TBN16 Oct 2023 00:55
EP 98/117 Operational Update: A3H drilled in record time in less than 18 days
Highlights
• The Amungee NW 3H (A3H) well in 38.75 per cent owned exploration permit EP 98 has reached a
Total Depth (TD) of 3,837 metres (12,589 feet), including a 1,100-metre (3,609 feet) horizontal
section within the Mid Velkerri B Shale.
• The well intersected the target Mid Velkerri B shale at a total vertical depth (TVD) of 2,272 metres
(7,454 feet) and encountered significant gas shows within the shale, in line with pre-drill
expectation.
• Drilling took in 17.9 days (spud to TD), 20 days faster than the Amungee 2H (A2H) well, at an
average daily rate of 214 metres per day (702 feet per day). This demonstrates the improved
drilling efficiency of Helmerich & Payne, Inc.’s (H&P), (NYSE: HP), super-spec FlexRig® Flex 3 Rig.
• Total estimated cost for the drilling and cementing of the A3H well is A$12.6 million, in line with
forecast and ~30 per cent lower cost compared to the A2H well. The stimulation program is
planned for the second quarter of 2024, following the end of the Northern Territory wet season.
• Stimulation activities for the Shenandoah South 1H (SS1H) well in EP 117 are on track to
commence in November 2023 with IP30 flow rates planned for early 2024, subject to successful
completion of the stimulation program and weather delays.
Tamboran Resources Limited (ASX: TBN) Managing Director and CEO, Joel Riddle, said:
“The Tamboran and H&P teams have done an incredible job in demonstrating the improved drilling
efficiency of the recently imported H&P rig in the Beetaloo Basin.
“The A3H well has achieved the fastest drilling rates experienced in the Beetaloo Basin to date, delivering
an average of 214 metres per day and reaching TD in less than 18 days. This is a 20-day improvement on
the A2H well drilled from the same pad in H2 2022 and with a 1,025-metre (3,363 foot) lateral section.
“Importantly, the A3H well was drilled and cemented at approximately 30 per cent lower cost compared to
the A2H well, demonstrating how lessons from previously drilled wells and modern drilling technology can
result in operational improvements and cost reduction
“Finally, activities at the SS1H well location continue to progress, and we are on track to commence the
stimulation program during November 2023. Based on the current timeline, we expect to update the market
with IP30 flow rates in early 2024.”
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