Santos, Adnoc Poised to Report A$30 Billion Deal, AFR Says
Abu Dhabi National Oil Co. has agreed terms for a A$30 billion ($19 billion) takeover of Santos Ltd., the Australian Financial Review reported, without citing anyone.
The deal is expected to be announced Monday morning, the newspaper said.
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Yahoo
10 minutes ago
- Yahoo
SS-2H ST1 Delivers Record Beetaloo Basin IP30 Flow Rate of 7.2 MMcf/d, In-Line With Average IP30 Rate From Marcellus Dry Gas Area
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. NEW YORK, June 16, 2025--(BUSINESS WIRE)--Tamboran Resources Corporation (NYSE: TBN, ASX: TBN): 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, 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. Table 1: Breakdown of the SS-2H ST1 IP30 flow result Rates (MMcf/d) Actual (5,483 ft, 1,671 m) Normalized (10,000 ft) Average IP30 flow rate 7.2 13.2 Peak rate 10.4 N/A IP30 exit rate 6.7 12.2 Source: Company data 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 Tamboran net prospective acres across the Beetaloo Basin assets Company Gross Acreage Interest Net Acreage Proposed Northern Pilot Project Area1,2 20,309 47.50% 9,647 Proposed Southern Pilot Project Area 20,309 38.75% 7,870 Phase 2 Development Area 406,693 58.12% 236,370 Proposed Retention Lease 10 219,030 67.83% 148,568 Remaining ex-EP 76, 98 and 117 acreage 1,487,418 77.50% 1,152,749 EP 136 207,000 100.00% 207,000 EP 161 512,000 25.00% 128,000 Total 2,872,759 1,890,204 May not add due to rounding. 1Subject to the completion of the SS-2H ST1 and SS-3H wells on the Shenandoah South pad 2. 2Working interest may change as a result of future drilling spacing units (DSUs) being created based on Falcon's participation. Working Interests – Phase 2 Development Area Company Previous New Tamboran (West) Pty Limited1 38.75% 58.12% Daly Waters Energy, LP 38.75% 19.38% Falcon Oil and Gas Australia Limited 22.50% 22.50% Total 100.0% 100.0% Working Interests – Proposed RL10 Company Previous New Tamboran (West) Pty Limited1 38.75% 67.83% Daly Waters Energy, LP 38.75% 9.67% Falcon Oil and Gas Australia Limited 22.5% 22.50% Total 100.0% 100.0% Working Interests – Remaining Tamboran owned Ex-EP 76, 98 and 117 acreage Company Previous New Tamboran (West) Pty Limited1 38.75% 77.5% Daly Waters Energy, LP 38.75% - Falcon Oil and Gas Australia Limited 22.5% 22.5% Total 100.0% 100.0% All working interests are subject to participation of parties in the Joint Venture. This ASX announcement was approved and authorised for release by Joel Riddle, the Chief Executive Officer of Tamboran Resources Corporation. About Tamboran Resources Corporation Tamboran Resources Corporation ("Tamboran" or the "Company"), through its subsidiaries, is the largest acreage holder and operator with approximately 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets include a 47.5% operating interest over 20,309 acres in the proposed northern Pilot Area, a 38.75% non-operating interest over 20,309 acres in the proposed southern Pilot Area, a 58.13% operating interest in the proposed Phase 2 development area covering 406,693 acres, a 67.83% operated interest over 219,030 acres in a proposed Retention License 10, a 77.5% operating interest across 1,487,418 acres over ex-EPs 76, 98 and 117, a 100% working interest and operatorship in EP 136 and a 25% non-operated working interest in EP 161, which are all located in the Beetaloo Basin. The Company has also secured ~420 acres (170 hectares) of land at the Middle Arm Sustainable Development Precinct in Darwin, the location of Tamboran's proposed NTLNG project. Pre-FEED activities are being undertaken by Bechtel Corporation. Disclaimer Tamboran makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement. The forward-looking statements in this report reflect expectations held at the date of this document. Except as required by applicable law or the ASX Listing Rules, Tamboran disclaims any obligation or undertaking to publicly update any forward-looking statements, or discussion of future financial prospects, whether as a result of new information or of future events. The information contained in this announcement does not take into account the investment objectives, financial situation or particular needs of any recipient and is not financial product advice. Before making an investment decision, recipients of this announcement should consider their own needs and situation and, if necessary, seek independent professional advice. To the maximum extent permitted by law, Tamboran and its officers, employees, agents and advisers give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Further, none of Tamboran nor its officers, employees, agents or advisers accept, to the extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the information contained in this announcement. Note on Forward-Looking Statements This press release contains "forward-looking" statements related to the Company within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the Company's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," "participate," "progress," "conduct" and the negatives of these words and other similar expressions generally identify forward-looking statements. It is possible that the Company's future financial performance may differ from expectations due to a variety of factors, including but not limited to: our early stage of development with no material revenue expected until 2026 and our limited operating history; the substantial additional capital required for our business plan, which we may be unable to raise on acceptable terms; our strategy to deliver natural gas to the Australian East Coast and select Asian markets being contingent upon constructing additional pipeline capacity, which may not be secured; the absence of proved reserves and the risk that our drilling may not yield natural gas in commercial quantities or quality; the speculative nature of drilling activities, which involve significant costs and may not result in discoveries or additions to our future production or reserves; the challenges associated with importing U.S. practices and technology to the Northern Territory, which could affect our operations and growth due to limited local experience; the critical need for timely access to appropriate equipment and infrastructure, which may impact our market access and business plan execution; the operational complexities and inherent risks of drilling, completions, workover, and hydraulic fracturing operations that could adversely affect our business; the volatility of natural gas prices and its potential adverse effect on our financial condition and operations; the risks of construction delays, cost overruns, and negative effects on our financial and operational performance associated with midstream projects; the potential fundamental impact on our business if our assessments of the Beetaloo are materially inaccurate; the concentration of all our assets and operations in the Beetaloo, making us susceptible to region-specific risks; the substantial doubt raised by our recurring operational losses, negative cash flows, and cumulative net losses about our ability to continue as a going concern; complex laws and regulations that could affect our operational costs and feasibility or lead to significant liabilities; community opposition that could result in costly delays and impede our ability to obtain necessary government approvals; exploration and development activities in the Beetaloo that may lead to legal disputes, operational disruptions, and reputational damage due to native title and heritage issues; the requirement to produce natural gas on a Scope 1 net zero basis upon commencement of commercial production, with internal goals for operational net zero, which may increase our production costs; the increased attention to ESG matters and environmental conservation measures that could adversely impact our business operations; risks related to our corporate structure; risks related to our common stock and CDIs; and the other risk factors discussed in the this report and the Company's filings with the Securities and Exchange Commission. It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company's results of operations and financial condition, the Company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document. Table 2: Disclosures under ASX Listing Rule 5.30 (Shenandoah South 2H ST1) The name and type of South 2H horizontal sidetrack (SS-2H ST1) well. The location of the well and details of the permit or lease in which the well is 98 of Beetaloo Sub-basin, Northern Territory (future Northern Pilot Area acreage, once checkerboard process and Retention Lease designation is formally completed). The entities working interest in the holds a 47.5% interest in the well. If the gross pay thickness is reported for an interval of conventional resources, the net pay applicable—this is not a conventional reservoir. The geological rock type of the formation shale. The depth of the zones depth of horizontal 3,017 metres Total Vertical Depth (TVD) (9,899 feet TVD), with 1,671 metres (5,483 ft) of stimulated lateral length. The types of test(s) undertaken and the duration of the test(s).30-day initial production (IP30) gas flow test. The hydrocarbon phases recovered in the test(s).Dry gas - mole %. Methane – 91.8, Ethane – 2.8, Propane – 0.17, Butane & higher <0.03. Any other recovery, such as, formation water and water, associated with the test(s) and their respective stimulation fluid is being recovered during testing. The well is currently producing approx. 160 barrels of water per day with a cumulative 21,689 bbls of water recovered from day 1 of cleanup. The choke size used, the flow rates and, if measured, the volumes of hydrocarbon phases 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. If applicable, the number of fracture stimulation stages and the size and nature of fracture stimulation applied.35 stage fracture stimulation stages and a toe stage covering over 1,671 metres (5,483 feet) at an average of 40 to 50-metre (131 - 164-foot) interval spacing within the Mid Velkerri B Shale. Average proppant concentrations of 2,706 lbs/ft across the 35 main stages with a total of over 14 million pounds of sand placed. Any material volumes of non-hydrocarbon gases, such as carbon dioxide, nitrogen, hydrogen sulphide or as Mol %: CO2, – 3.1, N2 – 2.0. Any other information that is material to understanding the reported well is planned to be flow tested over a full 90-day period, subject to joint venture approval. View source version on Contacts Investor enquiries: Chris Morbey, Vice President – Investor Relations+61 2 8330 6626Investors@ Media enquiries: +61 2 8330 6626Media@
Yahoo
12 minutes ago
- Yahoo
Trending tickers: The latest investor updates on US Steel, Kering, Tata Motors, BP and Entain
Shares in US Steel (X) were up 5% in pre-market trading on Monday, after president Donald Trump signed an executive order on Friday evening approving the takeover of the company by Japan's Nippon Steel (5401.T). Shares in Tokyo-listed Nippon Steel rose 1.5% in Monday's session after its $14.9bn (£20.2bn) bid for US Steel was given the green light. Read more: FTSE 100 LIVE: Markets and oil prices rise as Iran-Israel conflict enters fourth day In a joint statement, the two companies said that the approval of the "historic partnership" would "unleash unprecedented investments in steelmaking in the United States, protecting and creating more than 100,000 jobs". US Steel and Nippon Steel said that they had entered into a national security agreement with US government, which would provide $11bn of investment by 2028. They added that this agreement included giving a "golden share" to the US government, which typically means that it would have the power to block certain actions. Luca de Meo has reportedly decided to leave French carmaker Renault ( to lead Gucci-owner Kering ( Shares in Paris-listed Renault slid 7% on Monday morning, while Kering surged more than 7%, following the reports. Read more: Gold retreats as investors cash in after Iran-Israel conflict rally According to a Reuters report, Renault confirmed in a statement on Sunday that de Meo had "expressed his decision to step down in order to take on new challenges outside the automotive sector". French newspaper Le Figaro reported that de Meo was set to become CEO of luxury group Kering, with François-Henri Pinault planning to step back. Spokespeople for Renault and Kering had not responded to Yahoo Finance UK's request for comment at the time of writing. Carmaker Jaguar Land Rover lowered its margin forecast for the 2026 fiscal year, prompting shares in its parent company Tata Motors ( to fall 3.4% on Monday. JLR trimmed its earnings before interest and taxes margins forecast to 5% to 7% from a previous estimate of 10%, according to a Reuters report. Stocks: Create your watchlist and portfolio This updated forecast would also be below the 8.5% reported margin for the previous fiscal year. It comes as uncertainty over tariffs looms over the auto sector, with Trump having imposed 25% duties on cars made outside the US. The UK announced a trade pact with the US in May that lowered tariffs on British cars to 10% for the first 100,000 vehicles exported to America. However, JLR's "Defender" is manufactured in Slovakia, which is part of the European Union. The bloc has not yet reached a trade deal with the US. Oil majors BP (BP.L) and Shell (SHEL.L) were among the biggest risers on the FTSE 100 (^FTSE) on Monday, climbing 1.5% and 1.3% respectively. The came as oil prices rose, with brent crude futures (BZ=F) up 0.7% at $73.71 a barrel at the time of writing, driven by concerns over disruption to supply as the conflict between Israel and Iran entered its fourth day. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "There are worries that the attacks from Iran and Israel could ignite a wider conflict, destabilising the Middle East and affecting oil supplies." Read more: Stocks that are trending today She explained that there is an "intense focus on the Strait of Hormuz, described as an 'oil artery' in the region. Around a fifth of global oil supplies flow through this narrow channel and an escalation could disrupt distribution." "Israel has already been targeting Iran's energy facilities, including Iran's South Pars gas field," Streeter said. "Although gas prices have also edged up slightly, the biggest moves have been seen with crude prices, which are up around 12% since hostilities erupted and could head higher if the Strait is targeted." The biggest riser on the FTSE 100 on Monday morning was sports betting company Entain (ENT.L), which jumped 11% after it raised the annual guidance for its BetMGM business. Entain said it expected BetMGM's net revenue for the 2025 fiscal year to be at least $2.6bn, up from a previous guidance range of $2.4bn to $2.5bn. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the year were expected to be at least $100m. Read more: What to watch this week: Inflation, Bank of England interest rates, Accenture, Berkeley and Whitbread Russ Mould, investment director at AJ Bell (AJB.L), said: "The latest update from Ladbrokes owner Entain revealed why the US is seen as the promised land for UK gambling outfits as its BetMGM joint venture came up trumps. 'The momentum seen in the first three months of the year has continued into the second quarter and, from just about inching into profitability, Entain now sees a meaningful profit coming from the venture. The upgraded guidance lends credibility to its longer-term ambitions for earnings from the venture, too." AIRO Group Holdings (AIRO) Sunrun (RUN) Metaplanet (3350.T) Lennar (LEN) Read more: Average UK house asking price drops by more than £1,000 Why you can trust an 18-year old with their junior ISA – and how to create one What you need to know about UK's private stock market Pisces
Associated Press
14 minutes ago
- Associated Press
OPPEIN Formaldehyde-Purifying Green Panel Wins Prestigious A' Design Award
OPPEIN Home Group Inc. (SSEC: PERTH, AUSTRALIA, June 16, 2025 / / -- In 2025, Oppein Home Group, the global leader in integrated home solutions, won the 2024–2025 Bronze A' Design Award for the innovative Formaldehyde-Purifying Green Panel in the Furniture Accessories, Hardware, and Materials Design Category, which marks Oppein's consecutive international design honor from 2021 to 2025. Recognition from the esteemed A' Design Awards reinforces the company's reputation as a leader in advancing innovations in global home living. Founded in 1994, OPPEIN Home Group Inc. has been a global leader in cabinet manufacturing and China's leading kitchen and custom home furnishing brand. OPPEIN is synonymous with quality and excellence with over three decades of experience. As a one-stop shop for sophisticated and functional home furnishings, the company offers a full range of high-quality custom kitchen cabinets, bedroom wardrobes, bespoke furniture, bathroom vanities, interior doors and aluminum windows and doors. The A' Design Award and Competition is one of the world's largest, most prestigious, and influential design accolades, representing one of the highest achievements in the field of design. It evaluates entries from over 180 countries based on criteria such as innovation, functionality, and sustainability, with a jury comprising more than 100 international experts from academia, media, and design institutions. Oppein has won the awards in 2023 and 2024 for home furniture designs, and these consecutive wins highlight Oppein's exceptional commitment to design-driven engineering, which is a rarity in mass manufacturing industries. The 2025 award-winning green panel focuses on the health concerns around indoor air pollution. Using Oppein's patented Nano-Active Purification Technology, it continuously breaks down formaldehyde at the molecular level, achieving a consistent 82.4% purification rate. Unlike traditional 'low-emission' materials, this active system transforms cabinets into self-cleaning air filters. The innovation upholds Oppein's hallmark qualities: scratch-resistant nanocoatings, CARB P2 (USA) and ENF (China) certifications, and seamless integration with high-end finishes like matte lacquers and textured woodgrains. Amid growing health awareness, consumers increasingly seek healthy, eco-friendly, aesthetic, and personalized home solutions. Oppein's formaldehyde-free panel delivers comprehensive purification and sterilization across physical, chemical, and biological aspects through a single coating. It adapts to diverse decoration papers, accommodating varied home styles and aesthetic preferences. This design integrity reflects Oppein's 31-year legacy: every innovation balances novel functionality with timeless aesthetics. And further in the future, the company expects to have more innovative designs to improve the living experience of all families around the world. Nora Xu OPPEIN Home Group Inc. +86 20 3673 0513 email us here Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
