Highlights
• Tamboran Resources Corporation has commenced its Shenandoah South (SS) Pilot Project
drilling program with the spudding of the Shenandoah South 2 (SS-2H) well in EP 98. The SS-2H
well is being drilled off a new pad located approximately 3 miles north of the Shenandoah South
1H (SS-1H) well and within the Tamboran-operated SS Pilot Project area (47.5% working interest).
• Following the drilling of the SS-2H well, Tamboran will immediately drill the Shenandoah South
3H (SS-3H) well off the same pad ahead of the stimulation program.
• The SS-2H and SS-3H wells will be drilled with the Helmerich & Payne (NYSE: HP) super-spec
FlexRig® Flex 3 rig and will target the Middle Velkerri B Shale at a depth of approximately 9,910
feet (3,020 metres). Each well is expected to be drilled in 30 days.
• Both the SS-2H and SS-3H wells are designed to include a 10,000-foot (3,000-metre) horizontal
section and will each be stimulated with up to 60 stages utilizing the Liberty Energy (NYSE: LBRT)
modern frac fleet which has recently been mobilized from the US to Australia. The increased
efficiency and performance of the Liberty frac fleet is expected to result in a material increase in
the number of completed stages per day and optimized gas flows.
• Initial flow test results from each well are expected in Q1 2025. Once flow testing is complete,
both wells will be suspended as future producers to supply Tamboran’s proposed 40 million
cubic feet per day (MMcf/d) SS Pilot Project. Production from the SS Pilot Project is expected to
commence in H1 2026, subject to final stakeholder and regulatory approvals.
• The two well program will be the largest single campaign in the Beetaloo Basin to date.
Tamboran Resources Corporation Managing Director and CEO, Joel Riddle, said:
“We are excited to commence our 2024 Beetaloo Basin drilling program, which includes the longest
horizontal wells drilled in the Beetaloo Basin to date. With up to 120 stimulation stages to be completed
across the two wells, this will be the largest single campaign in the basin to date.
“With the new Liberty stimulation equipment being mobilized from the US to Australia, we are eager to
demonstrate the deliverability of the Mid Velkerri B Shale over the longer lateral sections with modern US
completions equipment. The Liberty frac fleet is capable of materially increasing the stimulation intensity
and completing more stages per day compared to the legacy stimulation fleets in Australia.
“It is our strategic partnerships with our largest shareholders, H&P and Liberty, which have dedicated
equipment in Tamboran’s Beetaloo Basin operations, that put us in a commanding position to derisking
significant, long duration gas reserves in the Beetaloo Basin.”
EP 98/117 interests
Tamboran (B2) Pty Limited1 77.5%
Falcon Oil and Gas Australia Limited (Falcon) 22.5%
Total 100.0%
Shenandoah South-2 Drilling Spacing Units (DSUs) – 51,200-acres2
Tamboran (B2) Pty Limited1 95.0%
Falcon Oil and Gas Australia Limited (Falcon) 5.0%
Total 100.0%
This announcement was approved and authorized for release by Joel Riddle, the Managing Director
and Chief Executive Officer of Tamboran Resources Corporation.