1 00:00:00,080 --> 00:00:02,840 Speaker 1: But as I said a bit earlier this morning, we 2 00:00:02,880 --> 00:00:05,600 Speaker 1: spoke to the Chief Minister about this. Northern Territory Government 3 00:00:05,680 --> 00:00:09,400 Speaker 1: is purchasing gas from the Beaterloo Basin for electricity generation 4 00:00:09,840 --> 00:00:12,280 Speaker 1: and say that they're backing the growth of the territories 5 00:00:12,400 --> 00:00:16,280 Speaker 1: on shore gas industry. Now, the Chief Minister says the 6 00:00:16,280 --> 00:00:20,840 Speaker 1: gas arrangements between the Northern Territory Government and Tamboran Resources 7 00:00:20,920 --> 00:00:26,360 Speaker 1: is going to provide competitively priced gas for territory electricity generation. 8 00:00:26,840 --> 00:00:30,680 Speaker 1: Joining us on the line is the CEO of Tamboran Resources, 9 00:00:30,760 --> 00:00:35,160 Speaker 1: Joel Riddle. Good morning to you, Joel. Let me try 10 00:00:35,200 --> 00:00:37,800 Speaker 1: that again. I'll press the right button. Good morning to you, Joel. 11 00:00:39,280 --> 00:00:40,080 Speaker 2: Good morning Katie. 12 00:00:40,120 --> 00:00:42,960 Speaker 1: How are you good? Thank you? Sorry operator Era there 13 00:00:43,000 --> 00:00:45,080 Speaker 1: me not pressing the right buttons to get you on air. 14 00:00:45,120 --> 00:00:46,200 Speaker 1: Good to have you on the show. 15 00:00:46,840 --> 00:00:47,960 Speaker 2: Now on. 16 00:00:49,520 --> 00:00:51,800 Speaker 1: Well, first off, what does this deal? What does this 17 00:00:51,880 --> 00:00:56,279 Speaker 1: agreement mean for the Northern Territory. From Tamboran's perspective. 18 00:00:57,320 --> 00:01:00,440 Speaker 2: This is a transformative deal. Really, it's a really provides 19 00:01:00,480 --> 00:01:07,319 Speaker 2: a long term gas supply to the gas power station 20 00:01:07,560 --> 00:01:11,840 Speaker 2: that supplies over ninety five of all of the electricity 21 00:01:11,880 --> 00:01:17,800 Speaker 2: that Northern Territory uses. So very much benefits the territory 22 00:01:17,800 --> 00:01:22,720 Speaker 2: from an energy security perspective, helps keep prices low and 23 00:01:22,800 --> 00:01:26,560 Speaker 2: the cost of living prices we're currently living in and 24 00:01:27,000 --> 00:01:31,440 Speaker 2: you know, long term, this sets the foundation for significant 25 00:01:31,520 --> 00:01:36,479 Speaker 2: growth of the b Tloo development where we would look 26 00:01:36,520 --> 00:01:40,760 Speaker 2: to scale up but into this decade to a large 27 00:01:40,760 --> 00:01:44,080 Speaker 2: development that will provide billions of dollars of new royalties, 28 00:01:44,400 --> 00:01:49,280 Speaker 2: thousands of new jobs and really be a platform for 29 00:01:49,400 --> 00:01:53,520 Speaker 2: economic growth for all Territorians to enjoy. 30 00:01:53,960 --> 00:01:57,320 Speaker 1: Now, Joel, I know that Timbourne needs to secure access 31 00:01:57,400 --> 00:02:00,680 Speaker 1: to the necessary pipelines that also receive all the required 32 00:02:00,720 --> 00:02:05,960 Speaker 1: permits and approvals. Where are you at with all of that? 33 00:02:05,760 --> 00:02:07,960 Speaker 2: All, that's all that's tracking toward middle of the year. 34 00:02:09,080 --> 00:02:15,280 Speaker 2: We plan to take FID decision on this pilot project 35 00:02:15,960 --> 00:02:20,160 Speaker 2: to deliver the forty TJ's a day to Darwin. Uh So, 36 00:02:20,200 --> 00:02:22,639 Speaker 2: the middle of the years is our target to get 37 00:02:22,680 --> 00:02:27,200 Speaker 2: all of our approvals in place, both from a pipeline 38 00:02:27,320 --> 00:02:33,720 Speaker 2: and a government regulation perspective. So so you know, with 39 00:02:33,760 --> 00:02:37,000 Speaker 2: the gas sells agreement now and also we're on the 40 00:02:37,040 --> 00:02:42,000 Speaker 2: cusp of raising capital to support our development, all systems 41 00:02:42,040 --> 00:02:45,040 Speaker 2: are tracking very positively toward the middle of the year. 42 00:02:45,680 --> 00:02:48,080 Speaker 1: I know that they were environmentalists Shares today that was 43 00:02:48,120 --> 00:02:52,160 Speaker 1: saying that realistically, if the correct approvals have gone through, 44 00:02:52,200 --> 00:02:54,640 Speaker 1: that it's going to be years away. I mean, what 45 00:02:54,680 --> 00:02:57,320 Speaker 1: do you say to those groups. 46 00:02:57,919 --> 00:03:02,600 Speaker 2: Well, there's new regulations in the Northern Territory called the 47 00:03:02,680 --> 00:03:06,280 Speaker 2: Beneficial Use of Gas, so it allows us to work 48 00:03:06,320 --> 00:03:11,840 Speaker 2: within the existing expiration permit to sell what's called appraisal gas. 49 00:03:13,120 --> 00:03:16,160 Speaker 2: So you know that's the regulations that are in place, 50 00:03:16,200 --> 00:03:19,120 Speaker 2: have been in place now for a few years. So 51 00:03:20,800 --> 00:03:25,120 Speaker 2: you know that this is the activist and environmentalists, I 52 00:03:25,120 --> 00:03:29,440 Speaker 2: think always speak up anytime we have a big, exciting announcement, 53 00:03:29,919 --> 00:03:32,960 Speaker 2: So that doesn't really bother me too much. I believe 54 00:03:32,960 --> 00:03:36,360 Speaker 2: their messages are getting a little fatigue. There's some reason 55 00:03:36,440 --> 00:03:41,880 Speaker 2: polling that suggests majority of Territorians really support natural gas, 56 00:03:42,000 --> 00:03:44,680 Speaker 2: they support the b to Loo. So we're on the 57 00:03:44,720 --> 00:03:50,960 Speaker 2: side of those territorians that are looking for opportunities for 58 00:03:51,120 --> 00:03:54,960 Speaker 2: b to Loo to supply into Darwin to keep literally 59 00:03:55,000 --> 00:03:59,680 Speaker 2: keep the lights on. So it's very fundamental for all 60 00:03:59,720 --> 00:04:03,960 Speaker 2: the two territory to enjoy. And so you know, for us, 61 00:04:04,040 --> 00:04:07,240 Speaker 2: we don't really pay too much attention to the negativity. 62 00:04:07,600 --> 00:04:10,800 Speaker 2: We're just getting on with the job and keeping our 63 00:04:10,840 --> 00:04:11,920 Speaker 2: head down and moving forward. 64 00:04:12,120 --> 00:04:14,640 Speaker 1: So tell me, I mean, in terms of this decision 65 00:04:14,680 --> 00:04:19,360 Speaker 1: and this agreement with the Northern Territory government, has it like, 66 00:04:19,880 --> 00:04:22,920 Speaker 1: has it made it more attractive for Tamboran in terms 67 00:04:23,240 --> 00:04:26,280 Speaker 1: of you know, doing work in the Northern Territory because 68 00:04:26,279 --> 00:04:28,200 Speaker 1: I know for quite a few years there it's been 69 00:04:28,279 --> 00:04:30,520 Speaker 1: quite a difficult process, or it seems like it's been 70 00:04:30,520 --> 00:04:32,960 Speaker 1: a difficult process. And I understand that because there needs 71 00:04:32,960 --> 00:04:36,800 Speaker 1: to be all the correct environmental processes gone through, but 72 00:04:37,120 --> 00:04:39,679 Speaker 1: it has been quite difficult to get to this point. 73 00:04:41,120 --> 00:04:46,200 Speaker 2: Yeah. Absolutely, We've gone through many years of a moratorium 74 00:04:46,240 --> 00:04:51,960 Speaker 2: in which the government picked it unprecedented step to really 75 00:04:52,040 --> 00:04:57,640 Speaker 2: take two years to study the science around unconventional development. 76 00:04:58,160 --> 00:05:04,000 Speaker 2: We have a huge example to point to over the 77 00:05:04,080 --> 00:05:06,600 Speaker 2: last fifteen years in the US where the Show Revolution 78 00:05:07,360 --> 00:05:12,839 Speaker 2: has single handedly shifted the US from a net importer 79 00:05:12,920 --> 00:05:15,280 Speaker 2: of energy to a net exporter of energy, so the 80 00:05:15,400 --> 00:05:20,000 Speaker 2: energy independent there's a you know, millions of Wales that 81 00:05:20,040 --> 00:05:24,120 Speaker 2: have been drilled. The government took two years to study that, 82 00:05:24,400 --> 00:05:27,520 Speaker 2: and these new regulations that put in place and ultimately 83 00:05:29,040 --> 00:05:34,960 Speaker 2: finalized last year are the regulations we're operating under. So yeah, 84 00:05:34,960 --> 00:05:36,560 Speaker 2: it's taken a little bit of time, but you know, 85 00:05:36,600 --> 00:05:41,839 Speaker 2: I really applaud the government for for you know, taking 86 00:05:42,000 --> 00:05:44,640 Speaker 2: a very diligent and rigor putting a lot of rigor 87 00:05:44,720 --> 00:05:49,240 Speaker 2: behind studying the science and put it in position that 88 00:05:49,320 --> 00:05:52,360 Speaker 2: we are today where we have a foundation to build 89 00:05:52,400 --> 00:05:54,960 Speaker 2: off from. And as far as partnership, you know, I 90 00:05:54,960 --> 00:05:58,360 Speaker 2: think you know, the Gaest sales agreement with the Northern 91 00:05:58,440 --> 00:06:02,800 Speaker 2: Territory government, you know, just sort of puts us in 92 00:06:02,839 --> 00:06:06,800 Speaker 2: a place where we can ensure that the first production 93 00:06:06,920 --> 00:06:11,680 Speaker 2: out of the BLU serves to the benefit of all territorians. 94 00:06:12,279 --> 00:06:15,279 Speaker 2: So we believe that's part of building social license in 95 00:06:15,320 --> 00:06:18,920 Speaker 2: the Northern Territory. There's a lot of LNG plants that 96 00:06:19,279 --> 00:06:21,880 Speaker 2: have been built of the last ten years that hadn't 97 00:06:21,920 --> 00:06:25,800 Speaker 2: reserved any gas for the local market, and so you know, 98 00:06:25,839 --> 00:06:28,440 Speaker 2: we're trying to do. Our approach is a little bit 99 00:06:28,480 --> 00:06:31,320 Speaker 2: different where we want to serve the local market first, 100 00:06:31,640 --> 00:06:33,839 Speaker 2: we want to ensure we have a well supplied gas 101 00:06:33,880 --> 00:06:37,680 Speaker 2: market and then step two is ensuring that we have 102 00:06:37,720 --> 00:06:40,240 Speaker 2: a well supplied domestic market on the East coast before 103 00:06:40,240 --> 00:06:45,080 Speaker 2: we export molecule of gas from the Beadle are now. 104 00:06:44,960 --> 00:06:46,800 Speaker 1: Before I let you go this morning, I do know 105 00:06:46,960 --> 00:06:51,479 Speaker 1: that traditional owners have spoken to the Northern Territory News. 106 00:06:51,600 --> 00:06:55,599 Speaker 1: They have reportedly condemned the Northern Territory government for inking 107 00:06:55,640 --> 00:06:58,599 Speaker 1: this deal, with tam Boren reporting that it's sort of 108 00:06:58,640 --> 00:07:01,440 Speaker 1: come and be. Calls from some environmental and community groups 109 00:07:01,440 --> 00:07:03,880 Speaker 1: of the project to be assised under the federal Water 110 00:07:04,000 --> 00:07:07,200 Speaker 1: trigger after the laws were expanded in December to include 111 00:07:07,200 --> 00:07:11,480 Speaker 1: fracking projects. The chair of the Aboriginal Corporation representing Native 112 00:07:11,520 --> 00:07:14,320 Speaker 1: titleholders from the Bea Toloo Basin has told the paper, 113 00:07:15,240 --> 00:07:18,600 Speaker 1: we want to protect our country from fracking. Are you 114 00:07:18,680 --> 00:07:21,000 Speaker 1: ignoring concerns of traditional owners? 115 00:07:22,120 --> 00:07:27,800 Speaker 2: No, absolutely not, absolutely not. There is a very I 116 00:07:27,800 --> 00:07:32,360 Speaker 2: guess focused approach we've taken, you know, upon the direction 117 00:07:32,480 --> 00:07:37,360 Speaker 2: of the NLC around who within the the areas that 118 00:07:37,400 --> 00:07:39,920 Speaker 2: we're going to be operating, who the traditional owners are 119 00:07:40,000 --> 00:07:43,320 Speaker 2: that we need to be speaking to. We've had over 120 00:07:43,360 --> 00:07:48,440 Speaker 2: a decade of dialogue and communication and engagement, and I 121 00:07:48,880 --> 00:07:52,240 Speaker 2: would call that engagement being very positive and constructive. We 122 00:07:52,280 --> 00:07:54,360 Speaker 2: actually have a team out in the field this week 123 00:07:55,120 --> 00:07:59,640 Speaker 2: meeting with those traditional owners and you know those are 124 00:07:59,640 --> 00:08:01,920 Speaker 2: the one that we you know, we're going to be 125 00:08:01,960 --> 00:08:05,640 Speaker 2: engaging with around supporting our project and ultimately approving our project. 126 00:08:05,840 --> 00:08:10,400 Speaker 2: And that's something we've been committed to for again a 127 00:08:10,440 --> 00:08:13,560 Speaker 2: long period of time. You know, we we we we 128 00:08:13,600 --> 00:08:16,760 Speaker 2: saw the reports I believe you're referencing. You know, what 129 00:08:16,760 --> 00:08:18,520 Speaker 2: what I would say to them is, you know, we're 130 00:08:18,520 --> 00:08:22,560 Speaker 2: happy to talk talk to them and others. We have 131 00:08:22,600 --> 00:08:26,480 Speaker 2: a very open book approach and you know, we we 132 00:08:26,760 --> 00:08:31,080 Speaker 2: we take the philosophy of if there's someone that doesn't 133 00:08:31,760 --> 00:08:35,120 Speaker 2: like our project, we will meet with them and we 134 00:08:35,160 --> 00:08:39,440 Speaker 2: will talk to them directly. And but but for the record, 135 00:08:39,480 --> 00:08:43,160 Speaker 2: I mean the the we're very they're under rules that 136 00:08:43,200 --> 00:08:48,040 Speaker 2: we have to negotiate uh and and engage the rightful 137 00:08:48,120 --> 00:08:50,600 Speaker 2: traditional owners for the areas in which we operate. And 138 00:08:50,600 --> 00:08:53,240 Speaker 2: that's what we've been doing and doing it very consistently 139 00:08:53,280 --> 00:08:54,240 Speaker 2: over ten years. 140 00:08:54,520 --> 00:08:58,480 Speaker 1: Well, Joe Riddle, the Tamborne Resources CEO, we are going 141 00:08:58,520 --> 00:09:00,040 Speaker 1: to have to leave it. They are really appreciate you 142 00:09:00,280 --> 00:09:01,959 Speaker 1: your time this morning. Thanks very much for having a 143 00:09:02,040 --> 00:09:02,640 Speaker 1: chat with us. 144 00:09:03,600 --> 00:09:05,760 Speaker 2: Thank you very much, Katie, thank you it's a pleasure. 145 00:09:05,920 --> 00:09:06,680 Speaker 1: Thanks for your time.