Tamboran currently holds interests in 18 exploration permits and applications covering over 24 million acres in the Northern Territory, South Australia and Western Australia. Tamboran’s current focus is on its acreage portfolio in the Beetaloo/McArthur and Ngalia Basins in the Northern Territory.
Tamboran’s Beetaloo/McArthur Project is located in the Northern Territory in Australia and covers an area of approximately 6.4 million acres. The project comprises exploration permits EP 161, EP 162 and EP 189 and application 299(A) and is located in close proximity to Darwin (~600km south), a major industrial and LNG export market.
In December 2012 Tamboran announced a farm-in with Santos Limited (ASX:STO) pursuant to which Santos would earn up to 75% in the permits and applications by funding a $71 million work program in two phases. The terms of the agreement provide for Santos to earn an initial 50% operated interest by funding a $41 million phase one work program over three years, and on completion of that program, a further 25% interest by funding a $30 million phase two work program including the drilling and testing of two wells. In conjunction with the farm-in, Santos also made a $10M equity investment in Tamboran and remains a major shareholder.
As part of the phase one work program, Santos completed a 500-kilometre 2D seismic survey over EP 161 in 2013 and drilled the Tanumbirini-1 exploration well in EP 161 in 2014. The Tanumbirini-1 exploration well is one of the deepest onshore wells to have been drilled in Australia, and reached a total depth of 3,945 metres.
The initial Tanumbirini-1 well results are extremely encouraging. Multiple thick intervals of organic-rich rock were intersected at the primary objective Mid-Velkerrie level, accompanied by significant mud gas shows. Elevated gas readings were encountered over a total gross interval in excess of 500 metres. A 90 metre core was taken and extensive wireline evaluation conducted. The well has been cased and suspended for re-entry in 2015.
Tamboran’s Ngalia exploration permits and applications (EP 164, EP 165, EP 166, EP 309, EP(A) 310 and EP(A) 311) are located ~1200km south of Darwin in the Northern Territory. The project covers 3.6 million acres over the entire Ngalia basin. Tamboran holds a 100% interest in the project and is the operator.
The Ngalia work program has initially been focused on EP 164 where Tamboran intends to drill the Davis #2 well to test multiple unconventional targets. Upon success of the Davis #2 well, Tamboran expects to drill additional wells and perform additional testing of unconventional targets.
Officer / Pedirka / Arrowie / Birrindudu
Tamboran holds a number of exploration permits and applications in the Officer Basin (STP-EPA-0067 and STP-EPA-0116), Pedirka Basin (EP 163), Arrowie Basin (PELA 627, 628 and 629) and Birrindudu Basin (EP(A) 316 and EP(A) 317) which are located in the Northern Territory, South Australia and Western Australia.
In total, these permits and applications cover over 13.6 million acres. Tamboran holds a 100% interest in these permits and applications and is the operator. Each of these projects is in the early stages of technical evaluation.