Tamboran Resources Limited announced that the Tanumbirini 2H ("T2H") and Tanumbirini 3H ("T3H") wells drilled in Northern Territory permit EP 161 have delivered gas to surface from the Mid-Velkerri "B" shale of the Beetaloo Sub-basin over an initial 30-day period. The T2H well peaked at 4.0 mmscfd following a weather-related shut-in in mid-January 2022. The well has since stabilised at a 14-day average of 1.7 mmscfd over a 660-metre unoptimised fracture stimulated horizontal section (normalised at 2.6 mmscfd over 1,000-metres).

The T3H well peaked at 10.0 mmscfd following shut-ins for the same weather-related event and planned maintenance. The well has since stabilised at a 10-day average of 1.5 mmscfd over a 600-metre unoptimised fracture stimulated horizontal section (normalised at 2.5 mmscfd over 1,000- metres). Incorporating the results from the Tanumbirini 1 vertical, T2H and T3H wells, Tamboran has developed an exclusive and independent model, using its own intellectual property, into optimisating effective fracture stimulation within the Mid-Velkerri "B" shale formation.

This modelling indicates that the Mid-Velkerri shale is capable of flowing gas in excess of 5 million standard cubic feet per day ("mmscfd") per 1,000-metre, which has been verified by independent subsurface expert, Subsurface Dynamics Inc. Tamboran plans to leverage its exclusive intellectual property to increase the size and maximise the efficiency of the fracture stimulation design within the Maverick 1H ("M1H") well, planned to be drilled during calendar year 2022. The M1H well will incorporate North American best practice unconventional drilling and fracture stimulation using Tamboran's proprietary design parameters. The forward plan is to continue flow testing both T2H and T3H to gather further information on the Mid-Velkerri "B" shale formation.

Using results from the three Tanumbirini wells drilled in EP 161 and leveraging Tamboran's in-house North American shale expertise, the Company has undertaken comprehensive and sophisticated modelling of the Mid-Velkerri "B" shale formation within the Core Beetaloo. This has led to the development of significant intellectual property regarding the fracture stimulation design and implementation to maximise the efficiency and productivity of future wells. The model has been analysed and verified by Subsurface Dynamics Inc., who have worked with Tamboran's technical team.

This process has identified key lessons learned and recommendations for improvement that will be incorporated into the M1H well. When the recommended key parameters are achieved and maintained in subsequent fracture stimulations, the Mid-Velkerri "B" shale is predicted to deliver flow rates in excess of 5 mmscfd per 1,000 metre horizontal section.