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Highlights
- Tamboran Resources ramps up drilling at Beetaloo Basin for East Coast energy supply.
- Record-breaking drilling rates achieved in SS-2H ST1 sidetrack well.
- Extensive stimulation campaign planned, marking a major milestone for the Beetaloo project.
Tamboran Resources (ASX:TBN) is advancing its exploration efforts in Australia's Northern Territory with a strong focus on the Beetaloo Basin, aimed at bolstering energy supplies for the densely populated East Coast. Key developments are underway, with the company nearing the completion of drilling on its SS-2H ST1 sidetrack well, which set new drilling records in the Beetaloo Basin. Tamboran applied insights from the original SS-2H well to reach these results.
Following the SS-2H ST1, Tamboran plans to commence drilling the Shenandoah South 3H (SS-3H) well from the same pad, aiming to drill a 3,000-meter horizontal section. Both SS-2H ST1 and SS-3H wells will be stimulated with up to 60 stages each, utilizing a new Liberty Energy frac fleet imported to increase completion efficiency. This phase is scheduled to begin in the next quarter.
Third-Quarter Progress Report
In the September quarter, Tamboran drilled the Shenandoah South 2H (SS-2H) well within EP 98, reaching a total depth of 6,300 meters in just 35 days using the advanced FlexRig® by Helmerich & Payne (H&P). This drilling marked the first extended horizontal section within the Mid Velkerri B Shale and demonstrated promising geological data, with consistent gas shows and no faulting observed.
A downhole mechanical issue led to the SS-2H well being plugged and sidetracked as SS-2H ST1. This sidetrack, drilled to a depth of 4,938 meters, continues Tamboran’s accelerated progress, achieving rapid drilling rates. Once complete, the H&P rig will shift to the SS-3H well site to continue operations.
Largest Stimulation Campaign in Beetaloo Basin
Looking ahead, Tamboran aims to conduct the largest stimulation campaign ever in the Beetaloo Basin, with Liberty Energy's frac fleet mobilized for a 120-stage campaign across SS-2H ST1 and SS-3H. The increased number of daily completions is expected to drive cost efficiencies while enhancing overall productivity. Tamboran anticipates reporting flow rates for SS-2H ST1 in the first quarter of 2025.
Additional Developments
At EP 161, where Santos (ASX:STO) holds a 75% stake and Tamboran 25%, the NT Government approved an Environmental Management Plan for a 255-kilometer seismic survey scheduled for completion by year-end. Tamboran also renewed its EP 136 permit, paving the way for future drilling activities.
In commercial moves, Tamboran awarded Bechtel the pre-FEED contract for the proposed NTLNG project in Darwin, following a detailed study by Wood Group. Additionally, the company completed the sale of its U.S. drilling rig, generating funds to offset increased costs in the Beetaloo project.
Tamboran’s ongoing activities signal its commitment to advancing Beetaloo Basin assets, focusing on drilling completion and securing critical transportation agreements with APA Group (ASX:APA) for future distribution.
