Tamboran Resources Corporation (NYSE: TBN; ASX: TBN) has released its Second Quarter Activities Report, highlighting substantial advancements in its Beetaloo Basin operations.
The company has completed drilling operations for two production wells and commenced stimulation activities, marking important milestones towards first gas production in the region.
The company drilled, cased, and cemented the Shenandoah South 2H sidetrack (SS-2H ST1) and 3H (SS-3H) wells in EP 98.
The SS-3H well, reaching a total measured depth of 6,452 metres, included the first 3,048-metre horizontal section in the Mid Velkerri B Shale.
Stimulation activities began in January 2025 using Liberty Energy’s 80,000 hydraulic horsepower modern equipment.
The SS-2H ST1 well completed 35 stages across a 1,671-metre horizontal section, achieving a Beetaloo Basin record average proppant intensity of 2,706 pounds per foot, approximately 26 per cent higher than the SS-1H well.
Tamboran has entered into binding agreements with APA Group for the construction and operation of the 37-kilometre Sturt Plateau Pipeline, crucial for the proposed Shenandoah South Pilot Project.
The company also secured a US$23 million line of credit from Macquarie Bank Limited to support these developments.
In a significant move towards collaboration, Tamboran signed a non-binding MOU with Santos Limited in January 2025.
This agreement aims to explore potential Darwin LNG Train 2 expansion and collaborative work on the jointly owned EP 161 acreage in the Beetaloo Basin.
As of December 31, 2024, Tamboran reported a cash balance of US$59.4 million, bolstered by the receipt of a US$6.2 million research and development tax credit.
CEO Joel Riddle emphasised the importance of these developments, stating: “These initial two wells for the Pilot project are crucial for Tamboran to deliver much-needed gas volumes into the Northern Territory market.”
He also highlighted the project’s potential to generate royalties for Native Title Holders and create employment opportunities for Traditional Owners.
Tamboran is targeting IP30 flow rates from the SS-2H ST1 well in April 2025, with the SS-3H well expected to follow in mid-2025.
These developments mark significant progress towards Tamboran’s goal of responsible domestic gas production in Australia, particularly from the highly regulated Beetaloo Basin.
