Highlights
- Tamboran Resources Corporation and Santos Limited (ASX: STO) have entered into a non-binding Memorandum of Understanding (MOU) to conduct technical studies related to the expansion of Darwin LNG (DLNG) train 2 and joint work on the jointly owned EP 161 acreage. (Santos 75% operator, Tamboran 25%) in the Beetaloo Basin.
- The purpose of the studies is to evaluate supply options for a potential expansion train at the existing DLNG facility in the Middle Arm. DLNG is approved to be 10 million tonnes of LNG per annum (MTPA), with the possibility of expansion up to 6 MTPA.
- Santos is the operator of the existing DLNG project with a working interest of 43.4%.
- Tamboran and Santos are joint venture partners in EP 161 acreage holding ~300,000 acres of Mid Velkerri B Shale at a depth of less than 8,850 feet (~2,700 meters). The area has shown Marcellus Basin-type subsidence in two Tanumbirini wells that will be drilled and tested in 2022.
- Tamboran remains committed to advancing the development of the proposed NTLNG project in the Middle Arm, currently conducting pre-FEED studies with Bechtel Corporation.
- Tamboran and Santos are both committed to supplying natural gas from the Beetaloo Basin to both Australia's domestic gas and international LNG markets.
NEW YORK–( BUSINESS WIRE )–Tamboran Resources Corporation Managing Director and CEO, Joel Riddle, said:
The MOU between Tamboran and Santos aims to explore commercial options for the development of DLNG Train 2 using natural gas supplied by prospective gas resources within the Beetaloo Basin.
With approximately two million hectares in prospect throughout the Beetaloo Basin, Tamboran holds significant gas reserves capable of supplying the Northern Territory and Australia's Offshore gas market for decades. With multiple channels to trade the LNG markets in Darwin and Gladstone and domestic gas markets on the East Coast, Tamboran is in a good position to assess opportunities to accelerate shareholder value.
Tamboran and Santos have been partners in EP 161 acreage, which covers the Beetaloo East area, for more than ten years.
We believe that the shale within the deepest Beetaloo East area is consistent with other high quality shale properties that we have successfully opened in the Shenandoah area of South Beetaloo West. Beetaloo East is home to the Tanumbirini wells, which were drilled and tested in 2022 and were the first wells in the Basin to show Marcellus Basin-style decline curves, albeit with less equipment, drilling and rehabilitation methods.
We look forward to discussions with Santos to unlock this important source of shale gas and contribute to the expansion of DLNG in Darwin. This development has the potential to generate revenue for the Northern Territory Government while generating jobs and cash flow for Native Title holders in the region.
EP 161 interest
|
Company |
Interest |
|
Santos QNT Pty Ltd1 |
75.0% |
|
Tamboran Resources Corporation |
25.0% |
|
Total (EPA:) |
100.0% |
1Describes EP user 161 acreage.
This announcement was approved and authorized to be released by Joel Riddle, Managing Director and 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 owner and operator of approximately 1.9 million hectares of prospecting in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia.
Tamboran's highlights include a 38.75% working and working interest in EPs 98, 117 and 76, a 100% working and working interest in EP 136 and a 25% unused working interest in EP 161, all available in the Beetaloo Basin. .
Disclaimer
Tamboran makes no representation, warranty or guarantee as to the accuracy or likelihood of fulfillment of any forward-looking statement or any results expressed or implied in any forward-looking statement. Forward-looking statements in this report reflect expectations held as of the date of this document. Except as required by applicable law or the ASX Listing Rules, Tamboran disclaims any obligation or promise to publicly update any forward-looking statements, or financial futures discussion, whether as a result of new information or future events.
The information contained in this announcement does not take into account the investment objectives, financial situation or specific needs of any recipient and is not a financial product recommendation. Before making an investment decision, recipients of this announcement should consider their needs and circumstances and, if necessary, seek independent expert advice. To the fullest extent permitted by law, Tamboran and its officers, employees, agents and consultants make no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Furthermore, neither Tamboran nor its officers, employees, agents or consultants accept, to the fullest extent permitted by law, responsibility for any loss, claim, damage, cost or expense arising from, or in connection with, the information contained in this announcement. .
Note on Forward-Looking Statements
This press release contains forward-looking statements relating 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 assumptions about future events at that time, and that involve uncertainty and risk. The words believe, expect, estimate, will, may, plan, anticipate, intend, estimate, may, continue, and negatives of these words and other similar expressions also identify forward-looking statements.
It is possible that the Company's future financial performance may differ from expectations due to various factors, including but not limited to: our early stage of development with no expected asset revenues until 2026 and our limited operating history; substantial additional capital required for the business plan, which we may not be able to raise on acceptable terms; our plan to export natural gas to the East Coast of Australia and select Asian markets is dependent on the construction of additional pipeline capacity, which may not be secured; lack of proven reserves and the risk that our drilling may not produce natural gas in commercial quantities or quality; the nature of speculative drilling activities, which involve significant costs and may result in the discovery or addition of our future production or reserves; challenges associated with importing US practices and technologies into the Northern Territory, which may affect our operations and growth due to limited local experience; the critical need for timely access to appropriate equipment and infrastructure, which may affect our market access and execution of our business plan; operational difficulties and inherent risks of drilling, completion, operations, and hydraulic fracturing activities that could adversely affect our business; fluctuations in natural gas prices and their potential adverse effect on our financial condition and operations; risks of construction delays, cost overruns, and adverse effects on our financial and operational performance associated with intermediate projects; the potential fundamental impact on our business if our assessment of Beetaloo is materially inaccurate; The concentration of all our assets and operations in Beetaloo, which exposes us to specific regional risks; the serious doubt raised by our recurring operating losses, negative cash flows, and cumulative loss balances regarding our ability to continue as a going concern; complex laws and regulations that could affect our operating costs and potentially or lead to significant liabilities; community opposition that could cause costly delays and hinder our ability to obtain necessary government approvals; exploration and development activities in Beetaloo that may lead to legal disputes, operational disruptions, and reputational damage due to native title and inheritance issues; the need to produce natural gas on a Scope 1 net zero basis at the beginning of commercial production, and internal goals to use net zero, which could increase our production costs; increased attention to ESG issues and environmental sustainability measures that may have a negative impact on our business; risks related to our business structure; risks associated with our common stock and CDIs; and other risk factors discussed in this report and in the Company's filings with the Securities and Exchange Commission.
It is impossible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyzes carried out by the Company in light of historical experience and opinion, current conditions, expected future developments, and other factors believed to be appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and actual results or developments may differ from expectations. While the Company regularly reviews trends and uncertainties affecting the Company's results of operations and financial condition, the Company does not undertake any obligation to update or supplement any forward-looking statements contained in this document.
Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20250122852542/en/
Investor Questions:
Chris Morbey, Vice President “ Business Development and Investor Relations
+61 2 8330 6626
Investors@tamboran.com
Media inquiries:
+61 2 8330 6626
Media@tamboran.com
Source: Tamboran Resources Corporation