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Tamboran Resources welcomes US oil & gas giant as cornerstone investor

Published: 18:48 22 Nov 2021 EST

Tamboran Resources Ltd - Tamboran Resources welcomes US oil & gas giant as cornerstone investor

Tamboran Resources Ltd (ASX:TBN)’s Beetaloo Sub-basin strategy has received a significant shot in the arm from prolific US oil & gas investor Bryan Sheffield.

The company announced a $35 million placement on Tuesday, anchored by a $20 million investment from Sheffield, a legend in the US oil & gas sector.

Funds will be used to accelerate the commercialisation of EP 136, one of its low-CO2 unconventional natural gas interests in the Beetaloo Sub-basin in the Northern Territory.

Welcome Bryan Sheffield

Tamboran managing director and CEO Joel Riddle said the company was excited to welcome Sheffield as a strategic investor, given his background - Sheffield was the founder of Parsley Energy, a major independent unconventional oil & gas producer in Texas, which was sold earlier this year for US$7.3 billion.

“This is an exciting time for Tamboran as we complete our two horizontal well 2021 drilling campaign with our joint venture partner Santos in EP 161,” he said.

“Both wells in EP 161 are expected to be fracture stimulated and flow tested before the end of CY2021.

“Learnings from the 2021 campaign are being integrated into the planning for our operated 2022 drilling program, which will include the Maverick 1H well in EP 136, located within the Core Beetaloo.”

For his part, Sheffield said he had been attracted to Tamboran for a reason.

“The Beetaloo Sub-basin has a number of the key elements of a world-class shale play,” he said.

“The Mid-Velkerri shale has a large aerial extent, ample thickness and great rock quality. I am excited to be part of the Tamboran story.”

Beetaloo potential

Tamboran recently encountered significant gas shows that are indicative of strong commercial flow rates from drilling at Tanumbirini 3H (T3H) well within the Beetaloo Sub-basin.

The company has drilled up to a total measured depth of 4,857 metres, with the horizontal section once again intersecting more than 1,000 metres of Mid-Velkerri ‘B’ shale.

Results were consistent with Tamboran’s T2H well, with both wells set to be fracture stimulated and flow tested with initial results expected by the end of 2021.

The information gained from drilling and flow testing T2H and T3H will be incorporated into the well design for Maverick 1H, the well that Tamboran intends to drill in EP 136, its 100%-owned and operated permit, in 2022.

- Daniel Paproth

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Tamboran Resources Ltd (ASX:TBN, OTC:TBNRF) CEO Joel Riddle tells Proactive the Shenandoah South 1H (SS1H) well at the Beetaloo Sub-Basin in the Northern Territory has intersected 90-metres of high-quality Mid Velkerri B Shale with strong dry gas shows. It represents the thickest section of Mid...

on 08/30/2023