EP 136 Maverick 1V update:
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Tamboran Resources records strong gas shows at Maverick 1V well in Beetaloo Basin
20:29 Thu 06 Oct 2022
Ephrem Joseph
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Tamboran Resources Ltd
ASX:TBN
Tamboran Resources Ltd - Tamboran Resources exhibits strong gas shows at Maverick 1V well in Beetaloo Basin
Ensign 970 drilling Maverick 1V within EP 136.
Tamboran Resources Ltd (ASX:TBN) has recorded strong gas shows from its Maverick 1V well within the Beetaloo Basin Permit EP 136 in the Northern Territory of Australia.
Notably, the company’s drilling reached a total depth of 3,050 metres in 18.3 days, representing a 54% reduction in drilling time compared to other near-field vertical sections drilled deeper than 2,500 metres in the Beetaloo Basin.
Moving forward, preparations are underway for a comprehensive wireline logging evaluation before suspending the well.
“Exciting milestone”
Tamboran managing director and CEO Joel Riddle said: “The drilling of our first operated well within the Beetaloo Basin is an exciting milestone for our team, allowing us to showcase the performance gains and drilling efficiencies we can bring to the region.
“The well intersected the three target Mid-Velkerri shale formations, which found gas-bearing shales in line with pre-drill expectation.
“We look forward to returning to the M1V well for future evaluation.
“We are extremely pleased we have been able to drill through the Moroak Sandstone in record time and, importantly, without any reportable safety or environmental incidents.
“The Moroak Sandstone has been a big challenge for all operators drilling in the Basin to date and this performance sets a new standard.
“Pleasingly, we were able to considerably reduce the average time for drilling a deep Beetaloo well.
“This is the first step in delivering on our development well cost targets of approximately $20 – 25 million for a deeper Mid-Velkerri well.
“We look forward to applying these techniques as we move to our two operated Amungee wells within the recently acquired EP 98 permit, subject to completion of the transaction with Origin and receiving necessary approvals."
Drill summary
Tamboran has applied its experience and technical expertise, as well as learnings from the T2H and T3H wells to the drilling of the M1V well.
The company’s newly designed bit and bottomhole assembly delivered a 314% faster rate of penetration through the Moroak sandstone, the toughest interval to drill efficiently in the deeper Beetaloo due to its abrasive and hard nature.
Based on mud-logs, the M1V well has intersected Mid-Velkerri A, B and C shales exhibiting strong gas shows, consistent with other nearby wells and in line with expectations.
These improvements are expected to result in a significant reduction in time for drilling through the Moroak sandstone in future development wells, supporting cost reductions.
Tamboran also used a new low solid drilling fluid system that is believed to have assisted in these record times. Tamboran’s technical team plans to use these learnings in the two operated Amungee horizontal wells within the recently acquired EP 98 acreage, subject to completion of the transaction with Origin.
Forward plan
The forward plan for M1V is to acquire wireline logs and then suspend the well, following a decision to prioritise the acceleration of booking 2P reserves and first commercial production from the proposed Amungee Pilot Development, which is supported by the recently signed 10-year GSA with Origin.
Tamboran will assess the potential to use data from the two Amungee wells to optimise a future 3,000- metre horizontal section in the Maverick well, using the H&P super-spec FlexRig® , which is planned to be mobilised into Australia for the company’s proposed 2023 development drilling campaign.
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Prescient Therapeutics exceeds SPP target, delivers top-up placement to accommodate demand
20:12 Thu 06 Oct 2022
Elisha Newell
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Prescient Therapeutics Ltd
ASX:PTX
Prescient Therapeutics Ltd - Prescient Therapeutics exceeds SPP target, delivers top-up placement to accommodate demand
Prescient Therapeutics Ltd (ASX:PTX) has brought in AS$8.76 million thanks to a share purchase plan (SPP) — well above the A$8 million target thanks to strong investor demand.
The SPP bolsters Prescient’s cash balance, which will be used to progress the company’s deep pipeline of innovative cancer therapies.
At present, the clinical-stage oncology company is focused on bringing its targeted PTX-100 and PTX-200 drug candidates through the clinic, bringing them one step closer to first-in-human studies.
Funds raised will also cover costs associated with the offer and provide general working capital. Shares are scheduled for allotment on Tuesday, October 11.
Wholesale placement
In tandem with the SPP results announcement, Prescient has entered a trading halt ahead of a top-up placement, which will accommodate the high demand.
This will allow wholesale investors who want to pick up more than A$30,000 worth of Prescient shares to request a greater allocation.
Shareholders who are interested in participating can apply here.
The company will use part of its 7.1A placement capacity to undertake this placement.
“Moving the needle for patients”
Prescient managing director and CEO Steven Yatomi-Clarke thanked Prescient shareholders for their strong support of the SPP.
“It is a significant achievement to exceed our target amidst challenging market conditions,” he explained.
“It is a testament to the shared vision of shareholders and the company to develop innovative cancer therapies that can really move the needle for patients by overcoming obstacles confronting the field.
“With a further strengthened balance sheet, Prescient is able to maintain its impressive development momentum, deploying these funds astutely for the benefit of patients and shareholders alike.”
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The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...
In exchange for publishing services rendered by the Company on behalf of Prescient Therapeutics Ltd named herein, including the promotion by the Company of Prescient Therapeutics Ltd in any Content on the Site, the...
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