Tamboran Resources Limited announced that Tamboran has successfully completed the 25-stage stimulation program at the Amungee 2H (A2H) well in the 38.75 % owned and operated EP 98 permit of the Beetaloo Basin. A total of 25 stages were successfully stimulated across a 1,020-metre horizontal section within the Mid-Velkerri "B Shale". Approximately 2,125 pound per foot of proppant was placed along the completed horizontal section, an increase of 55% compared to the Tanumbirini 2H (T2H) and 3H (T3H) wells in the Santos-operated EP 161 permit (Tamboran 25 %, non-operator).

The proppant was placed using 5-½-inch casing and based on modern US shale design. This design has leveraged off the experience of the Company's US technical team and incorporated learnings from the drilling and stimulation of the T2H and T3H wells. The modern design is expected to result in improved flow rates from the extended production test during 2023.

The total expenditure for the A2H well to date is $32 million, including drilling and stimulation. This is within 5% of budget estimate after additional scope to the well was undertaken by Tamboran post-acquisition. The flowback of stimulation fluid is planned to commence imminently and is expected to take several weeks before the well is shut-in for installation of production tubing.

Tamboran expects to announce 30-day initial production (IP30) flow rates during the second quarter of 2023.