Tamboran Resources : Upgrade to T2H and T3H Flow Test Results

ASX ANNOUNCEMENT	21 March 2022
Tamboran Resources Limited (ASX: TBN)

	Operational update: Approximately 17 per cent upward revision to Tanumbirini
	2H and 3H flow test results
only
	Highlights
use	Santos QNT Limited ("Santos"), the operator of EP 161 permit within the Beetaloo Sub-basin, has
	•
		advised of an approximately 17% increase to the previously reported gas flow rates from
		Tanumbirini 2H ("T2H") and 3H ("T3H").
	•	This follows a recalibration of the historic flow data as reported on 1 February 2022, which now
		indicate the average gas flow rates from T2H and T3H were 2.0 million standard cubic feet per
personal	day ("mmscfd") (normalised at 3.0 mmscfd over 1,000-metres) and 1.7 mmscfd (normalised at 2.9
mmscfd over 1,000-metres) respectively.
Further market updates on T2H and T3H are anticipated following the installation of tubing during
	•
		the second quarter of calendar year 2022.

Tamboran Resources Limited (ASX: TBN) Managing Director and CEO, Joel Riddle, said:

"During the course of flow testing, the T2H and T3H wells representative gas samples from the Velkerri "B" shale interval were acquired. Compositional analysis was completed on these samples confirming the presence of high-quality gas in both wells. Well test gas rates have been updated based on these analyses.

"The revised flow rate data has resulted in an approximately 17 per cent increase to the 14-day average gas flow rate for the T2H well to 3.0 mmscfd and in the ten-day average gas flow rate for the T3H well to 2.9 mmscfd, normalised over a 1,000-metre horizontal section.

"The T2H well has continued to undergo flow testing during March 2022, with the 60-day average flow rate showing minimal decline, delivering 1.8 mmscfd over the stimulated 660-metre lateral section, normalised at 2.7 mmscfd over 1,000-metres.

For"Flow testing at this rate from the fracture stimulation program gives us increased confidence in the productivity and has not changed our understanding of the commerciality of the Mid-Velkerri "B" shale within the Beetaloo Sub-basin of the Northern Territory.

Tamboran Resources Limited
ABN 28 135 299 062
110-112 The Corso
Manly NSW 2095, Australia
[phone]	www.tamboran.com

for release by the Disclosure Committee of

2

2.7 mmscfd

Shut in for pressure

buildup/tubing

60

Shut in for pressure

buildup/tubing

1.8 mmscfd

2.9 mmscfd

Shut in for pressure

buildup/tubing

3.0 mmscfd

10-days

14-days

1.7 mmscfd

2.0 mmscfd

10.0 mmscfd

4.0 mmscfd

600-metres

660-metres

60-metres

10

11

4,857-metres

4,598-metres

Tanumbirini 3H

Tanumbirini 2H

"The T3H well was shut-in during mid-February 2022 to record surface pressure build-up data and to run onlya production tubing string to optimise well performance. The operator is assessing the potential to run

production tubing in the T2H well in the second quarter of calendar year 2022.

Updated flow test results

useTotal Measured Depth

Stimulated stages

Stage interval

Total stimulated section

personalPeak rate

Stabilised rate

(updated from 1 February 2022 release)

# days stabilised rate

(updated from 1 February 2022 release)

Normalised flow rate per 1,000-metres (updated from 1 February 2022 release)

Avg stabilised rate (as of March 2022)

# days stabilised rate (as of March 2022)

Normalised flow rate per 1,000-metres (as of March 2022)

ForThis ASX announcement was approved and authorised

Tamboran Resources Limited.

Investor enquiries:

onlyChris Morbey, Vice President - Investor Relations [phone]

I [e-mail]

Media enquiries:

[phone] [e-mail]

useAbout Tamboran Resources Limited

Tamboran Resources Limited is a natural gas company that intends to play a constructive role in the global energy transition towards a lower carbon future, by developing low CO2 unconventional natural gas resources in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of

Australia. Tamboran's key assets are a 25% working interest in EP 161 and a 100% working interest in EP personal136, EP 143 and EP(A) 197 which are located in the Beetaloo Sub-basin.

For

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Table 1: Disclosures under ASX Listing Rule 5.30 (T2H)

For personal use only

1. Tanumbirini 2 horizontal well.
2. EP 161 of Beetaloo Sub-basin, Northern Territory.
3. Tamboran hold 25% interest in EP 161 and T2H. Santos holds the remaining 75% operating interest.
4. Not applicable-this is not a conventional reservoir.
5. Organic-richshale.
6. Average depth of horizontal 3,445 mTVD.
7. 60-dayinitial gas flow test. Gas flared.
8. Gas.
9. Fracture stimulation fluid is being recovered during testing. The well is currently producing less than 50 bwpd.
10. 56/64-inchchoke size, delivering at a stabilised rate of 2.0 mmscfd over a 14-day period. 1.8 mmscfd over a 60-day period.
11. 11 stage fracture stimulation at 60-metre interval spacing within the Mid-Velkerri "B" shale.
12. CO2 levels 3 - 4 per cent.
13. Testing will continue, subject to further test results. The wells may to be shut-in for pressure building and monitoring over the next 60-days.

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Table 2: Disclosure under ASX Listing Rule 5.30 (T3H)

For personal use only

1. Tanumbirini 3 horizontal well.
2. EP 161 of Beetaloo Sub-basin, Northern Territory.
3. Tamboran hold 25% interest in EP 161 and T2H. Santos holds the remaining 75% operating interest.
4. Not applicable-this is not a conventional reservoir.
5. Organic-richshale.
6. Average depth of horizontal 3,442 mTVD.
7. 30-dayinitial gas flow test. Gas flared.
8. Gas.
9. Fracture stimulation fluid is being recovered during testing. The well is currently producing less than 50 bwpd.
10. 52/64-inchchoke size, delivering at a stabilised rate of 1.7 mmscfd over a 10-day period.
11. 10 stage fracture stimulation at 60-metre interval spacing within the Mid-Velkerri "B" shale.
12. CO2 levels 3 - 4 per cent.
13. The T3H well is currently shut-in to allow for surface pressure build-up and to run tubing string. Flow testing is expected to recommence during the second quarter of calendar year 2022.

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