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Sep 30, 2023
Tamboran Resources Corporation Q1 2023 Earnings Report
Tamboran Resources Corporation reported highlights for Q1 FY25, including the completion of drilling the SS-2H well and progressing the development of the first local sand mine in the Beetaloo Basin.
Key Takeaways
Tamboran Resources Corporation's 1Q FY25 highlights include completing the drilling of the SS-2H well, which is the first well drilled with a ~10,000 foot horizontal section in the Beetaloo Basin. The company is progressing with the development of the first local sand mine in the Beetaloo Basin, which is expected to support a material reduction in completion costs. Tamboran had US$81.6 million in cash, including US$7.6 million received from the sale of the US rig.
Completed drilling of the SS-2H well, the first well drilled with a ~10,000 foot (3,000-metre) horizontal section in the Beetaloo Basin.
Data from SS-2H and SS-2H ST1 demonstrated geological rock properties consistent with the SS-1H location with no observed faulting and strong gas shows across the entire lateral
Drilling of the SS-3H well is expected to commence in November 2024 from the same pad and remains planned for completion with a ~10,000 foot (~3,000 metre) lateral section
Progressing the development of the first local sand mine in the Beetaloo Basin, which will support a material reduction in completion costs
Forward Guidance
Tamboran Resources Corporation is progressing towards production from proposed ~40 MMcf/d (gross, ~19 MMcf/d net) Pilot Project in 1H 2026
Positive Outlook
- Complete drilling of SS-2H ST1 and SS-3H in 4Q 2024
- Complete stimulation activities and commence flow testing of SS-2H ST1 and SS-3H in 1Q 2025
- Announce IP30 flow test results from SS-2H ST1 and SS-3H in 1Q 2025
- Secure final stakeholder and regulatory approvals for proposed SS Pilot Project in 1Q 2025
- Commence construction of facility and pipeline infrastructure in 2H 2025
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