Highlights
- In accordance with the 2014 Falcon Oil and Gas Limited (Falcon) farm-in agreement, Tamboran has given notice to Falcon that all farm-in commitments have been fully satisfied, having reached the associated cost carry commitment.
- All parties have committed to fully fund their full working interest of future cash calls at Shenandoah South 1H (SS1H) in EP 117, which commenced drilling on 01 August 2023.
- Falcon remains carried for a net A$6.8 million (A$3.4 million net Tamboran) consideration for future drilling activities, following an agreement to waive its pre-emptive rights, as announced by Tamboran on 12 October 2022.
Tamboran Resources Managing Director and CEO, Joel Riddle, said:
'Meeting the Falcon farm-in agreement cost cap is a major milestone for the Beetaloo Joint Venture (BJV). The five vertical wells and three horizontal wells drilled, as part of the carry commitment, since 2014 have delivered key information of the continuous nature and productivity of the Mid Velkerri across the Beetaloo Basin.
'These activities helped demonstrate the potential commerciality of the Beetaloo with the Amungee NW H1 well achieving flow rates exceeding 5 million standard cubic feet per day over a normalised 1,000 metre section in 2021.
'Tamboran is required to fund ongoing activity at 38.75 per cent working interest together with its net share (A$3.4 million) of Falcon’s remaining carry on future activities.
'We look forward to working closely with the BJV to accelerate the development of our low reservoir CO2 gas resources within the Beetaloo Sub-basin. Gas from the Beetaloo is well positioned to play a part in alleviating the anticipated East Coast gas shortfall, which is currently forecast by the Australian Competition
and Consumer Commission (ACCC) and Australian Energy Market Operator (AEMO).'
Beetaloo Joint Venture (BJV) (EP 76, 98 and 117): Tamboran (B2) Pty Limited 77.5%; Falcon Oil and Gas Australia Limited 22.5%.
Click here for Falcon Oil and Gas announcement
Source: Tamboran Resources
