Australia's Tamboran Resources prices US listing at $24/share to raise $75mn

Australia-focused gas company Tamboran Resources has priced its shares at $24 each in its New York Stock Exchange (NYSE) listing, raising $75mn, it announced on 27 June.

The company sold 3.12mn shares in its NYSE initial public offering (IPO), launched last week, pricing the shares at the bottom end of the $24 to $27 range. Originally, the company had offered a total of 6.5mn shares in the IPO but reduced the size as the transaction was finalised. 

The IPO received support from existing shareholders Sheffield Holdings, an affiliate of Texas billionaire Bryan Sheffield, and Liberty Energy, contributing $20mn. Sheffield Holdings is the company's largest shareholder. Other major shareholders include the Baupost Group, Mitsubishi UFJ Asset Management, Morgan Stanley, and Helmerich & Payne. 

Tamboran shares will commence trading on the NYSE on June 27 under the ticker symbol TBN. The offering is expected to close on June 28. The proceeds will primarily fund the Shenandoah South Pilot project in the Northern Territory. Tamboran, focused on the Beetaloo basin, is targeting a final investment decision on the pilot project in mid-2024.

Additionally, the company is developing a 6.6mn tonnes/year Northern Territory LNG (NTLNG) project in the Northern Territory. This project aims to create a fully integrated onshore LNG facility, encompassing upstream, midstream, and downstream operations, supported by gas sourced from the Beetaloo basin.

Tamboran recently told NGW that it had started preparing for pre-FEED for the NTLNG development and expects to announce details in mid-2024.

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, all located in the Beetaloo basin.