Join our daily newsletter At The Bell to receive exclusive market insights
- Tamboran Resources (TBN) enters a trading halt while it plans and finalises the details of a capital raise
- The company hasn’t yet stated how it will spend the funds nor how much it intends to raise
- Tamboran expects to come out of the trading halt by Monday, September 19, by which time it plans to have released the details of the capital raise
- Shares in Tamboran halted at 27 cents on September 15
Tamboran Resources (TBN) has entered a trading halt while it plans and finalises the details of a capital raise.
The company hasn’t yet stated how it will spend the funds nor how much it intends to raise.
Tamboran expects to come out of the trading halt by Monday, September 19, by which time it plans to have released the details of the capital raise.
In August, the company received government approval to drill up to seven wells within its EP136 permit in the Northern Territory.
The NT Government approved the company’s environmental management plan (EMP) which marked the final approval required for Tamboran to drill the Maverick 1H (M1H) well which lies within the EP136 permit.
On September 6, Tamboran released its Good Oil Conference presentation which announced the spudding of M1H was close and it has a fracture stimulation program on M1H planned for January next year.
The company also plans to process 2D seismic data to support future Maverick well locations.
Shares in Tamboran halted at 27 cents on September 15.
