Tamboran Resources Ltd (ASX:TBN, OTC:TBNRF) has achieved an operational landmark in exploration permit EP 98 with the Amungee NW 3H (A3H) well, reaching a total depth (TD) of 3,837 metres in an unprecedented 17.9 days, setting a new record in the Beetaloo Basin.
The technological edge, accelerated by the advanced FlexRig® Flex 3 Rig from Helmerich & Payne, Inc. (NYSE:HP), enabled the company to complete the A3H well 20 days faster than its Amungee 2H predecessor.
In addition to the accelerated timeline, Tamboran delivered these results at an estimated total cost of A$12.6 million, a reduction of roughly 30% compared to the previous well.
Time-depth chart of Amungee 3H compared to Beetaloo offset wells.
Fastest drilling rates experienced
Tamboran managing director and CEO Joel Riddle said: “The Tamboran and H&P teams have done an incredible job in demonstrating the improved drilling efficiency of the recently imported H&P rig in the Beetaloo Basin.
“The A3H well has achieved the fastest drilling rates experienced in the Beetaloo Basin to date, delivering an average of 214 metres per day and reaching TD in less than 18 days.
“This is a 20-day improvement on the A2H well drilled from the same pad in H2 2022 and with a 1,025-metre (3,363 foot) lateral section.
“Importantly, the A3H well was drilled and cemented at approximately 30% lower cost compared to the A2H well, demonstrating how lessons from previously drilled wells and modern drilling technology can result in operational improvements and cost reduction.
“Finally, activities at the SS1H well location continue to progress, and we are on track to commence the stimulation program during November 2023. Based on the current timeline, we expect to update the market with IP30 flow rates in early 2024.”
Forward plan
The A3H well intersected the Mid Velkerri B Shale at a total vertical depth (TVD) of 2,272 metres, confirming significant gas shows in alignment with pre-drilling projections.
The company has set the stage for upcoming operations, including a stimulation programme for the A3H well in the second quarter of 2024, post the Northern Territory's wet season.
Concurrently, stimulation activities for the Shenandoah South 1H well in EP 117 are scheduled for November 2023.
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