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    Tamboran secures strategic US investor

Summary

US investor Bryan Sheffield has invested A$20mn in the Australian gas explorer to underpin a broader A$35mn placement.

by: Shardul Sharma

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Tamboran secures strategic US investor

Sydney-listed Tamboran Resources has raised approximately A$35mn ($25.3mn) through a private placement anchored by A$20mn investment from Bryan Sheffield, a strategic US investor, and supported by existing shareholders, it said on November 23.

The funds will be used to accelerate commercialisation of EP 136 and for working capital purposes with initial flow test results of two horizontal wells in EP 161 expected prior to the end of 2021. Tamboran's key assets in the Beetaloo sub-basin are a 25% interest in EP 161 and 100% interests in EP 136, EP 143 and EP(A) 197.

Sheffield has significant investment experience in the US unconventional energy sector. He previously served as the chairman, CEO and founder of Parsley Energy, an independent unconventional oil and gas producer in the Permian basin. Parsley was acquired by Pioneer Natural Resources Company in January 2021 for $7.3bn. Sheffield will have a 7.4% stake in Tamboran. 

"This is an exciting time for Tamboran as we complete our two horizontal well 2021 drilling campaign with our joint venture partner, Santos QNT Pty Ltd in EP 161. Both wells in EP 161 are expected to be fracture stimulated and flow tested before the end of CY2021,” Tamboran CEO Joel Riddle said.

"Learnings from the 2021 campaign are being integrated into the planning for our operated 2022 drilling programme, which will include the Maverick 1H well in EP 136, located within the core Beetaloo,” he added.