Tamboran completes US$189M institutional raise, opens A$27M retail entitlement offer
Tamboran raised US$103M from its underwritten US offering and A$86M through its institutional entitlement at US$35 per share, completing US$189M of the US$198M raise and launching an A$27M retail entitlement on April 13. Proceeds will fund expanded Beetaloo Basin drilling and aim for first gas in Q3 2026.
1. Institutional component completion
Tamboran secured US$103M from its underwritten US offering and A$86M via its institutional entitlement offer at US$35 per share, representing 22% uptake by existing shareholders and full subscription by new and existing institutions. Settlement is scheduled for mid-April with new securities expected to trade shortly thereafter.
2. Retail entitlement offer launch
Starting April 13, eligible shareholders can subscribe on a 1-for-10 basis for up to A$27M in new CDIs, with A$24M partially underwritten and an oversubscription facility available to cover any shortfall.
3. Funding allocation and development timeline
Proceeds will finance expanded drilling and resource delineation across the Beetaloo Basin, including the Pilot Area, Orion acreage and EP 161 permit, funding operations through 2028 and targeting first gas sales in Q3 2026, with potential to exceed 40 terajoules per day supply.