Join our daily newsletter At The Bell to receive exclusive market insights
- Tamboran Resources (TBN) has been given the green light to drill up to seven wells within its EP136 permit in the Northern Territory
- The NT Government approved the company’s environmental management plan which is the final approval required for it to proceed with drilling
- The first well, Maverick 1H, is expected to spud in early September and will be followed by the Maverick 2H and 3H wells
- Tamboran says the three wells have potential to deliver 2C contingent gas resources of one trillion cubic feet
- TBN is down 4.55 per cent and trading at 21 cents at 3:41 pm AEST
Tamboran Resources (TBN) has been given the green light to drill up to seven wells within its EP136 permit in the Northern Territory.
The NT Government approved the company’s environmental management plan (EMP) which marks the final approval required for Tamboran to drill the Maverick 1H (M1H) well.
Tamboran Resources was recently awarded a $7.5 million grant from the Coalition Government so it can explore the Beetaloo sub-basin which includes the M1H well.
A drill rig is reportedly on the way to the Beetaloo sub-basin and expected to arrive at the well in the next two weeks. The M1H well is due to spud in early September.
The EMP approval also allows the company to drill the Maverick 2H and 3H wells which it plans to drill in 2023.
Company Managing Director and CEO Joel Riddle believes the wells may have strong potential.
“Subject to success, the drilling of these three wells have potential to deliver 2C contingent gas resources of one trillion cubic feet (TCF), as certified by independent resources auditor Netherland, Sewell and Associates, Inc,” Mr Riddle said.
“Booking of one TCF of contingent gas resources would allow Tamboran to sanction the proposed 100 terajoules per day Maverick Pilot Development by the end of calendar year 2023.”
Well pad construction and drilling of the control monitoring bore are completed and the company looks forward to deliver drilling updates.
Company shares were down 4.55 per cent and trading at 21 cents at 3:41 pm AEST.
