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More funding awarded for Beetaloo exploration

8th March 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The federal government has awarded ASX-listed Tamboran Resources a A$7.5-million grant under the Beetaloo Cooperative Drilling Programme to support exploration in the Northern Territory.

The grant agreement with Sweetpea Petroleum, a subsidiary of Tamboran Resources, will further assist gas operators in their efforts to prove up Beetaloo gas reserves, Minister for Resources and Water Keith Pitt said.

All regulatory approvals will need to be in place prior to any funding being provided under the grant.

Pitt said the grant underlined the commitment of the government to opening up Beetaloo.

“Beetaloo has the potential to provide a world-class gas resource and we are determined to support its development as part of our gas-led recovery. This grant under the Beetaloo Cooperative Drilling Program is expected to bring forward A$52-million in private investment at Sweetpea Petroleum’s Maverick 1 well.

“Investment such as this will help accelerate gas development in the Beetaloo, which has the potential to create thousands of jobs. Gas from the basin can also make a significant contribution to maintaining Australia’s affordable and reliable energy supplies.

“We should take the energy crisis in Europe as a warning of what could happen in Australia if there is not enough investment in the gas sector. As uncertainty grips the world, our international partners will look to Australia for the resources they need to provide energy security.

“In an uncertain world, our reputation as a leading and reliable supplier of resources can provide stability and development of the Beetaloo will enhance that well-deserved reputation.”

Tamboran MD and CEO Joel Riddle said that the funding is intended to support up to 25% of the costs of drilling, fracture stimulation and flow testing of the Maverick 1 well.

“Subject to the delivery of commercial flow rates from the Maverick 1 well, Tamboran plans to expedite the proposed Maverick pilot development within EP 136, which could target first gas deliveries to the Australian domestic market by the end of calendar year 2025.

“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.

“Santos, our joint venture partner and operator of EP 161, successfully drilled the Tanumbirini 2H and 3H wells, which are currently undergoing extended flow testing. These wells have already provided valuable information and learnings that have validated our Mid-Velkerri “B” shale model and details for the design and execution of our drilling program on EP 136 during calendar year 2022.”

The Beetaloo Cooperative Drilling Program is part of the Beetaloo Strategic Basin Plan and the government’s A$226-million commitment to the Beetaloo, which is supporting gas operators to speed up exploration and development of the basin.

Edited by Creamer Media Reporter

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