SS-2H ST1 Delivers Record Beetaloo Basin IP30 Flow Rate of 7.2 MMcf/d, In-Line With Average IP30 Rate From Marcellus Dry Gas Area

NEW YORK--(BUSINESS WIRE)--Jun 16, 2025--
Tamboran Resources Corporation (NYSE: TBN, ASX: TBN):
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250616242684/en/
Figure 1: The SS-2H ST1 flow rates achieved a material step-up in IP30 rates as testing increases to longer lateral sections. Source: Company data
Tamboran Resources Corporation Chief Executive Officer, Joel Riddle, said:
'The Shenandoah South 2H sidetrack well has delivered a record average IP30 flow result of 7.2 MMcf/d from the Beetaloo Basin to date. Results show a material step up in flow rate from a horizontal section stimulated approximately three times longer than the SS-1H well.
'The IP30 flow rate over a 5,482-foot horizontal section is another positive data point that demonstrates potential commercial productivity of the shale formation in the Australian East Coast gas market that typically sells at a premium to Henry Hub in the US and under long term CPI-linked contracts.
'Importantly, the results from SS-2H ST1 are in-line with the average of more than 11,000 wells produced for over 12-months in the Marcellus Shale dry gas area, the most prolific shale gas basin in the world.
'At the end of the 30-day period, the well continues to experience steady flow performance, low decline rates and favorable wellhead pressures, which underscore the reliability and scalability of our operations.
'Importantly, Tamboran continues to bring key lessons from the US to accelerate the commercial development of the Beetaloo Basin. We have already delivered an impressive improvement in drilling efficiency and stimulation intensity in the first two wells of the Shenandoah South area.
'Lessons from the completion and flow back of the SS-2H ST1 well will be incorporated into the design of the remaining four wells required to deliver first gas sales in mid-2026, subject to standard regulatory and stakeholder approvals. SS-2H ST1 is another foundation well, that demonstrates the Beetaloo Basin has characteristics similar to wells drilled across the Marcellus dry gas area. We believe, like in the US, with more well results and incorporation of lessons we can improve and deliver this world-scale energy resource.'
Shenandoah South 2H ST1 flow results
The SS-2H ST1 well in Tamboran B2-operated Exploration Permit (EP) 98 achieved average IP30 flow rates of 7.2 MMcf/d following the 35-stage stimulation program across a 5,483 feet (1,671 metres) lateral section in the Mid Velkerri B Shale.
During the 30-day production testing period, the choke was opened from 10/64' to 40/64' at staged intervals. Gas rates declined from 10.4 MMcf/d to 6.6 MMcf/d, with an average IP30 flow rate of 7.2 MMcf/d and cumulative production of 217.2 MMcf over that period. Flowing wellhead pressures were drawn down from 4,565 to 906 psi.
Table 1: Breakdown of the SS-2H ST1 IP30 flow result
Ongoing Shenandoah South development activity
Tamboran plans to commence the 2025 Shenandoah South drilling program in July 2025. The program includes drilling three wells, each with a 10,000-foot horizontal section and completed with up to 60 stimulation stages, subject to joint venture approval.
The SS-3H well is planned to be completed and flow tested by the end of 2025, with the remaining three wells drilled in the 2025 campaign to be completed during 1H 2026. Completion of the remaining four wells will incorporate lessons from the SS-1H and SS-2H ST1 wells. The wells are expected to be tied into the SPCF ahead of the commencement of production in mid-2026 and supply gas sales to the Northern Territory Government under a take-or-pay GSA, subject to standard regulatory and stakeholder approvals and favorable weather conditions.
The five wells are expected to deliver the required 40 MMcf/d volume under the take-or-pay agreement with the Northern Territory Government. The GSA with Tamboran is a significant contract for the Northern Territory given the high reliance on gas for power generation.
Falcon Oil & Gas Australia Limited have elected not to participate in the 2025 Shenandoah South drilling program. As a result, the work program will be equally funded by Tamboran and Daly Waters Energy, LP.
Webcast details
Managing Director and Chief Executive Officer, Joel Riddle will hold a webcast on 8:00am EDT (New York) (10:00pm AEST, Sydney, Melbourne) on Monday June 16, 2025.
Details for the webcast can be found on Tamboran's website at https://ir.tamboran.com/
Tamboran net prospective acres across the Beetaloo Basin assets
Working Interests – Phase 2 Development Area
Working Interests – Proposed RL10
Working Interests – Remaining Tamboran owned Ex-EP 76, 98 and 117 acreage
This ASX announcement was approved and authorised for release by Joel Riddle, the 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 holder and operator with approximately 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia.
Tamboran's key assets include a 47.5% operating interest over 20,309 acres in the proposed northern Pilot Area, a 38.75% non-operating interest over 20,309 acres in the proposed southern Pilot Area, a 58.13% operating interest in the proposed Phase 2 development area covering 406,693 acres, a 67.83% operated interest over 219,030 acres in a proposed Retention License 10, a 77.5% operating interest across 1,487,418 acres over ex-EPs 76, 98 and 117, a 100% working interest and operatorship in EP 136 and a 25% non-operated working interest in EP 161, which are all located in the Beetaloo Basin.
The Company has also secured ~420 acres (170 hectares) of land at the Middle Arm Sustainable Development Precinct in Darwin, the location of Tamboran's proposed NTLNG project. Pre-FEED activities are being undertaken by Bechtel Corporation.
Disclaimer
Tamboran makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement. The forward-looking statements in this report reflect expectations held at the date of this document. Except as required by applicable law or the ASX Listing Rules, Tamboran disclaims any obligation or undertaking to publicly update any forward-looking statements, or discussion of future financial prospects, whether as a result of new information or of future events.
The information contained in this announcement does not take into account the investment objectives, financial situation or particular needs of any recipient and is not financial product advice. Before making an investment decision, recipients of this announcement should consider their own needs and situation and, if necessary, seek independent professional advice. To the maximum extent permitted by law, Tamboran and its officers, employees, agents and advisers give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Further, none of Tamboran nor its officers, employees, agents or advisers accept, to the extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the information contained in this announcement.
Note on Forward-Looking Statements
This press release contains 'forward-looking' statements related 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 projections about future events at the time, and thus involve uncertainty and risk. The words 'believe,' 'expect,' 'anticipate,' 'will,' 'could,' 'would,' 'should,' 'may,' 'plan,' 'estimate,' 'intend,' 'predict,' 'potential,' 'continue,' 'participate,' 'progress,' 'conduct' and the negatives of these words and other similar expressions generally identify forward-looking statements.
It is possible that the Company's future financial performance may differ from expectations due to a variety of factors, including but not limited to: our early stage of development with no material revenue expected until 2026 and our limited operating history; the substantial additional capital required for our business plan, which we may be unable to raise on acceptable terms; our strategy to deliver natural gas to the Australian East Coast and select Asian markets being contingent upon constructing additional pipeline capacity, which may not be secured; the absence of proved reserves and the risk that our drilling may not yield natural gas in commercial quantities or quality; the speculative nature of drilling activities, which involve significant costs and may not result in discoveries or additions to our future production or reserves; the challenges associated with importing U.S. practices and technology to the Northern Territory, which could affect our operations and growth due to limited local experience; the critical need for timely access to appropriate equipment and infrastructure, which may impact our market access and business plan execution; the operational complexities and inherent risks of drilling, completions, workover, and hydraulic fracturing operations that could adversely affect our business; the volatility of natural gas prices and its potential adverse effect on our financial condition and operations; the risks of construction delays, cost overruns, and negative effects on our financial and operational performance associated with midstream projects; the potential fundamental impact on our business if our assessments of the Beetaloo are materially inaccurate; the concentration of all our assets and operations in the Beetaloo, making us susceptible to region-specific risks; the substantial doubt raised by our recurring operational losses, negative cash flows, and cumulative net losses about our ability to continue as a going concern; complex laws and regulations that could affect our operational costs and feasibility or lead to significant liabilities; community opposition that could result in costly delays and impede our ability to obtain necessary government approvals; exploration and development activities in the Beetaloo that may lead to legal disputes, operational disruptions, and reputational damage due to native title and heritage issues; the requirement to produce natural gas on a Scope 1 net zero basis upon commencement of commercial production, with internal goals for operational net zero, which may increase our production costs; the increased attention to ESG matters and environmental conservation measures that could adversely impact our business operations; risks related to our corporate structure; risks related to our common stock and CDIs; and the other risk factors discussed in the this report and the Company's filings with the Securities and Exchange Commission.
It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company's results of operations and financial condition, the Company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document.
Table 2: Disclosures under ASX Listing Rule 5.30 (Shenandoah South 2H ST1)
View source version on businesswire.com:https://www.businesswire.com/news/home/20250616242684/en/
CONTACT: Investor enquiries:
Chris Morbey, Vice President – Investor Relations
+61 2 8330 6626
[email protected] enquiries:
+61 2 8330 6626
[email protected]
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: ENERGY NATURAL RESOURCES MINING/MINERALS OIL/GAS
SOURCE: Tamboran Resources Corporation
Copyright Business Wire 2025.
PUB: 06/16/2025 05:46 AM/DISC: 06/16/2025 05:46 AM
http://www.businesswire.com/news/home/20250616242684/en

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Yahoo

an hour ago

• Yahoo

Superannuation warning after $25 billion ASX bloodbath as US-Iran tensions escalate

Australians are being warned not to panic if their superannuation balance goes down as tensions between the US and Iran escalate. American stealth bombers attacked a series of nuclear sites in the Middle Eastern country over the weekend. Outbreaks like this can cause volatility on the share market and see investors sell off their assets. This was seen on Monday after the opening bell, with the ASX 200 falling 44.30 points or 0.52 per cent. It ended up being a $25 billion drop by lunchtime, according to IG market analyst Tony Sycamore, and the futures markets in the US are predicting similar drops when they open tonight. With Aussie super accounts heavily invested in the Australian and US markets, some might see their balances drop sharply over the coming days as a result of this market movement. But Jessica Amir, MooMoo Australia market strategist, told Yahoo Finance it's best to ride out this storm and not move your money around as a knee-jerk reaction $3,000 superannuation boost coming for Aussie parents from July 1 Centrelink payment alert for 58,000 Aussies in caravans Couple's side hustle amid double redundancy secures $13 million fortune "Just take a big-picture approach. Cop it on the chin and suck it up," she said. "Sometimes, the best thing to do is nothing, because markets always recover. "If you were to sell right now, you might be pretty foolish, perhaps even dumb." She added this also comes at a time when many Australian super funds are readjusting their investments before July 1."It's usually every quarter, but the biggest one is the end of financial year because it's all about tax minimisation," Amir said. "And tax loss selling is something that we see, which is basically when a super fund might look to sell the stocks that have done badly during the financial year and claim them as a tax write off against stocks that have gone up over the year." When you add that with what's happening in Iran, as well as the potential for the US central bank to drop interest rates next month, you get a lot of sharemarket volatility. Amir told Yahoo Finance July is typically the best month on the Australian share market. "Investment managers chuck all their money back into the share market [in July], and they're getting ready for the new financial year, and so they're buying those stocks that they think will be growing their earnings," she said. "Also interest rates are expected to be cut, which benefits consumer spending on stocks." While sharemarkets aren't the biggest fans of war, historically there have been big swings in the other direction following large sell-offs. "After every pullback, the Aussie market and the US market have always recovered," Amir said. "You could buy into those stocks, or even just the entire market, during the pullback and hold it for six to nine months, and you'll probably be a lot wealthier." Financial advisor Alex Jamieson, founder of AJ Financial Planning, echoed this sentiment. "History tells us that markets can respond in surprising ways and certain sectors can thrive," he said. 'During World War II, US industrial production surged and equity markets steadily rose after the initial shock. 'In the wake of the Gulf War in 1990, markets initially fell on uncertainty but rebounded strongly once military action commenced and oil supplies stabilised.' Even with the Russian-Ukrainian war, oil, gas, defence and agricultural companies soared while tech stocks suffered. "While conflict creates volatility, it also fuels certain parts of the economy,' he added. 'For super fund members, this means your balance could actually benefit if your fund is exposed to the right areas, such as energy, commodities, infrastructure and defence.' While markets might recover from the volatility caused by what's happening in the Middle East, it might have a much bigger, long lasting impact on everyday costs. The US has asked China to prevent Iran from closing the Strait of Hormuz, which is a naval passageway connecting the Persian Gulf with the Arabian Sea and the rest of the world's oceans. Roughly 20 million barrels of oil flowed through that route every day in 2024, according to the Energy Information Administration. Closing or narrowing that Strait could see oil prices jump considerably. The industry standard Brent price per barrel is already in the high US$70s and there are fears it could spike as high as more than US$100 per barrel. Amir said this could materialise soon at Aussie petrol stations. "It means we're paying higher prices when we fill up," she told Yahoo Finance. "Even if you're filling up your Tesla or your BYD or whatever, much of Australia's energy grid is actually actually powered by fossil fuels, so everything will be passed back to the consumer." She added that higher petrol prices means more expensive freight costs and that could result in supermarkets jacking up their prices to cover these increased in to access your portfolio

Skift

an hour ago

• Skift

Virgin Australia: Long a Loser, Now a Winner

Skift Take In this Australian version of David versus Goliath, Goliath always wins — at least until now. After years in the long shadow of Qantas, Virgin Australia appears to be closing the profitability gap. For the 2024 calendar year, it posted a superior operating margin of 10.8%, edging out Qantas at 10.6%. With Qatar Airways now holding a 25% stake and an IPO on the horizon, this week's feature story explores what lies ahead for Australia's resurgent challenger.

Associated Press

2 hours ago

• Associated Press

Kinterra Capital Submits Proposal to Acquire 100% of New World Resources

TORONTO and PERTH, Australia, June 22, 2025 /PRNewswire/ - Kinterra Capital GP Corp. II ('Kinterra'), in its capacity as general partner of the Kinterra Critical Materials & Infrastructure Opportunities Fund II, LP, confirms that it has submitted a non-binding, indicative proposal to acquire 100% of the shares in New World Resources Limited (ASX: NWC) ('New World' or the 'Company') for an all cash consideration of A$0.057 per share ('Kinterra Proposal'). The Kinterra Proposal is subject to a very short period of confirmatory due diligence, and to limited other conditions, including no regulatory conditions. Kinterra believes the Kinterra Proposal is in the best interest of New World shareholders and represents a Superior Proposal to the revised agreement entered into by New World and Central Asia Metals Plc (LON: CAML) on June 20, 2025. In addition, Kinterra currently has a 19.16% relevant interest in NWC shares, making it highly unlikely that the proposed CAML scheme will be successful. Kinterra looks forward to constructive engagement with the New World Board of Directors over an expedited timeline. About Kinterra Capital Kinterra Capital is a private equity firm that invests in the people, ideas, critical materials, and strategic infrastructure necessary to accelerate the development of the modern economy. Kinterra leverages significant domain specific technical and transactional expertise to source and manage investments that create value for its stakeholders, all while supporting the communities within which we operate through meaningful partnerships. At Kinterra, we focus on creative ideation, rigorous analysis and executing with excellence to make investments that will create sustainable, strong and secure supply chains. For more information about Kinterra Capital, please visit View original content to download multimedia: SOURCE Kinterra Capital Corp