27 June 2023admin correction● Neutral
Amended webcast notice moving the 27 June 2023 capital raise webcast start time to 11:00am AEST from 10:00am. Administrative only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 June 2023capital raising announcement● NeutralMajor
Tamboran raised about $53.2M in a placement at $0.18 per share (12.2% discount), with $14.7M from Bryan Sheffield. It adds a ~US$9M H&P convertible note (5.5% PIK, conversion $0.21–$0.30) and a ~$5M SPP, totalling ~$71.4M. Resolves the low-cash thread (inference).
27 June 2023other● Neutral
Notice of a webcast with CEO Joel Riddle on 27 June 2023, at 10:00am AEST, to discuss the capital raise and drilling program. Administrative only, with no new information.
23 June 2023well test result▼ BadMajor
Amungee 2H reached gas breakthrough but flows 0.83 mmscfd (0.97 averaged over 50 days), well below Amungee NW1H's normalised 5 mmscfd per 1,000 m. Only 10% of frac water is recovered; suspected skin damage, with clean-up planned Q3 2023. Shenandoah South 1H and Amungee 3H to follow.
23 June 2023material agreement▲ GoodMajor
Tamboran signed non-binding MOUs with bp and Shell, each for up to 2.2 MTPA of LNG over 20 years (4.4 MTPA total) from the proposed Middle Arm NTLNG project. Binding sale agreements are targeted for 2025, subject to studies, drilling success and approvals.
23 June 2023other● Neutral
APA Group's own market release on its initial agreement with Tamboran. The extract shows only the authorisation and contact details, so it adds no new detail beyond Tamboran's APA announcement of the same day.
23 June 2023material agreement▲ GoodMajor
Tamboran picked APA Group as preferred pipeline partner after a six-month process, signing a term sheet. APA would fund up to $10M of studies and approvals over twelve months and target a Shenandoah South to Amadeus pipeline by 2025. Long-form agreements, approvals and conditions remain outstanding.
23 June 2023well test result▲ GoodMajor
Independent modelling of the Tanumbirini 2H and 3H flow tests (EP 161, Tamboran 25%) gives a 20-year recovery of about 16.8–18.5 BCF for a proposed 3,000 m well, in line with productive Marcellus areas. The company says this supports the Shenandoah South 1H drilling decision.
21 June 2023material agreement▲ GoodMajor
Tamboran signed a framework agreement with Clean Energy Fuels Australia for exclusivity over gas compression facilities until end-2023, and a mini-LNG facility for four months. Aims to enable early Beetaloo gas as soon as 2024, subject to approvals. Not yet a binding long-term contract.
9 June 2023other● Neutral
Encompass Capital Advisors disclosed an economic interest in 114,962,537 Tamboran shares (about 8.12%) via cash-settled total return swaps entered from 20 September 2022. Swaps give price exposure, not share ownership or voting rights as described.
9 June 2023regulatory community update▲ GoodMajor
NT Government gave Tamboran 12-month 'Do Not Deal' exclusivity over 170 hectares at Middle Arm for a proposed NT LNG project, initially 6.6 MTPA. Targets sanction by 2026 and first LNG by 2030, subject to studies, appraisal results and approvals.
5 May 2023regulatory community update▲ GoodMajor
NT Government says all 135 Pepper Inquiry recommendations are implemented, clearing the way for onshore shale gas; Tamboran says it is moving toward production as early as 2025. The H&P FlexRig arrived in Darwin, with the company citing talks with buyers for 200-300 TJ/d.
28 Apr 2023quarterly activities report● Neutral
March quarter report: Amungee 2H 25-stage frac done and tubing installed in mid-April, with IP30 rates due in Q2. H&P rig arrived in Australia; cash $29.1M, no debt, with US rig assets going to auction in May. Forward drilling locations await IP30 results.
28 Apr 2023quarterly activities report▼ Bad
March 2023 quarterly cash flow report: cash fell to $29.1M from $61.8M, with no debt. Operating outflow was $5.9M and investing outflow $25.9M. Appendix 5B shows about 0.92 quarters of funding, below the previous 3.26.
20 Apr 2023regulatory community update▲ GoodMajor
NT Supreme Court dismissed Rallen's appeal, upholding the May 2022 land access agreement for EP 136 (100% Tamboran). This resolves the litigation thread and clears exploration there. Tamboran is evaluating a 3,000 m horizontal at Maverick 1V once the H&P rig is operational.
30 Mar 2023regulatory community update● Neutral
Tamboran says the Safeguard Mechanism reforms broadly align with the Pepper Inquiry, and argues low-CO2 Beetaloo gas suits a decarbonising economy. Amungee 2H is flowing back stimulation fluid, with 30-day rates still due in Q2 2023.
22 Mar 2023drilling progress report▲ Good
Amungee 2H stimulation completed: 25 stages over a 1,020 m horizontal, with about 55% more proppant per foot than Tanumbirini wells. Well cost to date is about $32M, within 5% of budget. Flowback is next; 30-day rates expected in Q2 2023.
22 Mar 2023investor presentation● Neutral
Conference presentation titled 'Keeping the Beetaloo promise', arguing Beetaloo gas can address the east coast shortfall (ACCC forecasts 56 PJ in 2023) and restating the ~36 PJ/yr Origin gas sales agreement. Repeats known strategy; the extract shows no new results.
16 Mar 2023director officer appointment● NeutralMajor
Andrew Robb AO (former federal trade minister) and John Bell Sr. (H&P senior vice president) join the board from 16 April 2023. Daniel Chandra and Ann Diamant resign the same date; Diamant stays as ESG special advisor. H&P holds about 7.5%.
15 Mar 2023half year report● Neutral
Half-year report to 31 December 2022: loss of $15.3M versus $4.9M a year earlier. Recaps the Origin acquisition, Amungee 2H drilling (stimulation began 16 February) and Tanumbirini flow results; IP30 rates for Amungee 2H due in Q2 2023.
3 Mar 2023other▲ Good
S&P Dow Jones Indices announced its March 2023 rebalance; Tamboran is listed as an addition to the All Ordinaries index, effective 20 March 2023. Index membership change only; no company operational news.
2 Mar 2023investor presentation● Neutral
Re-release of the February 2023 Credit Suisse conference presentation with a slightly updated cover page. No new information.
27 Feb 2023investor presentation● Neutral
Credit Suisse conference presentation restating the strategy of 1 BCFD production by 2028-30, pilot sanction by end-2023 and the Jemena and H&P arrangements. Repeats known facts; no new results.
16 Feb 2023drilling progress report▲ Good
Stimulation began at Amungee 2H, the company's first operated Beetaloo frac, with up to 24 stages over 1,200 m by Condor, planned over 2-3 weeks. Four-week flowback then tubing follows; 30-day flow rates expected early Q2 2023.
25 Jan 2023quarterly activities report● Neutral
December 2022 quarterly cash flow report: cash rose to $60.9M from $26.7M, with no debt. Equity raising brought in $101.2M, while investing outflows were $50.6M and operating outflows $8.0M. Reports about 3.26 quarters of funding available.
25 Jan 2023quarterly activities report● Neutral
Quarterly report recapping Origin acquisition completion, Maverick 1V and Amungee 2H drilling, and Santos suspending Tanumbirini T2H/T3H after 90-day rates of 1.6 and 2.1 mmscfd. Cash $60.9M, no debt. Condor contracted for stimulation; flow results expected first half 2023.
23 Dec 2022drilling result▲ GoodMajor
Amungee 2H reached 3,883 m total depth in 38 days, including a 1,275 m horizontal in the Mid-Velkerri B Shale, with gas shows as expected. Cost was $14.1M excluding casing and cementing, slightly under budget. Up to 24 frac stages are planned for Q1 2023.
30 Nov 2022regulatory community update● Neutral
Tamboran released its 2022 Sustainability Plan, targeting net zero Scope 1 and 2 equity emissions from first commercial production, with the company noting that this is uncertain. A policy document with no new operational results.
18 Nov 2022other● Neutral
Chairman's script for the 18 November 2022 AGM, covering meeting procedure, board attendance and voting on four resolutions. Extract shows no new operational or financial information.
10 Nov 2022drilling spud▲ GoodMajor
Amungee 2H spudded on 10 November in EP 98 (Tamboran 38.75% operator, Sheffield 38.75%, Falcon 22.5%), the first of two planned wells. Vertical to ~2,450 m, then a 1,000 m horizontal; fully funded by Tamboran under the Falcon farm-in.