Tamboran Resources Corporation (OTC:TBNRF, ASX:TBN) has publicly launched its proposed New York Stock Exchange (NYSE) Initial Public Offering (IPO) with an offering range of US$24-27 per share for a total of 6.5 million shares of common stock.
Upon the successful completion of the IPO, Tamboran will trade on the NYSE under the ticker TBN. The company’s shares of common stock, represented by CDIs, will also continue to trade on the Australian Securities Exchange (ASX).
Each CHESS Depository Interest (CDI) represents 1/200th of a share of the company’s common stock.
Use of IPO funds
Capital from the IPO will help fund the drilling, completion and infrastructure requirements to reach plateau rates from the proposed Shenandoah South Pilot Project in the Beetaloo Basin of the Northern Territory for which Tamboran is targeting a Final Investment Decision (FID) in mid-2024.
Additional capital will fund the proposed Northern Territory LNG pre-FEED activities, other Beetaloo Basin activities and general working capital.
“Greater reflection of value”
Tamboran Resources managing director and CEO Joel Riddle said: “We are excited to be launching our IPO in the US to support funding of our proposed Shenandoah South Pilot Project in the Beetaloo Basin.
"The US market has deep knowledge of the development of shale gas resources and a long history of supporting gas companies to fund their developments.
“Our Board of Directors believes the US listing will deliver Tamboran shareholders a greater reflection of the value of Tamboran’s assets.
“The IPO is expected to fund Tamboran’s next six wells in the Beetaloo Basin, which will all be drilled to approximately 10,000 feet (3,000 metres) and are planned to deliver gas to the Northern Territory Government via the company’s proposed 40 million cubic feet per day (MMcf/d) Shenandoah South Pilot Project.”
Offer details
The joint book-running managers on the IPO are BofA Securities, Citigroup and RBC Capital Markets, supported by Johnson Rice & Company and Piper Sandler as co-managers.
Tamboran has granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock.
The proposed public offering will be made pursuant to a registration statement that has been filed with the US Securities and Exchange Commission (SEC) that is available on the SEC’s website at (www.sec.gov) and on the ASX.
About Tamboran
The company, through its subsidiaries, is the largest acreage holder and operator with approximately 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin.
Tamboran is focusing on the proposed Shenandoah South Pilot Project, where it has a minimum of 47.5% working interest and is targeting first production in H1 2026, and the proposed Northern Territory LNG development at Middle Arm in Darwin, targeting first export by the end of 2030.