Tamboran Resources (ASX:TBN) temporarily stopped drilling a well at its Beetaloo sub-basin joint venture project in Northern Australia, according to a Monday filing with the Australian bourse.
The decision to case and suspend the SS-2H ST1 well was made after a directional drilling tool failure while drilling the horizontal section, the filing said.
This will avoid additional drill costs and will allow the drilling of the SS-3H well from the same well pad.
The company holds a 38.75% interest in Beetaloo Sub-basin permits through its 50% stake in the Tamboran B2 Joint Venture with Daly Waters Energy.
Tamboran B2 is the operator in the Beetaloo sub-basin and holds a 77.5% operated interest in the permit. Dublin-based Falcon Oil & Gas holds the remaining 22.5% non-operated interest in the permits.
Tamboran Resources' shares rose past 7% in recent Monday trade.
Price (AUD): $0.15, Change: $+0.01, Percent Change: +7.14%
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