Tamboran Resources, a natural gas E&P focused on the Beetaloo Basin in Northern Australia, announced terms for its IPO on Monday. The company is currently listed on the Australian Securities Exchange under the symbol "TBN."
The Barangaroo, Australia-based company plans to raise $166 million by offering 6.5 million shares at a price range of $24 to $27. New and existing investors intend to purchase $23 million shares in the offering (14% of the deal), and an affiliate intends to purchase an additional $8 million worth of shares in a concurrent private placement. At the midpoint of the proposed range, Tamboran Resources would command a market value of $448 million.
Tamboran Resources is an early stage independent natural gas exploration and production company focused on the commercial development of resources in the Beetaloo Basin located within the Northern Territory of Australia. The company and its working interest partners have exploration permits to approximately 4.7 million contiguous gross acres (approximately 1.9 million net acres to Tamboran) and are currently the largest acreage holder in the Beetaloo. To date, Tamboran has participated in the drilling of seven wells, though it considers only the six drilled in the last three fiscal years to be its appraisal wells. The company has not generated any revenues to date and does not expect to generate material revenues from production until 2026 at the earliest.
Tamboran Resources was founded in 2009 and plans to list on the NYSE under the symbol TBN. BofA Securities, Citi, and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of June 24, 2024.
