Tamboran Resources plans to list shares on NYSE via US IPO
Sydney-listed Tamboran Resources on May 6 announced its intention to list its common stock on the New York Stock Exchange (NYSE) through a US Initial Public Offering (IPO). This move is designed to enhance liquidity and access deeper capital markets, complementing its existing listing on the Australian Securities Exchange (ASX).
The proposed listing on the NYSE will be undertaken pursuant to the registration statement on Form S-1, which has formally been filed with the US Securities and Exchange Commission (SEC). The listing is expected to occur once the registration statement is declared effective by the SEC and is subject to market and other condition.
Capital raised via the US IPO is expected to fund Tamboran's activity in the Beetaloo Basin, including delivering production from the proposed Shenandoah South pilot project. Tamboran is targeting final investment decision (FID) following completion of the IPO in mid-2024.
"Tamboran's US listing is expected to support the funding of the proposed Shenandoah South pilot project to first production in the first half of 2026. We are excited to be supported by the high-quality US institutions with a deep knowledge of shale developments that will enhance value to our existing shareholders,” Tamboran CEO, Joel Riddle, said.
"Most importantly, the funds raised are expected to deliver Tamboran's strategy to supply the Northern Territory and East Coast gas markets at a time when legacy production is in decline,” he added.
Tamboran recently completed its re-domiciliation from Australia to the US. This process involved transferring all ordinary shares to a newly formed corporation based in Delaware, which now serves as the parent company of the entire Tamboran Group.
The company is also developing the the Northern Territory LNG (NTLNG) project in the state of Northern Territory. The project is aimed at developing a fully integrated onshore LNG facility in the Northern Territory, with operations spanning upstream, midstream, and downstream activities. The NTLNG development is expected to be supported by the gas sourced from the Beetaloo Basin.