Tamboran Resources drilling update

Tamboran Resources Corporation (ASX:TBN) has released its first quarter activities report for the period ending 30 September 2024. The company highlighted significant progress in its drilling operations in the Beetaloo Basin, Northern Territory, Australia. Key achievements include the completion of the Shenandoah South 2H (SS-2H) well and the start of the Shenandoah South 3H (SS-3H) well.

Tamboran Resources future outlook

Tamboran Resources has reported advancements in drilling operations and infrastructure development in the Beetaloo Basin. The company successfully drilled the SS-2H well to a record depth, although a mechanical issue required a sidetrack. A large-scale stimulation campaign is planned for early 2025 for the SS-2H ST1 and SS-3H wells. Tamboran's financial position remains strong with US$74 million in cash, bolstered by the sale of a US drilling rig. Infrastructure projects, such as the Sturt Plateau Compression Facility and Pipeline, are progressing, along with efforts to source local sand for operations. Looking ahead, Tamboran is focused on completing its current drilling projects and initiating stimulation activities, positioning itself for growth in the Beetaloo Basin energy sector.

Executive insights from Tamboran Resources

Despite encountering a mechanical issue which necessitated a sidetrack of the SS-2H well, Tamboran achieved record drilling rates in the region.