Tamboran plans US listing on NYSE to boost funding for project

Tamboran plans US listing on NYSE to boost Beetaloo Basin Project funding

06 May, 2024

Tamboran plans US Listing on NYSE to boost funding for Beetaloo Basin Project

USA: Tamboran Resources Corporation (ASX: TBN) has announced its intention to list its shares of common stock on the New York Stock Exchange (NYSE) through a US Initial Public Offering (IPO) under the ticker “TBN”.

The company’s shares of common stock, represented by CHESS Depositary Interests (CDIs), will also continue to trade on the Australian Securities Exchange (ASX).

The proposed listing on the NYSE will be carried out under the registration statement on Form S-1, which has been formally filed with the U.S. 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 conditions.

Tamboran’s Board of Directors believes that a US listing has the potential to improve liquidity and provide access to deeper capital markets that better understand the development of shale gas.

The funds raised via the US IPO are expected to finance Tamboran’s activities in the Beetaloo Basin, including delivering production from the proposed Shenandoah South Pilot Project.

Tamboran is targeting a final investment decision (FID) following the completion of the IPO in mid-2024.

The number of shares to be offered and the price range for the proposed offer have not yet been determined.

The joint book-running managers on the IPO are BofA Securities, CitiGroup, and RBC Capital Markets, supported by Johnson Rice & Company and Piper Sandler as co-managers.

Tamboran Resources Corporation Managing Director and CEO, Joel Riddle, commented on the US listing, stating: “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 high-quality US institutions with deep knowledge of shale developments that will enhance value to our existing shareholders.

“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.”