Highlights
• The Shenandoah South 2H sidetrack (SS-2H ST1) well achieved a Beetaloo Basin record average
30-day initial production (IP30) flow rate of 7.2 million cubic feet per day (MMcf/d) over a 5,483-
foot (1,671-metre), 35 stage stimulated length within the Mid Velkerri B Shale.
• The flow rate of 13.2 MMcf/d over an extrapolated 10,000-foot horizontal section is in-line with the
average of more than 11,000 wells in the Marcellus Shale dry gas area with production for over a
12-month period. The result demonstrates Tamboran’s view of commercial deliverability of gas
from the Mid Velkerri B Shale to the East Coast gas market that typically sells at a premium to
Henry Hub.
• The exit rate trajectory maintains a steady, low-declining curve at 6.7 MMcf/d (normalized at
12.2 MMcf/d per 10,000-feet) with a flowing wellhead pressure of ~910 psi. The steady state
decline curve on SS-2H ST1 is consistent with that achieved from the SS-1H well.
• The Shenandoah South drilling campaign is planned to commence in 2H 2025, targeting up to
three 10,000-foot horizontal wells from the SS2 well pad, subject to final joint venture approval.
• Once completed, the five wells on the SS2 pad are planned to be tied into the Sturt Plateau
Compression Facility (SPCF) to feed into the 40 MMcf/d Gas Sales Agreement with the Northern
Territory Government. Production remains on track to commence in mid-2026, subject to
standard regulatory and stakeholder approvals and favourable weather conditions.
• Managing Director, Joel Riddle, will hold a webcast with analysts at 8:00am EDT (US time)
(10:00pm AEST) on Monday June 16, 2025.
Tamboran Resources Corporation Chief Executive Officer, Joel Riddle, said:
“The Shenandoah South 2H sidetrack well has delivered a record average IP30 flow result of 7.2 MMcf/d
from the Beetaloo Basin to date. Results show a material step up in flow rate from a horizontal section
stimulated approximately three times longer than the SS-1H well.
“The IP30 flow rate over a 5,482-foot horizontal section is another positive data point that demonstrates
potential commercial productivity of the shale formation in the Australian East Coast gas market that
typically sells at a premium to Henry Hub in the US and under long term CPI-linked contracts.
“Importantly, the results from SS-2H ST1 are in-line with the average of more than 11,000 wells produced
for over 12-months in the Marcellus Shale dry gas area a, the most prolific shale gas basin in the world.
“At the end of the 30-day period, the well continues to experience steady flow performance, low decline
rates and favorable wellhead pressures, which underscore the reliability and scalability of our operations.
“Importantly, Tamboran continues to bring key lessons from the US to accelerate the commercial
development of the Beetaloo Basin. We have already delivered an impressive improvement in drilling
efficiency and stimulation intensity in the first two wells of the Shenandoah South area.
“Lessons from the completion and flow back of the SS-2H ST1 well will be incorporated into the design of
the remaining four wells required to deliver first gas sales in mid-2026, subject to standard regulatory and
stakeholder approvals. SS-2H ST1 is another foundation well, that demonstrates the Beetaloo Basin has
characteristics similar to wells drilled across the Marcellus dry gas area. We believe, like in the US, with
more well results and incorporation of lessons we can improve and deliver this world-scale energy
resource.”
Shenandoah South 2H ST1 flow results
The SS-2H ST1 well in Tamboran B2-operated Exploration Permit (EP) 98 achieved average IP30 flow
rates of 7.2 MMcf/d following the 35-stage stimulation program across a 5,483 feet (1,671 metres) lateral
section in the Mid Velkerri B Shale.
During the 30-day production testing period, the choke was opened from 10/64” to 40/64” at staged
intervals. Gas rates declined from 10.4 MMcf/d to 6.6 MMcf/d, with an average IP30 flow rate of 7.2 MMcf/d
and cumulative production of 217.2 MMcf over that period. Flowing wellhead pressures were drawn down
from 4,565 to 906 psi.
Ongoing Shenandoah South development activity
Tamboran plans to commence the 2025 Shenandoah South drilling program in July 2025. The program
includes drilling three wells, each with a 10,000-foot horizontal section and completed with up to 60
stimulation stages, subject to joint venture approval.
The SS-3H well is planned to be completed and flow tested by the end of 2025, with the remaining three
wells drilled in the 2025 campaign to be completed during 1H 2026. Completion of the remaining four wells
will incorporate lessons from the SS-1H and SS-2H ST1 wells. The wells are expected to be tied into the
SPCF ahead of the commencement of production in mid-2026 and supply gas sales to the Northern
Territory Government under a take-or-pay GSA, subject to standard regulatory and stakeholder approvals
and favorable weather conditions.
The five wells are expected to deliver the required 40 MMcf/d volume under the take-or-pay agreement
with the Northern Territory Government. The GSA with Tamboran is a significant contract for the Northern
Territory given the high reliance on gas for power generation.
Falcon Oil & Gas Australia Limited have elected not to participate in the 2025 Shenandoah South drilling
program. As a result, the work program will be equally funded by Tamboran and Daly Waters Energy, LP.
Webcast details
Managing Director and Chief Executive Officer, Joel Riddle will hold a webcast on 8:00am EDT (New York)
(10:00pm AEST, Sydney, Melbourne) on Monday June 16, 2025.
Details for the webcast can be found on Tamboran’s website at https://ir.tamboran.com/
This ASX announcement was approved and authorised for release by Joel Riddle, the Chief
Executive Officer of Tamboran Resources Corporation.