Tamboran Resources Raises US$198M Through 25% Equity Issue for Beetaloo Drilling
Tamboran Resources is raising US$198 million through a US underwritten offering of 2.96 million shares at US$35 and a pro rata entitlement offer to accelerate Beetaloo Basin drilling and infrastructure ahead of Q3 2026 first gas. The 5.7 million new shares equal 25% of capital at a 23% discount to NYSE.
1. Capital Raising Structure
Tamboran Resources launched a dual-track equity raising targeting approximately US$198 million via an underwritten US public offering of 2.96 million shares at US$35 each and a pro rata accelerated entitlement offer to existing shareholders. The public offering includes a 30-day option on 443,000 additional shares.
2. Use of Proceeds
Proceeds will fund additional drilling in the Shenandoah South pilot area, resource delineation across the Orion acreage and Beetaloo Central Development Area, participation in EP 161 wells alongside Santos, and general infrastructure and working capital to advance the development program.
3. Share Issuance and Pricing
In total, 5.7 million new shares will be issued, representing roughly 25% of existing capital. The US$35 offer price reflects a 22.8% discount to the last NYSE close and a 24.1% discount to the five-day VWAP, typical for pre-cashflow energy equity raisings.
4. Development Timeline and Outlook
Infrastructure at the Shenandoah South pilot project is nearing completion, with first gas still on track for the third quarter of 2026. The capital raise is designed to de-risk operations and establish an early production base underpinning future cash generation.