Tamboran Resources progresses Shenandoah South Pilot Project

Tamboran Resources Limited (ASX: $TBN) has achieved significant progress with the Shenandoah South 1H (SS-1H) wellpad in the Beetaloo West area, Northern Territory, Australia. The SS-1H IP30 flow test has delivered normalized rates of 6.4 MMcf/d, exceeding pre-drill expectations. This achievement has led to the de-risking of approximately 1 million acres of the Mid-Velkerri dry gas play, marking a crucial milestone in Tamboran's focused strategy for development in the Shenandoah South area.

Executive Commentary on Shenandoah South 1H Results

The SS-1H IP30 flow test has demonstrated exceptional performance, exceeding our initial projections. This outcome has significantly de-risked the acreage in the Beetaloo West area and has provided a clear pathway for the proposed 40 MMcf/d Shenandoah South Pilot Project. We are leveraging our learnings from successful US shale gas basins over the last decade to optimize the development in this area. The incorporation of 'US-style' completion design and the application of US technology have been instrumental in achieving these outstanding results.

Summary of Tamboran Resources' Progress and Outlook

Tamboran Resources has made substantial advancements with the Shenandoah South 1H wellpad, achieving IP30 flow rates that have exceeded expectations and de-risked a significant portion of the Mid-Velkerri dry gas play. The company is now focused on progressing the proposed 40 MMcf/d Shenandoah South Pilot Project, targeting a Final Investment Decision in mid-2024 and first gas by the first half of 2026. Tamboran's strategic partnerships with H&P and Liberty, as well as the formal agreements with APA Group, demonstrate the company's commitment to importing US technology and additional pipelines into the Beetaloo Basin. With a vision to achieve 2 Bcf/d (gross) by 2030, Tamboran is poised to play a significant role in supplying the NT, East Coast, and Asia Pacific markets. The company's resource upgrade to 2.1 Tcf 2C contingent gas resources further underlines its potential for future development and growth. Tamboran's outlook remains optimistic as it progresses towards the sanctioning decision on the proposed Shenandoah South Pilot Project and continues to target cost reduction and enhanced well recovery through the incorporation of US technology.