Join our daily newsletter At The Bell to receive exclusive market insights
If you needed evidence that Tamboran Resources (ASX:TBN) is bullish on the NT’s Beetaloo Basin, look no further than its decision to list on the NYSE.
Describing its “intention” on Monday, Tamboran is ultimately seeking cash from US IPO watchers to help develop its Beetaloo project.
This is probably a sensible strategy.
A second year of record drought continues to define Australia’s own IPO market – a topic which isn’t getting much attention right now (despite making this journalist’s life harder.)
Right now, Tamboran has lodged the early-stage documentation with the US market regulator.
Its foremost goal is to get liquidity to advance the Shenandoah South Pilot Project to the point of production, expected for 1H 2026.
Tamboran reported not having any firm idea yet of share volume and float price. However, the company has attracted some fairly strong interest from Wall Street.
Bank of America, CitiGroup and RBC Capital Markets are all joint managers on the deal, as well as other high-profile firms.
“The funds raised are expected to deliver Tamboran’s strategy to supply the Northern Territory and East Coast gas markets at a time when legacy production is in decline,” Tamboran chief Joel Riddle said.
“We are excited to be supported by the high-quality US institutions with a deep knowledge of shale developments that will enhance value to our existing shareholders.”
TBN shares were, perhaps surprisingly, flat in the second hour of trade at 16cps.
