The M1H well will be drilled with an optimised well design over a planned 1,000-metre horizontal section and is targeted to include up to 20 fracture stimulated stages.
The final well design for the M1H well has benefitted from additional data provided by the Tanumbirini 2H (T2H) and 3H (T3H) flow rest results. This increases management's confidence in achieving potentially commercial flow rates.
The 2D seismic acquisition program planned for EP 136 was reduced from 250 kilometres to ~90 kilometres following consultation with key stakeholders to minimise land disturbance. This is expected to commence during the June quarter, subject to receiving relevant consents.
Tamboran Managing Director and CEO,
"Tamboran has secured the Ensign Rig 970 to drill the M1H well that is anticipated to spud during the third quarter of calendar year 2022, subject to EMP approvals. Spudding of the well will be a major milestone for the Company as we seek to unlock the full potential of the Beetaloo Sub-basin in the Northern Territory.
The team is working with full focus on delivering initial production rates by the end of calendar year 2022.
"We have signed key contracts to undertake the 2022 seismic and drilling campaign within EP 136. This includes contracting the Ensign Rig 970 to drill the M1H well. The 90-kilometre 2D seismic acquisition program is expected to commence in coming weeks, subject to receiving relevant government consents.
"Tamboran's M1H well design aims to considerably increase the fracture stimulation intensity, which we expect will unlock the true deliverability of the shale within the Mid Velkerri 'B shale' formation of the Core Beetaloo Sub-basin. The design includes a 1,000-metre horizontal section within the Mid-Velkerri 'B shale' formation, with up to 20 fracture stimulation stages at tighter intervals and increased proppant intensity when compared to the T2H and T3H wells drilled by Santos in the adjacent EP 161 permit.
"The design is supported by our proprietary intellectual property, which was built on the Tamboran team's experience of having drilled more than 5,000 unconventional wells in
"In addition to our drilling plan, our team has worked in close consultation with our key stakeholders to support reduction of land disturbance within our acreage. This has resulted in an approximately 65 per cent reduction to our planned 2D seismic acquisition program to approximately 90 kilometres within our operated EP 136 permit.
"We are excited to commence the pathway towards commercialisation of our vast acreage, which we believe will play a leading role in supporting
The acreage also has the potential to supply gas for LNG exports, given the global shortage following recent geo-political events.
"We are pleased to have received a positive determination in respect of the LACA for
"We believe that Australians deserve access to affordable gas as the country transitions towards renewable energy sources. This can only be delivered by developing our significant local gas resources. Without this, Australian households and businesses on the
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About
Contact:
Investor enquiries:
Vice President - Investor Relations
+61-2-8330-6626
Investors@tamboran.com
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+61 2 8330 6626
Media@tamboran.com
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