Tamboran Resources Corporation (ASX: $TBN) Achieves High IP30 Flow Rate

Tamboran Resources Corporation (ASX: $TBN) has announced that the Shenandoah South 1H (SS-1H) well in EP 117 has achieved an average 30-day initial production (IP30) flow rate of 3.2 million cubic feet per day (MMcf/d) over the 1,644-foot, 10 stage stimulated length within the Mid Velkerri B Shale, normalized to 6.4 MMcf/d over 3,281-feet (1,000 metres). The results have exceeded the company's pre-drill expectation, providing confidence to progress drilling activities during 2024, subject to funding and key stakeholder approvals.

Executive Commentary on SS-1H Well Results

We are extremely excited to announce the results from the SS-1H well, which are the highest normalized rates achieved in the Beetaloo Basin to date. The normalized flow rates of 6.4 MMcf/d over a 1,000-metre (3,281-foot) lateral section demonstrate to us the commerciality of the Beetaloo Basin. The IP30 result gives us confidence to commence the construction phase of the proposed 40 MMcf/d Pilot Project at Shenandoah South under the Beneficial Use of Gas Legislation, which allows gas that would otherwise be flared to be sold into the local gas market. These volumes have potential to supply natural gas into the Northern Territory gas market in 1H 2026. Final Investment Decision is planned for mid-2024. Importantly, the rock properties, including reservoir pressure, effective porosity and gas-in-place, have delivered IP30 flow rates at Shenandoah South in the Beetaloo West area that compare favourably to production rates in some regions of the Marcellus Shale dry gas window. We will continue flow testing of the well over an initial 90-days to allow for an independent analysis of the expected 20-year EUR of the wells in the region. We then expect to commence drilling of the first two development wells for the proposed Pilot Project, which will be the first 10,000-foot wells drilled in the Beetaloo Basin.

Summary of SS-1H Well Results and Future Plans

The SS-1H well in Tamboran B2-operated Exploration Permit EP 117 has delivered exceptional results, exceeding pre-drill expectations and demonstrating the commercial potential of the Beetaloo Basin. The company plans to progress development plans for the proposed 40 MMcf/d Pilot Project in the Shenandoah South location, with drilling planned to commence in Q2 2024. Tamboran aims to supply natural gas into the Northern Territory gas market in 1H 2026 and is targeting first production from the project over a 10-year plateau period. The company also has the funding to commence drilling the initial two wells in the proposed Pilot Project program and will evaluate opportunities to support funding the remaining capital commitments to reach first production, including issuance of equity and/or debt, evaluation of pre-payment for gas from the proposed Pilot Project, and potential farm-down opportunities. The SS-1H IP30 flow rate has set a new record in the Beetaloo Basin, supporting the potential for high flow rates and recoverable volumes in the region.