Stocks of the Hour: Tamboran Resources, Kula Gold

Cannabis stocks were the highlight overnight as President Joe Biden pardoned all prior federal offences of simple marijuana possession. This has flowed through to medicinal cannabis stocks this morning on the ASX with strong performance from the likes of Creso Pharma (ASX:CPH), ECS Botanics (ASX:ECS), Little Green Pharma (ASX:LGP) and Cann Group (ASX:CAN).

Tamboran Resources (ASX:TBN) have announced that their 100% owned and operated Maverick 1V well in the Beetalooo Basin has safely reached its Total Depth of 3050 metres in 18.3 days. The well represents a significant 54 per cent reduction in drilling times compared to other near field wells drilled deeper than 2.5 kilometres. The early results exhibited strong gas shows consistent with nearby wells and were in line with expectations – further testing will be done to get detailed information on flow rates. Importantly, the Maverick well shows that Tamboran Resources is bringing significant technological expertise in shale drilling to Australia which, in turn, could drive early than expected lower cost gas production from the Beetaloo Basin. Shares are trading 2.1 per cent lower at 24 cents.

Kula Gold Limited (ASX:KGD) reported this morning its lithium exploration is progressing ahead of expectations at its 100% owned Brunswick Project in the South West of WA. It is making good progress on field mapping and sampling of the numerous pegmatite occurrences. The exploration on ground is showing extensive prospective areas and as a result the scheduled program is being extended to ensure that as many areas as possible are systematically mapped and sampled. With the recent capital raising completed, Kula is now well funded to expedite the lithium exploration programs. Shares are trading 14.3 per cent higher at 4 cents.
 
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