Tamboran Secures A$282.6M for Beetaloo Drilling after Record SS-6H Flow Test
Tamboran raised A$282.6 million through a US$118.5 million offering and a A$112.5 million entitlement offer, with A$24.8 million from retail subscriptions at A$0.25 per CDI. Funds will drive drilling and resource delineation in the Beetaloo Basin after SS-6H’s record 20-day flow test of 10.3 MMcf/d (11.9 MMcf/d normalized).
1. Capital Raise Details
Tamboran completed a combined equity raise of A$282.6 million, comprising a US$118.5 million public offering (including US$15.5 million overallotment) and a two-part entitlement offer that raised A$87.7 million institutionally and A$24.8 million in the retail tranche at A$0.25 per CDI.
2. Use of Proceeds
Raised capital will finance further upstream gas development in the Beetaloo Basin, focusing on additional drilling in the Pilot Area, resource delineation across the Orion acreage and Central Development Area, plus drilling activities at the EP 161 permit, with remaining funds allocated to working capital and general corporate purposes.
3. Record Flow Test
Tamboran’s SS-6H well in Shenandoah South recorded a 20-day average flow rate of 10.3 MMcf/d from the Mid Velkerri B Shale, equivalent to 11.9 MMcf/d over a 10,000-foot section, marking the strongest Beetaloo Basin test to date and comparing favorably to over 11,000 Marcellus Shale wells.
4. Trading and Outlook
New CDIs issued under the retail entitlement offer are set to commence ASX trading on May 5, expanding Tamboran’s equity base and enhancing liquidity as the company advances its Beetaloo Basin development milestones.