Tamboran Resources Limited (TBNNY) EP 98 Operational Update Spudding of A3H

Tamboran Resources Limited (ASX:TBN) (OTCMKTS:TBNNY) has successfully commenced drilling of the Amungee NW 3H (A3H) well in 38.75 per cent owned exploration permit EP 98 with the Helmerich & Payne, Inc. (H&P), (NYSE:HP), superspec FlexRig(R) Flex 3 Rig.

The A3H well is being drilled from the same well pad as the Amungee 2H (A2H) well, which was drilled in the second half of 2022 and intersected the Mid Velkerri B Shale at 2,413 metres total vertical depth (TVD).

Drilling activity is expected to take approximately 25 days, including a 1,000-metre horizontal section. A stimulation program is planned for the second quarter of 2024, following the end of the Northern Territory wet season.

Learnings from the recently drilled A2H and Shenandoah South 1H (SS1H) wells are being incorporated into the drilling and stimulation programs.

The drilling and cementing portion of the A3H well is expected to cost A$14.4 million (~A$5.6 million net Tamboran). All parties are participating at their full working interest.

Tamboran Resources Limited Managing Director and CEO, Joel Riddle, said:

"The A3H well is the second well to be drilled in the Beetaloo Basin with the new H&P rig. Learnings from the A2H and SS1H are expected to deliver increased drilling efficiencies, leading to an anticipated reduction in future drilling costs.

"Results from the A3H well are planned to support Tamboran's resource maturation where a Netherland, Sewell and Associated, Inc. (NSAI) maturation study has demonstrated a pathway to a material increase in 2C contingent gas resources between the Amungee and Shenandoah South area, subject to demonstration of commercial flow rates from the Amungee and Shenandoah South locations. A further well midway between the two well pads is required and planned for 2024/2025, subject to joint venture approval.

"We look forward to providing an update to our operations at the A3H and SS1H wells, including the upcoming stimulation program at SS1H, throughout the remainder of the year."

Investor enquiries:
Chris Morbey
Vice President - Investor Relations
+61-2-8330-6626
Investors@tamboran.com

Media enquiries:
+61 2 8330 6626
Media@tamboran.com

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