The company has announced its relocation from Australia to the United States of America. The decision is submitted to a shareholder vote at the start of December 2023.
“We made the decision to re-domicile Tamboran Resources from Australia to the US, which is being undertaken via a Scheme of Arrangement, with shareholder vote planned for early December 2023,” Taboran chief executive officer and managing director Joel Riddle said.
“While we will continue to be traded on the ASX via CDIs following implementation of the Scheme, the intention to redomicile aims to allow the company to access deeper capital markets in North America and improve valuation of our Beetaloo Basin assets in a market that better understands shale developments.”
During the quarter, Tamboran also drilled and cemented the Shenandoah South 1H and Amungee NW 3H wells. They were drilled with the H&P super-spec FlexRig Flex 3 rig and delivered significant improvements in drilling efficiency.
“The first quarter of the financial year has been an active one for Tamboran as we commenced our FY24 drilling program with two wells in the EP 98/117 acreage utilising H&P’s modern US rig,” Riddle said.
“The joint operations with H&P have already delivered a step change in drilling efficiency, especially the drilling of the A3H well operations, which reached TD in less than 18 days.
“We will continue to learn from these activities as we target development well lateral lengths to 3,000 metres in less than 20 days over coming years.”
The SS1H well successfully intersected 90 metres of high quality Mid Velkerri B Shale, the thickest section to date within the Beetaloo Basin depocentre. Logging of the shale formation indicated higher porosity and gas saturation relative to offset wells.
The A3H well was successfully drilled and cemented in less than 18 days, the fastest well drilled to total depth (TD) with a horizontal section into the Mid Velkerri B Shale to date. The well was drilled 20 days faster and 30 per cent lower cost than the A2H well from the same pad.
Tamboran announced a 32 per cent increase in Beetaloo Basin unrisked 2C contingent gas resources to 2.0 trillion cubic feet following the drilling of the Maverick 1V well in EP 136.
“The drilling and logging activities at the SS1H location have validated our view that the deepest sections of the Beetaloo Basin hold the highest quality shale, with logging of the Mid Velkerri B showing higher porosity and gas saturation relative to offset wells,” Riddle said.
The 10-stage stimulation program at SS1H is on track to commence in November.
“We look forward to sharing flow results with the market by early 2024,” Riddle said.
“If deemed commercial, the results are expected to lead to the sanctioning of a proposed 40 terajoules per day pilot development in the first half of 2024.”
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