Tamboran Resources Limited (ASX: TBN) Managing Director and CEO, Joel Riddle, said:
“The arrival of Helmerich & Payne’s (H&P) super spec FlexRig® Flex 3 rig in Australia marks a significant moment for the Northern Territory, Tamboran and our joint venture partners.
Driving Down Energy Costs for Australians
“The event is especially significant for everyday Australians who have been calling for a reduction in cost of living from lower energy prices for their homes and businesses. Through our Strategic Alliance with H&P and the possibility of importing an additional four rigs into Australia, the commercialisation of shale gas from the Beetaloo Basin has the incredible potential to reduce current energy costs with generally lower associated emissions than existing coal and higher reservoir carbon dioxide gas fields.
“The rig, which comes with modern US drilling technology, is expected to bring about a significant improvement in drilling efficiency and horsepower, delivering a step change in cost reduction while also reducing land use and minimising environmental impact.
Strategic Implementation of Pepper Inquiry Recommendations
“Tamboran welcomes the Northern Territory Government’s announcement regarding the implementation of all 135 Pepper Inquiry recommendations. This gives industry the certainty to invest in the latest shale technology and equipment, including the H&P FlexRig® rig. With the Northern Territory Government’s completion of the Pepper Inquiry, Tamboran is planning on moving rapidly towards production as early as 2025.
“Once operational, this onshore drilling rig will be the most powerful rig in Australia, capable of drilling more than 3,000-metre horizontal sections within the Mid Velkerri ‘B Shale’ in the higher quality, deeper shale formations of the Beetaloo. With Beetaloo gas containing approximately 3 – 4 per cent reservoir carbon dioxide, we expect the reduction in Scope 1 and 2 emissions will be more cost efficient when compared to offshore gas fields that can hold up to 20 per cent associated carbon dioxide.
Economic Transformation and Energy Security
“The development of the Beetaloo Basin, one of the world’s largest undeveloped shale gas plays, has the potential to transform the Northern Territory. It is anticipated that thousands of direct and indirect jobs will be created locally, and hundreds of millions of dollars in royalties will be paid to Traditional Owners and the Northern Territory Government.
“By working closely with the government, the industry can ensure Australia’s energy security for decades to come and contribute to the country’s climate commitments by utilising this low reservoir carbon dioxide gas resource to offset high emission alternatives. Additionally, this resource has the potential to significantly reduce the