Tamboran Resources Ltd (ASX:TBN, OTC:TBNRF) has disclosed its intention to shift its domicile from Australia to the United States, a strategic move designed to position the company for the next growth phase in commercialising its Beetaloo Subbasin assets.
With the move, the company expects to benefit from deeper capital markets in the United States and to attract a wider array of investors familiar with shale developments.
Upon successful execution of the scheme, all ordinary shares in Tamboran will be transferred to a newly established Delaware-based company, Tamboran US HoldCo.
This new entity will become the parent company of the Tamboran Group while retaining its ASX listing via CHESS Depositary Interests (CDIs).
Consequently, Tamboran will de-list from the ASX and operate as a wholly owned subsidiary of Tamboran US HoldCo.
The move is also likely to simplify Tamboran's corporate structure, making it a more attractive target for future mergers, sales, or acquisitions.
Next steps
Tamboran Shareholders will be given the opportunity to vote on the scheme at a scheme meeting, which is expected to be held in late November 2023.
Subject to the conditions being satisfied, the scheme is expected to be implemented in mid-December 2023.
Tamboran shareholders will receive one CDI in Tamboran US HoldCo for each Tamboran share they hold, allowing them to retain their proportional economic interests.
About Tamboran
Tamboran is the largest acreage holder and operator with ~1.9 million net prospective net acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia.
The company is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low reservoir CO2 natural gas resource within the basin.
Tamboran’s key assets include a 25% non-operated working interest in EP 161, a 100% working interest and operatorship in EP 136, EP 143 and EP(A) 197 and a 38.75% working interest and operatorship in EPs 98, 117 and 76 which are all located in the Beetaloo Basin.