Tamboran gets A$7.5mn grant from Aussie government
Sydney-listed Tamboran Resources has been awarded a grant of up to A$7.5mn ($5.5mn) through the Australian government's Beetaloo cooperative drilling programme, it said on March 7.
The funding will support the drilling of the Maverick 1H well within Tamboran's 100% owned and operated EP 136 permit in the Beetaloo sub-basin during the calendar year 2022.
Subject to the delivery of commercial flow rates from the M1H well, which is planned to spud in the mid-calendar year 2022, Tamboran intends to accelerate the Maverick pilot development with a target of delivering gas to the Australian domestic market by the end of the calendar year 2025.
Tamboran CEO, Joel Riddle, said the funding is intended to support up to 25% of the costs of drilling, fracture stimulation and flow testing of the M1H well, limited to A$7.5mn in EP 136.
"The award of the grant reflects the support and ongoing commitment of the Commonwealth government to the development of the Beetaloo sub-basin as a new source of low carbon dioxide natural gas for Australia to promote jobs, manufacturing and, importantly, national energy security,” Riddle said.
Tamboran’s joint venture partner and operator of EP 161, Santos, successfully drilled the Tanumbirini 2H and 3H wells, which are currently undergoing extended flow testing.
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