Tamboran Resources Ltd (TBNRF)

[Ebenezer3]

NT resource news:
Tamboran Resources to stake a larger claim in natural gas assets in the Beetaloo Sub-basin
Tamboran Resources Ltd (TBN) will broaden its activities in the Beetaloo Sub-basin in the Territory after raising $3.4 million in a share purchase plan (SPP) at $0.21 per share. Tamboran’s share purchase plan follows a recent two-tranche private placement, which saw around 657.2 million shares issued at the same price as the SPP to raise roughly A$98.8 million.

The company intends to buy Origin Energy Ltd (ORG)’s 77.5 per cent interest in three Beetaloo Basin permits in the Territory through a joint venture entity. The acquisition will make Tamboran the largest acreage holder in the Beetaloo Basin, with roughly 1.9 million net prospective acres, boosting the company’s estimated net 2C contingent gas resources to around 270 per cent.

Empire spuds new Beetaloo gas well
Empire Energy will begin drilling its Carpentaria-3H well in the Territory’s Beetaloo Sub-basin.

Schlumberger, one of the world’s largest drilling contractors, will be managing the drilling program for Empire’s Carpentaria-3H project. Schlumberger will primarily sink a vertical bore that shifts horizontally at depth to penetrate a gas-bearing shale unit, a method of extracting a formation’s resources and is frequently used in the extraction of gas in the Beetaloo.

Once complete, Empire will be running a fracking program to release and extract the formation’s gas, which entails drilling into a resource-bearing formation and injecting a high-pressure cocktail of water, sand and chemicals that create small fissures in the target zone that allow the hydrocarbons to escape to the surface.

Meanwhile, development works at Empire’s Carpentaria-2H have resulted in a 51-day average production rate of 2.2 million standard cubic feet or MMCF of gas per day. https://ntindependent.com.au/nt-resource-news-october-24/