Ann: NTSC Stay Application Dismissed, page-5

https://www.*dotcomdotau/companies/news/989044/tamboran-resources-free-to-restart-nt-drilling-activities-after-legal-win-989044.html
Tamboran Resources free to restart NT drilling activities after legal win

The decision of the Northern Territory Supreme Court allows the company to progress its 2022 drilling program within the 100%-owned and operated EP 136 permit as planned.

Tamboran Resources Ltd - Tamboran Resources free to restart drilling activities after legal winTamboran Resources Ltd (ASX:TBN) has been given the all-clear by the Northern Territory Supreme Court to continue 2022 seismic and drilling activities as planned.

The court dismissed Rallen Australia’s stay application, meaning Tamboran will now pursue full legal cost recovery.

“We are pleased the Northern Territory Supreme Court has dismissed Rallen’s application for a stay of our activities, allowing us to progress our 2022 drilling program within the 100% owned and operated EP 136 permit as planned," managing director and CEO Joel Riddle said.

"Importantly, we now anticipate being able to commence drilling of the M1H well during the third quarter of calendar year 2022.”

Tamboran’s approved 85-kilometre 2D seismic acquisition program covering the northern acreage of the EP 136 permit is now complete and data from the acquisition is expected to provide improved imaging of the target zone for the Maverick 1H well (M1H) and subsequent Maverick wells.

Further to this, civil work in preparation for Tamboran’s 100% operated M1H well is on track to be complete ahead of the arrival of the Ensign Rig 970 from mid-August 2022.

The rig is set to mobilise from Western Australia to the Northern Territory and spudding of the M1H well is expected to start in early September 2022, subject to final Environmental Management Plan (EMP) approvals.

Drilling is planned to take about 60 days to complete ahead of a 20-stage, optimised fracture stimulation program.

Tamboran expects 30-day initial production (IP30) rates to be announced by the end of the first quarter of 2023, subject to weather and securing final approvals.

“Activities on EP 136 have continued as planned, despite a short delay due to a wet weather event during July 2022," Riddle said.

"With the 85 kilometres of 2D seismic acquisition complete, and our water monitoring bore program and well pad construction nearing completion, we are eagerly awaiting the arrival of the Ensign 970 rig on site for the commencement of drilling of the M1H well in early September 2022, subject to receiving final EMP approvals.

“The M1H well is one of the most exciting wells to be drilled in the Beetaloo Sub-basin. The well is planned to be drilled with an optimised 5½-inch production casing well design over a 1,000-metre (3,280 foot) horizontal section and will include up to 20 fracture stimulated stages.

"The final well design incorporates data from the recently drilled Tanumbirini 2H and 3H wells, where Tamboran has a 25% non-operating working interest with joint venture partner Santos and the expertise of our US unconventional drilling team who have collectively drilled more than 5,000 North American shale wells.

“The second half of calendar year 2022 is shaping to be an eventful period for Tamboran and we look forward to announcing results from the M1H drilling and testing as the program progresses.”