Tamboran increases Beetaloo 2C gas resources by 8%
Sydney-listed Tamboran Resources on February 26 announced an 8% increase in its net 2C contingent gas resources in Australia's Beetaloo Basin to 1.2 trillion ft3.
This development is attributed to the results of a 30-day initial production flow test of the Shenandoah South 1H (SS-1H) well, leading to the booking of the first estimate of contingent gas over the Shenandoah South region across EP 98 and 117.
The EP 76/98/117 unrisked net 1C contingent gas resources have also seen an increase, rising by 33bn ft3 to 284 billion ft3. The independent third-party resource certifier, Netherland, Sewell & Associates, Inc. (NSAI), has evaluated and certified this resource upgrade, with an effective date of January 31, 2024.
These upgraded 2C resources are said to support the sanctioning of the proposed Shenandoah South pilot project, with a planned capacity of 40mn ft3/day. The pilot project is expected to be sanctioned in mid-2024, with the delivery of first gas into the Northern Territory projected for Q1 2026, subject to securing financing and key stakeholder approvals.
"Tamboran stands by its commitment to deliver first volumes from the Beetaloo Basin into the Northern Territory before exporting volumes into the East Coast and international LNG gas markets,” CEO, Joel Riddle, said.
Tamboran is planning to develop the Northern Territory LNG (NTLNG) project in the state of Northern Territory. The project is aimed at developing a fully integrated onshore LNG facility in the Northern Territory, with operations spanning upstream, midstream, and downstream activities. The NTLNG development is expected to be supported by the gas sourced from the Beetaloo basin.
The company recently told NGW that the financing of the project is expected during 2024/2025.