Join our daily newsletter At The Bell to receive exclusive market insights
Tamboran Resources (ASX:TBN) has announced it will list on the New York Stock Exchange (NYSE) at US$24/sh (A$36/sh) to fund development of the Beetaloo Basin in the NT.
The company is expected to be at the fore of development efforts in the onshore basin which is expected to potentially become Australia’s next major gasfield.
The NT government has been keenly supportive of greenfield efforts to get the basin into production, given flowbacks to the territory could be significant.
To this end Tamboran is listing 3.12M shares on the NYSE, ultimately seeking to raise US$75M. Those funds will go towards the Shenandoah South Pilot Project. Some US$20M is already locked in from existing major shareholders.
Tamboran boosted its stake in that project to 47.5% earlier this year, around the same time the company reported record gas flows in early stage operations on-site.
Shares will go live on the NYSE overnight Thursday Australian time.
Notable is the pedigree of uptown entities the listing has managed to interest. Bank of America, Citigroup and RBC Capital Markets are all on board as managers.
TBN last traded at 19cps.
-1200x645-380x200.jpg)
-1200x645-380x200.jpg)