Tamboran Resources
(ASX:TBN), a leading gas exploration company based in Australia, has released its fourth-quarter activities report for the period ending on June 30, 2023. The report highlights significant developments and achievements during the quarter, demonstrating the company's commitment to developing its Beetaloo Basin assets and the proposed Northern Territory LNG (NTLNG) development at Middle Arm.
Key Highlights:- Exclusivity for NTLNG Development: Tamboran obtained exclusivity over 170 hectares (420 acres) at the Middle Arm Sustainable Development Precinct (Middle Arm) for its proposed LNG development, NTLNG. This positions the company to link the Beetaloo Basin's long-term future to Australia's East Coast gas market and international LNG markets.
- APA Selected as Preferred Pipeline Partner: Tamboran selected APA Group as the preferred transmission pipeline partner to jointly develop pipelines connecting Beetaloo Basin assets to Australia's domestic East Coast gas market and NTLNG development.
- Non-Binding MOUs with bp and Shell: Tamboran announced two non-binding Memorandum of Understandings with bp and Shell for the purchase of up to 2.2 million tonnes of LNG per annum over a 20-year period from the proposed NTLNG development.
- Framework Agreement with CEFA: Tamboran entered a framework agreement with Clean Energy Fuels Australia (CEFA) group of companies to obtain exclusivity over gas compression, liquefaction, and mini-LNG facilities for potential early production from the Beetaloo Basin.
- Gas Breakthrough at A2H Well in EP 98: The Amungee 2H (A2H) well achieved gas breakthrough in EP 98, and Tamboran is evaluating options to clean up the well subject to joint venture approval.
- Flow Tests in EP 161: Tamboran completed analysis of flow tests from Tanumbirini 2H (T2H) and 3H (T3H) wells in EP 161, with independently modeled decline curves indicating an Estimated Ultimate Recovery (EUR) of approximately 16.8 billion cubic feet (BCF) and 18.5 BCF, respectively.
- Capital Raise: Tamboran announced a $71.4 million capital raise to fund further drilling activity at Shenandoah South and Amungee.
- Cash Balance: As of June 30, 2023, Tamboran had a cash balance of $10.6 million.
Tamboran's Managing Director and CEO, Joel Riddle, stated, “It has been a busy and exciting quarter for Tamboran, epitomised by the number of key commercial
announcements made that underpin our proposed development of the Beetaloo Basin."
Upcoming Activities:In the next quarter, Tamboran will focus on the cleanup of the A2H well, commence drilling the SS1H well in EP 117, and complete divestment of US drilling rigs.
