Tamboran Resources (ASX:TBN) - MD and CEO Joel Riddle
MD and CEO Joel Riddle
Source: Tamboran Resources
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  • Tamboran Resources (TBN) announces two wells are flowing gas to surface at the Santos (STO) operated EP 161 in the Beetaloo Sub-basin in the Northern Territory
  • Tamboran holds a 25 per cent interest in the joint venture project
  • The company says production data is expected to be announced after a 30-day flow test, in-line with unconventional reporting best practice
  • Netherland Sewell and Associates have been commissioned to provide an independently certified resource estimate
  • Shares in Tamboran have been up 3.4 per cent trading at 38.3 cents while shares in Santos are up 0.3 per cent at $6.44

Tamboran Resources (TBN) has announced two wells are flowing gas to surface at the Santos (STO) operated EP161 located in the Beetaloo Sub-basin in the Northern Territory. Tamboran holds a 25 per cent interest in the joint venture project.

The company says gas is flowing from both wells, which are currently de-watering and undergoing clean-up activities. It plans to update the market with information regarding the 30-day flow test in the first quarter of calendar year 2022.

Tamboran expects to announce further updates relating to the flow performance following the initial 30- days at regular intervals. It says this will provide important information on steady-state production, support the calibration of type-curves and help it understand well deliverability and estimated ultimate recovery.

Tamboran MD and CEO Joel Riddle says its evaluation process is in-line with standard unconventional reporting best practice.

“The estimated steady production commerciality threshold for wells within the Beetaloo Sub-basin is 3 million standard feet per day per 1,000 metre horizontal length, based on third-party industry analysis,” said Mr Riddle.

“As we have seen with other unconventional basins, development wells are expected to be drilled with horizontal sections of up to 3,000 metres, providing increased recoveries at a significantly lower unit cost. Steady-state production from development wells of 3,000 metres could be extrapolated linearly, with commerciality potentially achieved at 9 million standard cubic feet per day. This is consistent with data across several US unconventional basins.”

Netherland Sewell and Associates have been commissioned to provide an independently certified resource estimate, which could result in a contingent resource booking during the March quarter of 2022.

Shares in Tamboran were up 3.4 per cent trading at 38.3 cents while shares in Santos were up 0.3 per cent at $6.44 at 10.45 am AEDT

TBN by the numbers
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