- Tamboran has been awarded a grant of up to $7.5 million through the Commonwealth Government‘s Beetaloo Cooperative Drilling Program
- The funding will support the drilling of Maverick 1H (M1H) well with Tamboran’s EP136 permit located within the “core” Beetaloo Sub-basin as part of the Beetaloo Cooperative Drilling Program
- Depending on the delivery of commercial flow rates from the M1H well, Mr Riddle has said that Tamboran intends to accelerate the Maverick Pilot Development with a target of delivering gas to the Australian domestic market by 2025
- TBN shares finished the day up 1.96 per cent to 25 cents
Tamboran Resources (TBN) has been awarded a $7.5 million grant from the Coalition Government to support exploration in the Northern Territory’s Beetaloo Sub-basin in a bid to help boost the development of the nation’s gas reserves.
The grant agreement with Tamboran’s subsidiary Sweetpea Petroleum will further assist gas operations to validate Beetaloo gas reserves.
The funding will support the drilling of the Maverick 1H (M1H) well within Tamboran’s EP136 permit, located within the “core” Beetaloo Sub-basin as part of the Beetaloo Cooperative Drilling Program.
Minister for Resources and Water Keith Pitt said that the grant underlined the commitment of the Government to opening up Beetaloo as a “world-class gas resource” and the Government’s determination to “support the development as part of [its] gas-led recovery”.
“This grant under the Beetaloo Cooperative Drilling Program is expected to bring forward $52 million in private investment at Sweetpea Petroleum’s Maverick 1 well.
“Gas from the basin can also make a significant contribution to maintaining Australia’s affordable and reliable energy supplies.
“In an uncertain world, our reputation as a leading and reliable supplier of resources can provide stability and development of the Beetaloo will enhance that well-deserved reputation”.
Tamboran Managing Director and CEO Joel Riddle mentions that the funding will “support up to 25 per cent of the costs of drilling, fracture stimulation and flow testing of the M1H well.”
Depending on the delivery of commercial flow rates from the M1H well, Mr Riddle has said that Tamboran intends to accelerate the Maverick Pilot Development with a target of delivering gas to the Australian domestic market by 2025.
TBN shares finished the day up 1.96 per cent to 25 cents.