Tamboran Initiates 2.96 Million Share Offering to Fund Northern Territory Projects

Equity Raise to Support Beetaloo Basin Development

Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) has commenced an underwritten public offering of 2,956,602 shares of its common stock, with an option for underwriters to purchase an additional 443,491 shares within 30 days. The company intends to use the net proceeds from this capital raise to fund further drilling activities in its Pilot Area, resource delineation in the Orion Acreage and Beetaloo Central Development Area, as well as drilling in the EP 161 acreage. Additional funds will support working capital and general corporate purposes.

Concurrent Institutional Entitlement Offer

Alongside the underwritten offering, Tamboran is conducting a registered direct institutional entitlement offer of common stock targeted at qualified institutional buyers and accredited investors under SEC rules. This entitlement offer is a separate transaction and is not contingent on the completion of the underwritten offering, nor vice versa. Both offerings are being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC).

Capital Markets Support and Regulatory Framework

RBC Capital Markets, LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the underwritten public offering. The company has made the preliminary prospectus supplement and base prospectus available through the SEC website and directly via the joint book-running managers. Tamboran emphasises that the offering is subject to applicable securities laws and will not be conducted in jurisdictions where such sales would be unlawful prior to registration or qualification.

Context Within Tamboran’s Beetaloo Basin Strategy

This capital raising initiative aligns with Tamboran’s ongoing efforts to advance its natural gas exploration and production projects in the Beetaloo Basin, Northern Territory, where it holds approximately 1.9 million net prospective acres. The company recently reported strong gas flow results from its Shenandoah South 6H well, which supports its development plans and anticipated first gas sales in late 2026. These developments are part of a broader strategy to commercialise the basin’s resources, as detailed in the company’s recent operational updates.

Investors and market participants will be watching closely for pricing and completion details of the offering, as well as subsequent updates on drilling progress and resource delineation outcomes. The equity raise represents a significant step in funding Tamboran’s exploration and development activities amid a complex regulatory and market environment.