Tamboran Resources Corporation (ASX:TBN) Announces Second Quarter Activities Report
Operational Achievements
Tamboran Resources successfully drilled, cased, and cemented the Shenandoah South 2H and 3H wells in EP 98, reaching depths of 16,182 feet and 21,169 feet respectively. The SS-3H well featured the first 10,000-foot horizontal section in the Mid Velkerri B Shale. Stimulation activities began in January 2025 using Liberty Energy’s modern equipment, completing 35 stages in the SS-2H ST1 well.
Financial Performance
The company secured a US$23 million (A$35 million) line of credit from Macquarie Bank, with US$4.0 million drawn for the Sturt Plateau Pipeline construction. Tamboran ended the quarter with a cash balance of US$59.4 million, supported by a US$6.2 million R&D tax credit.
Commercial Agreements
Tamboran entered binding agreements with APA Group to build and operate the 23-mile Sturt Plateau Pipeline for the Shenandoah South Pilot Project. Additionally, a non-binding MOU with Santos Limited was signed to explore Darwin LNG expansion and collaboration on EP 161 in the Beetaloo Basin.
Safety and Environmental Updates
The company completed a 10-month Methane Satellite Monitoring Campaign across its Northern Territory assets, recording no methane emissions from 78 satellite observations, demonstrating Tamboran’s commitment to environmental protection and Net Zero aspirations.
Executive Comments
Chief Executive Officer Joel Riddle stated, “During the December quarter, we maintained our momentum towards first gas production in the Beetaloo Basin having completed the drilling of the first two production wells at SS-2H ST1 and SS-3H. Lessons from the original SS-2H well were incorporated into drilling of these two wells, resulting in a material step change in drilling efficiency.”
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