Helmerich & Payne rig departs from the US, bringing modern US drilling technology to the Beetaloo Basin

Highlights

• A Helmerich & Payne (H&P), (NYSE: HP), FlexRig® has departed the United States and is now on its way to Australia's Beetaloo Basin.

• Once operational in Australia, the rig is expected to be the country's most powerful onshore drilling rig, capable of drilling more than 4,000-metre horizontal sections within the Mid-Velkerri "B Shale". This is expected to support a material reduction in cost per unit of recoverable gas and minimize the environmental footprint.

• Tamboran has contracted the rig for a minimum of two years and will be used in Tamboran's proposed 2023 Beetaloo Basin drilling program.

Tamboran Resources Limited (ASX: TBN) Managing Director and CEO, Joel Riddle, said:

"We are extremely excited to see an H&P FlexRig® super-spec rig on its way to the Beetaloo Basin. H&P have done an excellent job in meeting the timelines that will see the super-spec rig commence drilling in the basin during the second half of calendar year 2023.

"The dedicated use of this rig in the Beetaloo will transform our drilling operations, enabling us to achieve significant cost savings, particularly in drilling efficiency and mobilisation. Importantly, from an environmental perspective, the ability to drill increased lateral lengths will result in a smaller number of well pads, reducing our environmental footprint in the area.

"This marks a major milestone for us as we continue to prioritise sustainable practices while maximising operational efficiencies."

John Lindsay, H&P's President and CEO commented,

"Our strategic alliance with Tamboran is going extremely well. This provides H&P with a great opportunity to utilise rigs from our existing U.S. FlexRig® fleet to international unconventional growth areas. In addition to the rig, we will bring H&P's technology and operational capabilities, which combined with the Tamboran team's extensive unconventional expertise accelerates unlocking the potential of the Beetaloo Basin."

H&P rig being loaded at the Port of Houston

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