Tamboran Resources Corp Prices IPO at $24.00-$27.00 Per Share (TBN)

Tamboran Resources Corp (TBN) is planning to raise $166 million in an initial public offering on Thursday, June 27th, IPO Scoop reports. The company plans to issue 6,500,000 shares at a price of $24.00-$27.00 per share.

The company has a market cap of $447.6 million.

Tamboran Resources Corp. provided the following description of their company for its IPO: ” We are an early stage, growth-driven independent natural gas exploration and production company focused on an integrated approach to the commercial development of the natural gas resources in the Beetaloo located within the Northern Territory of Australia. (Incorporated in Delaware) We and our working interest partners have exploration permits (â€?EPsâ€?) to approximately 4.7 million contiguous gross acres (approximately 1.9 million net acres to Tamboran) and are currently the largest acreage holder in the Beetaloo. We believe natural gas will play a significant role in the transition to cleaner energy and are committed to supporting the global energy transition by developing commercial production of natural gas in the Beetaloo with net zero equity Scope 1 and 2 emissions. Our Assets The Beetaloo, located approximately 300 miles southeast of the city of Darwin in the Northern Territory of Australia, covers approximately seven million acres (approximately 10,800 square miles) of outback and is believed to contain significant quantities of unconventional natural gas resources. To date, more than $600 million has been invested by various public and private companies in the exploration, appraisal and development of the Beetaloo. Based on data from our appraisal wells, we believe the most productive sections of the Beetaloo to be those at greater than 6,000-foot vertical depth. Initial data suggests that these sections demonstrate the highest productivity and reservoir pressures and exhibit the lowest decline rates in the Beetaloo. To date, our appraisal and development activities have focused on the dry gas shale target of the Middle Velkerri B formation, although we expect to eventually evaluate other benches for future development. Regional data from exploration wells, initial results from our appraisal wells, including well log and core data, as well as available 2-D seismic data, indicate that the geological properties of the Middle Velkerri section in the Beetaloo are widespread and contiguous across an area encompassing approximately 610,400 acres (approximately 950 square miles) and that the Beetaloo has geology similar to that of the Marcellus Shale of the Appalachian Basin in the northeastern United States (the â€?Marcellusâ€?). In particular, the dry gas areas of the Marcellus qualify as an appropriate analogous reservoir to the Middle Velkerri shale of the Beetaloo, having similar rock and fluid properties (such as organic-rich source rock and similar thermal maturity), similar reservoir conditions (including depth, pressure gradient and temperature ranges), and drive mechanism (using pressure depletion and gas desorption). While the Marcellus is at a more advanced stage of development than the Beetaloo, we believe comparison to the Marcellus may assist in our estimations and interpretation of data. We have participated in six appraisal wells over the last three fiscal years, four of which we drilled as the operator. Note: Net loss of US$31.06 million on no revenue for the 12 months that ended  March 31, 2024. (Note: Tamboran Resources Corp. disclosed the terms for what the company calls its U.S. initial public offering in an SEC filing dated June 17, 2024: 6.5 million shares at a price range of $24.00 to $27.00 to raise $165.75 million. In the prospectus, Tamboran Resources says: “Depositary interests, referred to as CHESS Depository Interests (â€?CDIsâ€?), each representing beneficial interests of 1/200th of a share of our common stock, are listed on the Australian Stock Exchange (â€?ASXâ€?) under the symbol â€?TBN.â€? This prospectus does not constitute an offer to sell, or the solicitation of any offer to buy, any CDIs. (Note: IPOScoop views this public offering as an uplisting to the New York Stock Exchange from the Australian Stock Exchange because the company’s stock is represented by the CDIs – also known as the CHESS Depository Interests – listed on the ASX.)     “.

Tamboran Resources Corp. was founded in 2009 and has 30 employees. The company is located at Suite 01, Level 39, Tower One, International Towers Sydney, 100 Barangaroo Avenue, Barangaroo NSW 2000, and can be reached via phone at +61 2 8330 6626 or on the web at http://www.tamboran.com/.