Tamboran Increase Beetaloo Basin 2C Gas Resources to 2.0 TCF

Source: www.gulfoilandgas.com 9/27/2023, Location: Not categorized

Highlights
• Tamboran has booked its first estimate of contingent gas resources in the 100 per cent owned and operated EP 136 acreage in the Beetaloo Basin following a review of drilling results from the Maverick 1V (M1V) well.
• EP 136 unrisked 1C contingent gas resources increase to 116 billion cubic feet (BCF) and unrisked 2C contingent gas resources increase to 406 BCF.
• EP 161 unrisked 1C contingent gas resources increase to 91 BCF and unrisked 2C contingent gas resources increase to 470 BCF.
• Across EPs 76, 98, 117, 136 and 161, Tamboran’s total company unrisked 1C contingent gas resources have increased by 37 per cent to 458 BCF and unrisked 2C contingent gas resources have increased by 32 per cent to 2.0 trillion cubic feet (TCF).
• The resource upgrade has been evaluated and certified by leading independent third-party resource certifier Netherland, Sewell & Associates, Inc. (NSAI), with an effective date of 30 June 2023.
• Revised contingent gas resources do not incorporate results from the recently drilled Shenandoah South 1H (SS1H) well in EP 117. Tamboran plans to evaluate the resources surrounding the SS1H location following flow testing, which is expected in Q1 2024.

Tamboran Resources Limited (ASX: TBN) Managing Director and CEO, Joel Riddle, said:
“Tamboran continues to demonstrate the continuous nature of Mid Velkerri B and C Shale across our 4.7 million (gross) acreage position in the Beetaloo Basin.

“Our strategic focus remains on the western region of the Basin, where the SS1H well has successfully intersected the Mid Velkerri at depth and in close proximity to the Amadeus Gas Pipeline. This strategic positioning is expected to support a potential accelerate production to supply natural gas to the Northern Territory market. This is particularly critical given recent production declines from the offshore Blacktip gas field, which is expected to impact the region's gas supply.

“With gas-fired-power driving the majority of the Northern Territory’s electricity supply, Tamboran is committed to delivering a secure source of natural gas to the benefit of Territorian families and businesses.”

Increase to Beetaloo Basin contingent gas resources
Tamboran has increased Beetaloo Basin unrisked contingent gas resources by 32 per cent to 2.0 TCF. The increase follows the drilling of the M1V well, which has resulted in an initial resource booking within the EP 136 permit and associated resource increase in the adjacent EP 161 permit (Tamboran: 25%) and EP 76 permit (Tamboran: 38.75%). The changes to 2C contingent gas resources from the previous resource estimate (31 August 2022) include an increase of;
• 406 BCF in EP 136,
• 66 BCF in EP 161, and
• 11 BCF in EP 76/98/117.

This ASX announcement was approved and authorised for release by Joel Riddle, the Managing Director and Chief Executive Officer of Tamboran Resources Limited.


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