Tamboran Resources has secured a $15.2 million equity investment from Liberty Energy Inc., a prominent North American energy services firm, through a Strategic Partnership.
Under the Strategic Partnership, Liberty plans to import a modern frac fleet into the Beetaloo Basin in 2024 to support Tamboran’s proposed 40 million cubic feet per day Shenandoah South Pilot Project, which is set to commence production in 2026.
“We welcome the strategic investment from Liberty, which provides alignment between the two companies and demonstrates Liberty’s confidence in the development of the Beetaloo Basin,” Tamboran Resources Corporation Managing Director and CEO Joel Riddle said.
Once the terms are agreed upon, Liberty intends to deliver a dedicated frac fleet and crew to the Beetaloo Basin in 2024, potentially reducing delays in mobilising equipment to the site, significantly increasing completion efficiencies and lowering the costs of future stimulation programs.
Tamboran has agreed to collaborate with Liberty under the Strategic Partnership to offer the most advanced sand mining and handling management solution to the Beetaloo Basin.
Tamboran Infrastructure, through its Strategic Partnership, has applied for 14 extractive mineral exploration licenses near the proposed Shenandoah South Pilot Project for evaluating and extracting frac sand.
The Strategic Partnership with Liberty and local sand mining are two efforts intended to offer significant cost reductions in future development programmes.
Riddle stated that Tamboran continues to partner with top operating and technology companies to enhance asset development. He noted that the Strategic Agreement with Liberty follows a 2023 partnership with Helmerich and Payne (H&P), which imported a modern US drilling rig to the Beetaloo Basin, aiming for cost reduction and operational efficiency.
“The supply of stimulation equipment to the Beetaloo Basin is Liberty’s first outside of North America and we look forward to working with them for many years to come,” he added.
“Tamboran and Liberty are aligned on the common vision of proactively addressing global energy poverty by securing new supply of reliable and affordable energy. At Tamboran, we are committed to maintaining the energy security of Australians and aim to deliver affordable gas to Australians and Australia’s trading partners in the Asia Pacific region with the aim of encouraging a transition away from coal-fired power.”
Liberty Energy Chairman and CEO Chris Wright commented, “We are proud to partner with Tamboran to develop a new shale gas basin in Australia. Natural gas is by far the world’s fastest growing energy source because of its myriad uses and compelling advantages. Significant Beetaloo gas production could help energize Australia’s future and help meet Asia’s insatiable demand for natural gas to power economic growth, improve air quality, and lower greenhouse gas emissions. Beetaloo development perfectly aligns with our broader mission to better human lives.”
