Slide 1: Shenandoah South IP30 Flow Test Results
For personal use only ASX: TBN Shenandoah South IP30 Flow Test Results 26 February 2024 NOT FOR DISTRIBUTION IN THE UNITED STATES 1 SHENANDOAH SOUTH WELLPAD, NORTHERN TERRITORY, AUSTRALIA
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Tamboran Resources Limited (Tamboran). The information in this presentation is information of a general nature and is subject to change without notice. This presentation contains information in a summary form only and should be read in conjunction wi
Slide 3: SS-1H delivers IP30 flow rates of 6.4 MMcf/d
Shenandoah South 1H (SS-1H) delivers IP30 flow rates of 6.4 MMcf/d (1,000 metres normalized) Material de-risking to deliver proposed 40 MMcf/d Shenandoah South Pilot Project, targeting first gas by 1H 2026 For personal use only SS-1H IP30 flow test achieved normalized rates of 6.4 MMcf/d1 (19.5 MMcf
Slide 4: Focused strategy targeting development in the Shenandoah South area
Tamboran’s focused strategy targeting development in the Shenandoah South area Regional study leveraged learnings from successful US shale gas basins over last 10 years Existing Pipeline Corridor to Darwin For personal use only − Mid-Velkerri dry gas play in deep Beetaloo West area (~1 million acres
Slide 5: Shenandoah South 1H drilled in deepest section of Mid-Velkerri gas play
Shenandoah South 1H drilled in deepest section of Mid-Velkerri gas play in the Beetaloo West area Geological rock properties at SS-1H compare favourably with those in the average Marcellus Shale dry gas window Shenandoah South 1H − SS-1H well logged ~480 ft of high quality, stacked Middle Velkerri s
Slide 6: Shenandoah South 1H optimised with US-style completion design
Shenandoah South 1H optimised with “US-style” completion design Incorporating US completion expertize to improve well performance For personal use only T3H previously delivered highest flow test in Beetaloo Basin EP 161 Tanumbirini 3H well Drilled with 4 ½” casing, ~60 bpm with cross-link gel design
Slide 7: Shenandoah South 1H IP30 flow test results
Shenandoah South 1H IP30 flow test results SS-1H well achieved the highest normalized IP30 flow test in the Beetaloo Basin to date For personal use only IP30 Flow Rate 20 − IP30 flow rate of 6.4 MMcf/d1 – exceeding pre-drill expectation 18 − Steady, low-decline during the Average Daily Gas Rate (MMc
Slide 8: SS-1H IP30 performance vs. Marcellus Shale producers
Shenandoah South 1H IP30 performance vs. Marcellus Shale producers Favourable IP30 comparison to average Marcellus Shale well performance Marcellus, Appalachian Basin (US) Shenandoah South 1H IP 30 = 3.2 MMcf/d per 500 metres For personal use only (19.5 MMcf/d per 10,000 ft) Marcellus Shale dry gas
Slide 9: SS-1H result demonstrates a potential pathway to improved economics
SS-1H result demonstrates a potential pathway to improved economics Targeting cost reduction and enhanced well recovery by incorporating US technology Development well EUR (10,000 ft lateral) For personal use only Unit cost (US$ per mcf) 13 BCF 15 BCF 17 BCF 19 BCF 21 BCF 23 BCF US$10 million 0.77 0
Slide 10: SS-1H results high grade ~1 million acres in deep Mid-Velkerri
SS-1H results high grade ~1 million acres in deep Mid-Velkerri gas play in Beetaloo West area Significant de-risking of acreage close to existing pipeline corridor For personal use only Existing Pipeline Corridor to Darwin Targeting development in deep Beetaloo West area: − ~1 million gross acres (>
Slide 11: Beetaloo Basin development strategy
Tamboran’s Beetaloo Basin development strategy Vision to achieve 2 Bcf/d (gross) as early as 20301 to supply NT, East Coast and Asia Pacific markets For personal use only Darwin Phase 4 – NTLNG (2035+) Potential additional volumes to NTLNG 2 Bcf/d Phase 3 – NTLNG (2030) East Coast 1 Bcf/d via new pi
Slide 12: Proposed Shenandoah South Pilot Project
Phase 1 – Proposed Shenandoah South Pilot Project Targeting sanction of proposed ~40 MMcf/d Pilot Project in mid-2024; targeting first gas in 1H 2026 − Proposed Pilot Project targeting six horizontal wells drilled in 2024- Drill & Frac 2024 Drill & Frac 2025 Shenandoah East Station For personal use
Slide 13: Proposed Pilot Project to further optimise US-style well design
Proposed Pilot Project to further optimise “US-style” well design Incorporating learnings from SS-1H to further improve well performance and cost efficiency For personal use only Shenandoah South 1H 10 stimulation stages over 500-metre (50-metre spacing) Targeting ~5 mmscfd per 1,000-metre (3,280 fe
Slide 14: Tamboran's Strategic Partnerships
Tamboran’s Strategic Partnerships Delivering on commitment to import US technology and additional pipelines into the Beetaloo Basin − Tamboran / H&P (NYSE: HP) Strategic Alliance to import modern US unconventional drilling rigs For personal use only into the Beetaloo Basin. − Current two-year rig co
Slide 15: Upcoming catalysts
Upcoming catalysts Progressing towards sanctioning decision on proposed ~40 MMcf/d (gross) Pilot Project in 1H 2024 For personal use only April 2024 Announce SS-1H IP90 flow rates 2Q 2024 Finalise binding Gas Sales Agreement for proposed Pilot Project 2Q 2024 Commence drilling SS-2H & SS-3H wells 2Q
Slide 16: Q&A
Q&A For personal use only Email info@tamboran.com Phone +61 2 9977 6522 Carpentaria Highway, Northern Territory Australia 16 NORTHERN TERRITORY AUSTRALIA
Slide 17: Appendix A: Additional Information
Appendix A: Additional Information For personal use only
Slide 18: Australian gas price premium
Australian gas price premium Australian domestic gas and LNG prices trade at multiples higher than Henry Hub gas price − Australian gas contracts typically negotiated between ACCC analysis of bid and offer information provided by suppliers1 For personal use only buyer and seller over short- to mediu
Slide 19: SS-1H IP30 flow test vs. other Beetaloo Basin wells
SS-1H IP30 flow test vs. other Beetaloo Basin Achieving the highest normalized IP30 flow test in the Beetaloo Basin to date Shenandoah South 1H Tanumbirini 3H Tanumbirini 2H Carpentaria 2H Carpentaria 2H (SS-1H) (T3H) (T2H) (C2H) (C2H) For personal use only Beetaloo Permit EP 117 EP 161 EP 161 EP 18
Slide 20: Appendix B: Resource Disclosure
Appendix B: Resource Disclosure For personal use only 20
Slide 21: EP 98/117 Resource upgrade
EP 98/117 Resource upgrade Increase in 2C contingent gas resources to 2.1 Tcf | Initial resources booked over Shenandoah South region For personal use only Increase in 2C Contingent Resources1 Bcf (net TBN) Previous New ∆ (%) 2,500 1C Gas Resources 458 491 +7% 2C Gas Resources 1,971 2,122 +8% 152 2,
Slide 22: NSAI estimates of contingent gas resources
NSAI estimates of contingent gas resources 2.0 Tcf 2C contingent gas resources1 and 147 Tcf 2U prospective gas resources2,3 For personal use only Contingent Gas Resources Unrisked Prospective Gas Resources Low Estimate Best Estimate High Estimate Low Estimate Best Estimate High Estimate (1C) (2C) (3
Slide 23: Resources statement
Resources statement For personal use only The estimates of contingent gas resources in the permits contained in the announcement were prepared by Netherland, Sewell & Associates Inc., qualified resource evaluators. The resource assessment was independently carried out by John G. Hattner, Senior Vice
Slide 24: For personal use only
For personal use only Email info@tamboran.com Phone +61 2 9977 6522 Carpentaria Highway, Northern Territory Australia