Upstream article..........Ambitious plans: Tamboran sees a huge potential project in the Beetaloo sub-basinPhoto: TAMBORAN RESOURCES American horsepower set to arrive in Australia's Beetaloo sub-basin shale play Two major US investors agree to be involved in maturing a potential 1 Bcfd shale gas project 21 September 2022 1:20 GMT UPDATED 21 September 2022 9:43 GMT By Russell Searancke in Wellington Two investors with deep experience of the US shale gas sector have agreed to invest a combined A$104 million (US$69.5 million) in Australias Beetaloo sub-basin through agreements with the ambitious local operator Tamboran Resources. In separate transactions, Tamboran which two days ago agreed to acquire Origin Energys 77.5% operator interest in a large discovered shale gas resource in the Beetaloo is being supported by investor Bryan Sheffield and the large US onshore drilling company Helmerich & Payne (H&P). Beetaloo bombshell: Aussie operator exits high-potential shale gas play Read more Tamboran said Sheffield is the founder, chairman and chief executive of US unconventional exploration and production company Parsley Energy, which was acquired by Pioneer Natural Resources in January 2021. Sheffield is also the founder and managing partner of Formentera Partners, a private oil and gas company, and is investing in Tamboran through his wholly-owned entity Daly Waters Energy. Sheffield is investing A$82 million in Tamboran including as a cornerstone equity investment of A$30 million in Tamboran's institutional placement to raise funds for the Origin acquisition and planned activities in the Beetaloo. Tamboran said it will work with Sheffield to further de-risk the Beetaloo sub-basin. Sheffield said: I believe this multi-stacked resource play has the potential to replicate the Permian and be one of the solutions to address the global energy crisis. I'm thrilled to partner with Tamboran and H&P, teaming up with a top-tier operator and one of the best drilling companies in the world to develop this play. Helmerich and Payne, which is the largest drilling solutions provider in the US, according to Tamboran, has agreed to a A$22 million investment in the Tamboran placement. In return, Tamboran has entered into a drilling contract with H&P for a super-spec FlexRig for a two-year term. The rig will mobilise into Australia for Tamboran's 2023 drilling campaign which, if successful, is expected to position Tamboran for the sanctioning of the proposed Amungee pilot development by the end of 2023. H&P will also have the right of first refusal until 2033 to provide Tamboran with all subsequent rigs required to accelerate the companys 1 billion cubic feet per day development plan at market rates. The FlexRig, with more than 2000 horsepower and 1 million-pound hookload, will be one of Australias most powerful onshore drilling rigs, capable of drilling more than 4000-metre horizontal sections within the Mid-Velkerri B Shale of the Beetaloo. Tamboran Resources chief executive Joel Riddle said: We are extremely excited to work with H&P to bring one of the largest US onshore drilling and service providers into the Beetaloo basin. The strategic alliance with H&P, alongside their A$22 million equity investment in Tamboran, aims to bring unrivaled US unconventional expertise and knowledge into the development of our significant low-CO2 natural gas resource and materially reduce costs. The equity investment reflects H&Ps confidence in the quality and focus of Tamborans assets and operational team. Australias search for world-class shale gas resource remains in focus Read more H&P chief executive John Lindsay said: We are excited about our investment in Tamboran as well as the opportunity to work with the company to unlock the potential in the Beetaloo basin. Our strategic alliance creates a win-win scenario. H&P supporting Tamborans development plans in the Northern Territory, while at the same time executing on H&Ps strategy to gain more international exposure, utilising our FlexRig fleet, technology and drilling expertise to develop unconventional resources outside the US. Tamboran's acreage: in the Beetaloo including the Origin area Photo: TAMBORAN RESOURCES Read more Flow rates give Beetaloo shale gas the boost it needs Queensland looks to pipeline to unlock Bowen basin gas supplies Beetaloo basin shale probe shows promise in Australia's Northern Territory The hunt for Beetaloo shale gas: crucial flow testing campaign starts Australia's gas-fired recovery starts with Beetaloo sub-basin success Stay a step ahead with the Upstream News app Read high quality news and insight on the oil and gas business and its energy transition on-the-go. The News app offers you more control over your Upstream reading experience than any other platform. Upstream is part of NHST Media group. To read more about NHST Media Group, click here