Tamboran Resources Corporation (NYSE:TBN, ASX:TBN) has added an additional US$7.4 million to the war chest after the underwriters of its initial public offering (IPO) to the New York Stock Exchange (NYSE) exercised an over-allotment option to purchase 308,750 shares at US$24.00 per share.
The 30-day over-allotment option was granted to the underwriters as part of the IPO and is expected to close on July 30.
The company launched its IPO in late June, successfully placing 3.125 million shares and raising US$75 million.
Read: Tamboran Resources prices US IPO at US$24.00 per share for US$75 million
Shenandoah South Pilot Project
Tamboran intends to leverage the US$7.41 million of gross proceeds from the offering to pursue development of the Shenandoah South Pilot Project in the Beetaloo Basin of the Northern Territory.
The company – through its subsidiaries – is the largest landholder and operator in the area, with about 1.9 million acres of prospective land in the Basin.
Tamboran’s key assets include a 38.75% working interest and operatorship in EPs 98, 117 and 76, a 100% working interest and operatorship in EP 136 and a 25% non-operated working interest in EP 161, which are all located in the Beetaloo Basin.
TBN holds a minimum of 47.5% working interest in the Shenandoah South Pilot Project and is targeting first production in the first half of 2026.
The project was awarded Major Project Status by the Northern Territory Government, acknowledging the development’s significance to the Territory’s economic prosperity.
Read: Tamboran Resources awarded Major Project Status by NT Government for Beetaloo Basin development