Tamboran completes A$137mn equity raise
Sydney-listed Tamboran Resources has successfully completed its A$137mn ($88mn) equity raise through a two-tranche placement and share purchase plan, it said on October 31.
The funds raised under the placement and share purchase plan will be used by Tamboran to fund the acquisition of natural gas assets in the Beetaloo sub-basin, the company's ongoing exploration and development programmes, for general working capital purposes and for costs of the equity raising.
Meanwhile, all conditions have been satisfied in respect of the acquisition of Origin's Beetaloo assets including ministerial approval, the company said.
Origin on September 19 announced it will divest its interest in the Northern Territory’s Beetaloo sub-basin, and exit its upstream exploration permits not related to Australia Pacific LNG. Tamboran and its substantial shareholder, Bryan Sheffield, will buy a 77.5% stake in the Beetaloo joint venture from Origin for A$60mn and a royalty on future production over the life of the field across the interest being acquired.
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Origin has also executed a gas sales agreement for up to 36.5 petajoules/year over 10 years, conditional on Tamboran taking a final investment decision on developing the project and associated infrastructure and obtaining regulatory approvals.