024, Tamboran was granted Major Project Status (MPS) by the NTG for the development of the Company's Beetaloo Basin assets. The MPS designation demonstrates the NTG's support for Tamboran's integrated development of the Beetaloo Basin.
In July 2024, Tamboran was granted an Interim Agreement by the NTG over its 420-acre (170- hectare) site at Middle Arm Sustainable Development Precinct. The agreement provides Tamboran with exclusivity over the acreage until the end of 2027 (with two 1-year extensions).
Tamboran continued operational activities in preparation of the upcoming two well 2024 drilling program. The program includes the first ~10,000-foot (~3,000-metre) horizontal sections and 60 stimulation stages in the basin. Drilling of the first well is expected to commence in Q3 2024 and stimulation activity is planned for Q4 2024 ahead of the announcement of gas rates in Q1 2025.
As at 30 June 2024, the Company had a cash balance of A$111.6 million (US$73.9 million), which does not include the US$7.4 million gross proceeds from the over-allotment.
Tamboran Resources Corporation Managing Director and CEO, Joel Riddle said:
"Tamboran successfully delivered on several key milestones during the quarter, including the highly anticipated NYSE listing. Tamboran raised approximately US$82 million (before fees), which is expected to fund our upcoming two well 2024 program, which includes the longest lateral section drilled in the Beetaloo Basin to date. We hope to demonstrate the impressive flow rates from the 500-metre section in the Shenandoah South 1H (SS-1H) well are replicable over the extended 3,000-metre horizontal section.
"The NTG continues to demonstrate strong support for our Beetaloo Basin and Middle Arm developments.
During the quarter, Tamboran signed a binding, long-term Gas Sales Agreement with the NTG for 40 TJ per day over an initial nine-year period and was granted Major Project Status for our Beetaloo Basin development. We have also received an Interim Agreement for exclusivity for our Middle Arm site for our proposed NTLNG project having demonstrated significant progression through the Concept Select phase.
"We are progressing activities to deliver further drilling success during the second half of the year with the Shenandoah South 2 pad 1H (SS-2H) and 2H (SS-3H) wells in EP 98. These wells will be key to demonstrating the production profile for 10,000-foot lateral sections within the Mid Velkerri B Shale and lay the platform for our future drilling programs across our proposed Phase 2 and 3 projects."
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/6M0O167H
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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