Operational Update - EP 161 Tanumbirini 3H Well Successfully Drilled. HighlightsTanumbirini 3H (“T3H”) successfully drilled to a total measured depth of 4,857 metres. Consistent with Tanumbirini 2H (“T2H”), the T3H well encountered significant gas shows that are often strong indicators of commercial flow rates. T3H and T2H wells will be fracture stimulated and flow tested with initial results expected by the end of 2021.
The Santos/Tamboran joint venture should have their horizontal wells tested by end of this year.
I think the race between EEG and TBN to get first gas in the pipeline is a furphy. They both have agreements with pipeline infrastructure players. But if it is a race Santos/Tamboran joint venture wins.
There are four major groups in the Basin. Origin/Falcon, Santos/Tamboran, Tamboran and EEG. Doubt if they find gas any one of them is too worried about shipping it.
In April 2021 EEG conducted a capital raising to buy more ground. I saw that as a lack of focus to prove up the well they had already drilled. Now you're estimating the well won't be horizontally flow tested til Mar or Apr next year.
TBN Price at posting:
40.0¢ Sentiment: Buy Disclosure: Held
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