It makes one wonder if TMB and his team were down to seeds and stems when they named this well. Was it Panama Red, Maui Waui or just skunk weed they were smoking that night when they named this well?
I searched the word Billabong and this is the Wikipedia definition.
Billabong (/ˈbɪləbɒŋ/, BIL-ə-bong) is a Wiradjuri word that is used for an isolated pond that is left behind after a river changes course. Billabongs are usually formed when the path of a creek or river changes, leaving the former branch with a dead end. Billabongs, reflecting the arid Australian climate in which these "dead rivers" are found, fill with water seasonally and are dry for a greater part of the year.
Not really surprised you will notice some key words like DEAD END and DEAD RIVERS and DRY.
IMO the Billabong is right up TMB's game plan. It has all of the characteristics of how this one is going to play out and TMB has appropriately named this one.