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Tamboran Prices US IPO at US$24.00 Per Share

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Tamboran Resources has set the price for its upcoming US IPO at $24.00 per share.

The offering includes 3,125,000 shares, aiming to raise $75 million in gross proceeds. The funds will be used for drilling activities in the Beetaloo Basin's Shenandoah South Pilot Project.

Tamboran's shares will begin trading on the NYSE under the ticker 'TBN' on June 27, 2024. The offering is expected to close on June 28, 2024, pending customary conditions.

Underwriters have a 30-day option to purchase an additional 468,750 shares at the IPO price. BofA Securities, Citigroup, and RBC Capital Markets are leading the offering, with Johnson Rice & Company and Piper Sandler as co-managers.

The registration statement was declared effective by the SEC on June 26, 2024.

Positive
  • IPO priced at $24.00 per share, raising $75 million in gross proceeds.
  • Shares to commence trading on NYSE on June 27, 2024, under ticker 'TBN'.
  • Funds to support Shenandoah South Pilot Project in Beetaloo Basin.
Negative
  • Underwriters granted a 30-day option to buy additional shares, potentially diluting existing shareholders.

Insights

The announced IPO pricing at US$24.00 per share, raising gross proceeds of US$75 million, is a significant move for Tamboran Resources Corporation. The capital raised will primarily fund the ongoing drilling activities for the Shenandoah South Pilot Project in the Beetaloo Basin, a important element in the company's growth strategy. For retail investors, this indicates substantial commitment to expanding operational capabilities in a high-potential basin.

Short-term impact: The immediate effect is an infusion of capital, enhancing Tamboran’s liquidity. However, market sentiment will be gauged by how well the shares are received upon listing on the New York Stock Exchange under the ticker “TBN”.

Long-term impact: The success of the Shenandoah South Pilot Project will be critical. If drilling yields promising results, it could significantly boost the company’s valuation and stock price. Conversely, any setbacks in the project might adversely impact the stock.

Investors should also note the involvement of prominent firms like BofA Securities, Citigroup and RBC Capital Markets as joint book-running managers, which adds credibility to the offering.

The Beetaloo Basin is recognized as one of the most promising shale gas basins globally. The decision to use IPO proceeds for drilling activities there shows Tamboran's strategic focus on high-potential, unconventional resources.

Industry context: The energy sector, especially shale and natural gas, has been characterized by volatility and significant capital requirements. Successful projects in the Beetaloo Basin could position Tamboran as a key player in the sector.

For retail investors, understanding the geological and operational risks associated with such projects is essential. While the prospects are promising, the sector’s inherent risks mean that potential high returns come with equally high risks.

Future outlook: The market’s response to the IPO and subsequent drilling results will be pivotal. If Tamboran can demonstrate operational efficiency and successful resource extraction, it could attract further investment and yield substantial returns for early investors.

Highlights

  • Tamboran Resources Corporation (“Tamboran” or the “Company”) today announced the pricing of its initial public offering of 3,125,000 shares of Common Stock at a price to the public of US$24.00 per share, raising gross proceeds of US$75 million to fund the ongoing drilling activities for the proposed Shenandoah South Pilot Project in the Beetaloo Basin.
  • Tamboran has granted the underwriters a 30-day option to purchase up to an additional 468,750 shares of its common stock at the initial public offering price, less underwriting discount.
  • Tamboran shares will commence trading on the New York Stock Exchange on June 27, 2024, under the ticker symbol “TBN”. The offering is expected to close on June 28, 2024, subject to customary closing conditions.
  • BofA Securities, Citigroup, and RBC Capital Markets are acting as joint book-running managers for the proposed offering. Johnson Rice & Company and Piper Sandler are acting as co-managers for the proposed offering.

NEW YORK--(BUSINESS WIRE)-- Tamboran Resources Corporation:

Further details

A registration statement on Form S-1 relating to the proposed offering was declared effective by the U.S. Securities and Exchange Commission on June 26, 2024. Copies of the prospectus relating to the proposed offering may be obtained, when available, from: BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com; Citigroup, Attention: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146) or RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, New York, NY 10281, by telephone at 877-822-4089 or by email at equityprospectus@rbccm.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the U.S. Securities Act of 1933, as amended.

About Tamboran Resources Corporation

Tamboran Resources Corporation (“Tamboran” or the “Company”), through its subsidiaries, is the largest acreage holder and operator with approximately 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia.

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, which are all located in the Beetaloo Basin.

Note on Forward-Looking Statements

The information contained in this release contains certain forward-looking statements. All statements, other than statements of historical fact included herein, included regarding the size, timing or results of the initial public offering are forward-looking statements. When used in this release, words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “budget,” “plan,” “seek,” “may,” “should,” “would,” “could,” “will,” “authorize,” “grant,” the negative of these term and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described in the section entitled “Risk Factors” in the prospectus included in the registration statement. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events.

Although we believe that the assumptions underlying these forward-looking statements are reasonable, should one or more of the risks or uncertainties described in the prospectus included in the registration statement occur, or should underlying assumptions prove incorrect, actual outcomes and our results and financial condition may differ materially from those indicated in any forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements, expressed or implied, included herein are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

All forward-looking statements, expressed or implied, in this release are based only on information currently available to us and speak only as of the date on which they are made. Except as otherwise required by applicable law, we disclaim any duty to publicly update any forward-looking statement, each of which is expressly qualified by the statements in this section, to reflect events or circumstances after the date of this release.

Investor enquiries:

Chris Morbey, Vice President – Corporate Development and Investor Relations

+61 2 8330 6626

Investors@tamboran.com

Media enquiries:

+61 2 8330 6626

Media@tamboran.com

Source: Tamboran Resources Corporation

FAQ

What is the IPO price for Tamboran Resources (TBN)?

The IPO price for Tamboran Resources (TBN) is set at $24.00 per share.

How much is Tamboran Resources (TBN) aiming to raise in its IPO?

Tamboran Resources (TBN) aims to raise $75 million in gross proceeds from its IPO.

When will Tamboran Resources (TBN) start trading on the NYSE?

Tamboran Resources (TBN) will begin trading on the NYSE on June 27, 2024.

What will the funds from Tamboran Resources (TBN) IPO be used for?

The funds from Tamboran Resources (TBN) IPO will be used for drilling activities in the Beetaloo Basin's Shenandoah South Pilot Project.

What is the ticker symbol for Tamboran Resources on the NYSE?

The ticker symbol for Tamboran Resources on the NYSE is 'TBN'.

Who are the underwriters for Tamboran Resources (TBN) IPO?

The underwriters for Tamboran Resources (TBN) IPO are BofA Securities, Citigroup, and RBC Capital Markets, with Johnson Rice & Company and Piper Sandler as co-managers.

When is the expected closing date for Tamboran Resources (TBN) IPO?

The expected closing date for Tamboran Resources (TBN) IPO is June 28, 2024.

Has the SEC approved Tamboran Resources (TBN) IPO?

Yes, the SEC declared Tamboran Resources (TBN) IPO registration statement effective on June 26, 2024.

Tamboran Resources Corporation

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