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    Tamboran Resources launches $175.5mn NYSE IPO


The IPO is priced between $24 and $27/share, with Tamboran offering a total of 6.5mn shares.

by: Shardul Sharma

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Natural Gas & LNG News, Americas, Asia/Oceania, Liquefied Natural Gas (LNG), Corporate, News By Country, Australia, United States

Tamboran Resources launches $175.5mn NYSE IPO

Sydney-listed gas company Tamboran Resources has launched its proposed initial public offering (IPO) on the New York Stock Exchange (NYSE), aiming to raise up to $175.5mn, according to a company statement published on June 18.

The IPO is priced between $24 and $27/share, with Tamboran offering a total of 6.5mn shares. The proceeds will primarily fund the Shenandoah South Pilot project in the Northern Territory. Tamboran, focused on the Beetaloo basin, is targeting a final investment decision on the pilot project in mid-2024.

"The US market has deep knowledge of the development of shale gas resources and a long history of supporting gas companies to fund their developments," said Tamboran CEO Joe Riddle. "Our board of directors believes the US listing will deliver Tamboran shareholders a greater reflection of the value of Tamboran's assets."

Additional capital will also fund the proposed 6.6mn tonnes/year Northern Territory LNG (NTLNG) pre-frontend engineering design (FEED) work, other Beetaloo basin activities, and general working capital. The NTLNG project aims to develop a fully integrated onshore LNG facility in the Northern Territory, encompassing upstream, midstream, and downstream operations. The development is expected to be supported by gas sourced from the Beetaloo basin.

Tamboran recently told NGW that it had started preparing for pre-FEED for the NTLNG development and expects to announce details in mid-2024.

The IPO is expected to finance Tamboran's next six wells in the Beetaloo basin, each to be drilled to approximately 3,000 m. These wells are planned to supply gas to the Northern Territory government through the proposed 40mn ft3/day Shenandoah South Pilot project.

Tamboran’s key assets include a 38.75% working interest and operatorship in EPs 98, 117, and 76, a 100% working interest and operatorship in EP 136, and a 25% non-operated working interest in EP 161, all located in the Beetaloo basin.

Upon successful completion of the IPO, Tamboran will trade on the NYSE under the ticker "TBN". The company's shares of common stock will also continue to trade on the Australian Securities Exchange.

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

Sheffield Holdings is the company's largest shareholder. Other major shareholders include the Baupost Group, Mitsubishi UFJ Asset Management, Morgan Stanley, and Helmerich & Payne.