Tamboran raises A$3.4mn for Beetaloo operations
Sydney-listed Tamboran Resources has raised A$3.4mn ($2.14mn) through a share purchase plan to support its operations in Australia’s Beetaloo sub-basin, the company said on October 18.
Tamboran will issue 16.2mn new shares and all valid applications made by eligible shareholders have been met in full. It expects to issue the new shares on October 20, with the securities poised to begin trade the following day.
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The share purchase plan follows Tamboran's successful two-tranche placement of approximately 657.2mn at A$0.21/share.
Tamboran will use the fund for an acquisition of an interest in and operatorship of natural gas assets in the Beetaloo sub-basin and exploration and development programmes. The company in September announced it plans to acquire Origin’s 77.5% stake in Beetaloo joint venture.
Post the completion of the deal, Tamboran will assume operatorship of the Beetaloo joint venture, which is 22.5% owned by Falcon Oil & Gas.