Tamboran increases Beetaloo 2C gas resources by 32%
ASX-listed Tamboran Resources has increased Beetaloo basin unrisked contingent gas resources by 32% to 2 trillion ft3 following a review of drilling results from the Maverick 1V (M1V) well, the company said on September 27.
The drilling of the M1V well 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%).
EP 136 unrisked 1C contingent gas resources have increased to 116bn ft3 and unrisked 2C contingent gas resources increase to 406bn ft3. EP 161 unrisked 1C contingent gas resources have risen to 91bn ft3 and unrisked 2C contingent gas resources increase to 470bn ft3.
Across EPs 76, 98, 117, 136 and 161, Tamboran's total company unrisked 1C contingent gas resources have increased by 37% to 458bn ft3 and 2C unrisked contingent gas resources by 32% to 2 trillion ft3.
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 June 30, 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.
"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,” Tamboran CEO, Joel Riddle, said.
Tamboran is planning to develop the Northern Territory LNG (NTLNG) project in the state of Northern Territory. The project is aimed at developing a fully integrated onshore LNG facility in the Northern Territory, with operations spanning upstream, midstream, and downstream activities. The NTLNG development is expected to be supported by the gas sourced from the Beetaloo basin.
The company recently told NGW that the financing of the project is expected during 2024/2025.