Latest news with #JoelRiddle
ABC News
29-07-2025
- Business
- ABC News
Tamboran CEO Joel Riddle departs fracking company as Scott Sheffield joins board
Oil and gas heavy hitters from US state of Texas are taking the lead in a fracking company with contracts to supply more than half of the Northern Territory's daily gas needs, an energy analyst says. Joel Riddle has stepped down as CEO and managing director of Tamboran Resources after 12 years in the role. Tamboran has fracking operations in the gas-rich Beetaloo Basin, and last year inked a contract with the NT government to supply gas to the territory from 2026. About 80 per cent of the territory's energy is supplied by gas-fired power stations, which have depended on emergency deals with exporters since 2020. Mr Riddle's sudden departure from Tamboran's top job is not the only change at the company, with two new appointments and one further exit from the boardroom. Texan oil and gas man Scott Sheffield has been named a non-executive director. The Sheffield Group, which includes privately held US-based company Sheffield Holdings LP and Scott Sheffield's billionaire son Bryan Sheffield, is a major shareholder in Tamboran. Energy analyst Saul Kavonic said he believed differences of opinion were behind the sudden departure of Tamboran Resources. "The nature of his leaving, which was very abrupt, to my mind does suggest that there's been a misalignment between [Mr Riddle] and Sheffield," Mr Kavonic told NT Country Hour. "What we've seen here with the installation of Scott Sheffield onto the board is a sign that the Sheffields are taking control of Tamboran and are going to be more much hands-on with driving things forward. Scott Sheffield has a long history in the United States' fossil fuel sector as head of oil and gas company Pioneer, which was acquired by ExxonMobil in 2024. He has also made moves into Australia's gas industry, serving as a director from 2014 to 2017 with Santos, which has significant gas projects underway in the NT. In a statement to the ASX, Tamboran chair and interim CEO Dick Stoneburner said the company remained committed to delivering gas out of the Beetaloo. Last year, the NT government signed a nine-year deal with Tamboran to buy fracked gas from its Beetaloo Basin project. At the time, Mr Riddle said the company would prioritise the NT's gas needs first, ahead of supply to the east coast and international gas markets. In March, the NT government scrapped targets to achieve 50 per cent renewable energy generation by 2030. NT Chief Minister Lia Finocchiaro said she was not concerned that the change in leadership at Tamboran would affect the gas supply deal. "We are continuing to look to how we can diversify and shore-up gas security for territorians into the future," she said. "We remain very committed to the Beetaloo being a really important resource."
Associated Press
28-07-2025
- Business
- Associated Press
Tamboran Appoints Board Chairman Dick Stoneburner as Interim CEO
NEW YORK--(BUSINESS WIRE)--Jul 27, 2025-- Tamboran Resources Corporation (NYSE: TBN, ASX: TBN): Tamboran Resources Corporation Chairman, Dick Stoneburner, said: 'Tamboran remains committed to completing the tie-in of the five wells on the Shenandoah South 2 pad that are planned to deliver gas into the Sturt Plateau Compression Facility (SPCF) and feed into the 40 MMcf/d Gas Sales Agreement with the Northern Territory Government. We remain focused on unlocking the significant value that we believe the development of the Beetaloo Basin will realize for shareholders and the stakeholders of the Northern Territory. 'Since joining Tamboran as CEO in 2013, Mr. Riddle has overseen the Company's transformation from early-stage natural gas exploration to the brink of commercial production. Under his leadership, Tamboran has pioneered integrated development strategies that combine recognized U.S. shale techniques with Australian operations, driving significant productivity and efficiency gains. 'Additionally, under Joel's leadership, Tamboran successfully acquired and expanded its key assets and operations, resulting in the Company becoming the largest acreage holder and operator in the Beetaloo Basin in the Northern Territory of Australia, with approximately 1.9 million net prospective acres. 'On behalf of the Board, I thank Joel for his dedicated service to Tamboran over the last 12 years and John for his valuable membership on our Board.' Tamboran Resources Corporation Chair of the Nomination and Corporate Governance Committee, Fred Barrett, commented: 'We are also pleased to welcome two deeply experienced executives, Scott and Phillip, to our Board of Directors. They each bring extensive leadership, operational, financial, capital raising, strategic partnering and risk management expertise to Tamboran. 'Their perspectives will be invaluable as we continue to prioritize strategic execution and operational innovation to capitalize on the enormous potential of the Beetaloo Basin. With the appointments of Scott and Phillip, the Board has meaningfully deepened its expertise in large-scale shale development.' The complete cooperation agreement with Sheffield Holdings will be filed on a Current Report on Form 8-K with the U.S. Securities and Exchange Commission. This announcement was approved and authorised for release by Dick Stoneburner, the Chairman 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. 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 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 environmental, social and governance 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 described more fully in the Company's Annual Report on Form 10-K, which are expressly incorporated herein by reference, and other factors as may periodically be described in 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 release 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, except as otherwise required by law. Annexure A About Scott Sheffield Mr. Sheffield has more than 50 years of experience in the energy industry, including building a company into a top tier exploration and production company that was acquired by Exxon Mobil Corporation in a transaction that closed in May 2024. From 2019 until December 31, 2023, he served as a Director and Chief Executive Officer of Pioneer Natural Resources Company ('Pioneer'), a large publicly traded domestic upstream oil and gas company. He retired on December 31, 2023, as CEO and remained as a director until May 2024. Mr. Sheffield served as the founding Chief Executive Officer of Pioneer from August 1997 until his retirement in December 2016, and he also served as Board Chair from 1999 until 2019 when he returned as the CEO. Mr. Sheffield was the CEO of Parker and Parsley Petroleum Company, a predecessor company of Pioneer, from 1985 until it merged with MESA, Inc. to form Pioneer in 1997. Mr. Sheffield joined Parker and Parsley as a petroleum engineer in 1979, was promoted to Vice President of Engineering in 1981, was elected President and a Director in 1985, and became Board Chair and Chief Executive Officer in 1989. Mr. Sheffield served as a Director of Santos Limited, an Australian exploration and production company, from 2014 to 2017. He previously served as a Director from 1996 to 2004 on the Board of Evergreen Resources, Inc., an independent natural gas energy company. Mr. Sheffield holds a Bachelor of Science in Petroleum Engineering from the University of Texas. He has also served on various industry and education-related boards, including the National Petroleum Council, America's Natural Gas Alliance, and the Maguire Energy Institute of the Southern Methodist University Cox School of Business. Mr. Sheffield is also a 2013 inductee to the Permian Basin Petroleum Museum Hall of Fame. About Phillip Pace Phillip Pace has more than 30 years of energy industry experience. From 2017 to 2020 he served as a Director of Lonestar Resources US Inc., a then-publicly traded exploration and production company. From 2009 until his retirement in 2020, Mr. Pace was Founding Partner and Managing Director of Chambers Energy Management, a Houston-based investment firm focused on opportunistic credit investments in the energy industry. He also has extensive experience in energy finance, including 19 years in oil and gas equity research. Following his equity research career, Mr. Pace became Credit Suisse's Head of Exploration and Production Investment Banking in 2005 and Co-Head of Energy Investment Banking in 2006. During his career on Wall Street, Mr. Pace was involved in over $50 billion in completed M&A transactions and over $10 billion in equity capital raised for the exploration and production sector in more than 50 distinct transactions. Mr. Pace holds a Bachelor of Business Administration degree in Finance, with honors, from Texas A&M University and is a Chartered Financial Analyst. He serves on multiple education-related and non-profit boards, including the Yellowstone Academy and Angel Reach. View source version on CONTACT: Investor enquiries: Chris Morbey, Vice President – Corporate Development and Investor Relations +61 2 8330 6626 [email protected] enquiries: +61 2 8330 6626 [email protected]. media enquiries: Matt Sherman / Andrew Siegel Joele Frank, Wilkinson Brimmer Katcher 212-355-4449 KEYWORD: NEW YORK AUSTRALIA/OCEANIA AUSTRALIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: OIL/GAS NATURAL RESOURCES ENERGY OTHER NATURAL RESOURCES OTHER ENERGY SOURCE: Tamboran Resources Corporation Copyright Business Wire 2025. PUB: 07/27/2025 07:30 PM/DISC: 07/27/2025 07:31 PM
Business Wire
16-06-2025
- Business
- Business Wire
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
NEW YORK--(BUSINESS WIRE)-- Tamboran Resources Corporation (NYSE: TBN, ASX: TBN): 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 Share 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 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 Area 1,2 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. 1 Subject to the completion of the SS-2H ST1 and SS-3H wells on the Shenandoah South pad 2. 2 Working interest may change as a result of future drilling spacing units (DSUs) being created based on Falcon's participation. Expand Working Interests – Phase 2 Development Area Company Previous New Tamboran (West) Pty Limited 1 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% Expand Working Interests – Proposed RL10 Company Previous New Tamboran (West) Pty Limited 1 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% Expand Working Interests – Remaining Tamboran owned Ex-EP 76, 98 and 117 acreage 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 well. Shenandoah 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 located. EP 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 well. Tamboran holds a 47.5% interest in the well. If the gross pay thickness is reported for an interval of conventional resources, the net pay thickness. Not applicable—this is not a conventional reservoir. The geological rock type of the formation drilled. Organic-rich shale. The depth of the zones tested. Average 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 proportions. Fracture 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 measured. 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. 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 sulphur. Reported as Mol %: CO 2, – 3.1, N 2 – 2.0. Any other information that is material to understanding the reported results. The well is planned to be flow tested over a full 90-day period, subject to joint venture approval.
Associated Press
16-06-2025
- Business
- Associated Press
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
NEW YORK--(BUSINESS WIRE)--Jun 16, 2025-- Tamboran Resources Corporation (NYSE: TBN, ASX: TBN): This press release features multimedia. View the full release here: Figure 1: The SS-2H ST1 flow rates achieved a material step-up in IP30 rates as testing increases to longer lateral sections. Source: Company data 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 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 Working Interests – Phase 2 Development Area Working Interests – Proposed RL10 Working Interests – Remaining Tamboran owned Ex-EP 76, 98 and 117 acreage 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) View source version on CONTACT: Investor enquiries: Chris Morbey, Vice President – Investor Relations +61 2 8330 6626 [email protected] enquiries: +61 2 8330 6626 [email protected] KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: ENERGY NATURAL RESOURCES MINING/MINERALS OIL/GAS SOURCE: Tamboran Resources Corporation Copyright Business Wire 2025. PUB: 06/16/2025 05:46 AM/DISC: 06/16/2025 05:46 AM
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13-05-2025
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Tamboran Finalizes the Checkerboard of Beetaloo Basin Blocks and Announces US$15 Million Acreage Sale to Daly Waters Energy, LP
Highlights Tamboran and Daly Waters Energy, LP (DWE) have signed a binding agreement to finalize the checkerboard of the joint acreage position across EPs 76, 98 and 117. In conjunction with the checkerboard, Tamboran and DWE have entered into a binding agreement whereby DWE will acquire a non-operating and non-controlling interest in 100,000 acres within two areas for a consideration of US$15 million. The transaction is subject to certain conditions precedent and regulatory approvals. On completion, Tamboran will have retained approximately 1.9 million net prospective, development-ready acres across the Beetaloo Basin. Tamboran has reserved 406,693 gross acres as its Phase 2 Development Area, located immediately north of the Pilot Area, where Tamboran plans to focus development on supplying gas into Australia's East Coast domestic gas market. On completion of the sale to DWE, Tamboran is expected to hold 236,370 net acres (58.12% operated interest) over the Phase 2 Development Area, with DWE (19.38%) and Falcon Oil & Gas Australia Limited (Falcon) (22.5%) holding the remaining interest. Tamboran has engaged RBC Capital Markets to commence a formal farm-down of the Phase 2 Development Area. The formal process will commence on release of the IP30 flow test from the Shenandoah South 2H sidetrack (SS-2H ST1) well, planned for June 2025. DWE will have participation rights to any transaction on the same terms. Ownership of the proposed northern Pilot Area, which will provide initial gas production to the Northern Territory, remains unchanged (Tamboran 47.5% operator) with expansion into the proposed southern Pilot Area (Tamboran 38.75%) anticipated in accordance with the terms of the acreage sale. Future working interests are subject to participation of parties in the Joint Venture. Tamboran will hold 77.5% operating interest in the remaining half of the ex-EP 76, 98 and 117 acreage positions following the completion of the checkboard process, with Falcon holding the remaining 22.5% interest. NEW YORK, May 13, 2025--(BUSINESS WIRE)--Tamboran Resources Corporation (NYSE: TBN, ASX: TBN): Tamboran Resources Corporation Chief Executive Officer, Joel Riddle, said: "We have engaged RBC Capital Markets to progress a farm down of acreage to carry Tamboran through the delineation of gas resources to underpin our Phase 2 strategy. "Tamboran and DWE will continue working together on the Pilot Area, where we are focused on the development of the proposed 40 MMcf/d Shenandoah South Pilot Project. Tamboran's recently secured funding is expected to support the drilling activities required to reach initial production in mid-2026, subject to weather and customary regulatory approvals. "DWE will also participate in our Phase 2 Development Area and we look forward to continuing to work with DWE on progressing our joint ambition to be a major gas supplier to the East Coast gas market at a time when the market is anticipating a shortfall at the back end of the decade." Checkerboard update Tamboran and DWE (100% owned by Formentera Australia Fund, LP) have signed a binding agreement to finalize the checkerboard of the joint acreage position across EPs 76, 98 and 117. Under the process, Tamboran and DWE selected acreage, resulting in each party holding regions at a 77.5% owned and operated working interest (Falcon hold the remaining 22.5% non-operating interest). Ownership of the proposed northern Pilot Area, the focus for initial gas production in the Northern Territory, remains unchanged (Tamboran 47.5% operator, DWE 47.5% and Falcon 5%) with expansion into the southern Pilot Area (Tamboran 38.75%, DWE 38.75% operator and Falcon 22.5%) anticipated in accordance with the terms of the acreage sale. Acreage sale In conjunction with the checkerboard, Tamboran and DWE have entered into a binding agreement whereby DWE will acquire a non-operating and non-controlling interest across 100,000 acres within two areas of Tamboran's post-checkerboard acreage position for a consideration of US$15 million. The transaction is subject to certain conditions precedent including, and not limited to, DWE obtaining approval from the Formentera Australia Fund, LP's Limited Partner Advisory Committee, Tamboran shareholder approval and regulatory approvals. Farm down update Tamboran has engaged RBC Capital Markets to conduct a farm down process of the area designated as Phase 2 Development Area. This area covers 406,693 acres located immediately north of the Pilot Area. The process is expected to commence following results of the SS-2H ST1 well, which is planned to be released in June 2025. DWE will have the right to participate in any farm down deal at the same terms provided to Tamboran. Figure 2: Tamboran net prospective acres across the Beetaloo Basin assets Company Gross Acreage Interest Net Acreage Proposed northern Pilot Project Area1 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. 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% 1Denotes operatorship of the assets. This announcement was approved and authorized for release by Joel Riddle, 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. View source version on Contacts Investor enquiries: Chris Morbey, Vice President – Corporate Development and Investor Relations+61 2 8330 6626Investors@ Media enquiries: +61 2 8330 6626Media@
