Tamboran Raises US$38.7M at US$17.74 per Share in PIPE First Tranche

Capital Raise Milestone

Tamboran Resources Corporation has successfully closed the first tranche of its previously announced Private Investment in Public Equity (PIPE), securing approximately US$38.7 million. This was achieved through the issuance of 2,180,515 common shares priced at US$17.74 each. The capital injection marks a significant step forward in Tamboran’s strategy to develop its assets in the Beetaloo Basin, Northern Territory, Australia.

Pending Second Tranche and Shareholder Approval

The company plans a second tranche of the PIPE, expected to raise an additional US$5.7 million. However, this tranche is contingent upon shareholder approval, with a special meeting scheduled for August 18, 2025. This tranche includes share issuances to certain directors and Formentera Partners, a key investor group, both subject to ASX Listing Rules compliance.

Strategic Use of Funds

Funds raised from the PIPE will primarily support drilling activities aimed at reaching plateau production at the Shenandoah Pilot Project, a cornerstone of Tamboran’s development plans in the Beetaloo Basin. Additional capital will fund the Plateau Compression Facility and general working capital needs, underpinning the company’s operational and growth objectives. The drilling program targets a production rate of 40 million cubic feet per day, with first production anticipated by mid-2026, weather and approvals permitting.

Acreage Acquisition and Expansion

Separately, Tamboran confirmed a binding agreement to acquire a non-operating interest in approximately 100,000 acres of post-checkerboard acreage from DWE Energy LP for US$15 million. This transaction does not require shareholder approval and further consolidates Tamboran’s position as a leading acreage holder in the Beetaloo Basin. The acquisition aligns with the company’s broader strategy to expand its footprint and resource base in this prolific gas-producing region.

Outlook and Market Positioning

With the first tranche closed and the second tranche pending, Tamboran is well-positioned to advance its exploration and development activities. The company’s focus on the Beetaloo Basin, combined with strategic partnerships and capital support, underscores its ambition to become a significant player in Australia’s natural gas sector. However, the reliance on shareholder approval for the second tranche introduces an element of uncertainty that investors will be watching closely.