Tamboran raises $56.1 million in public offering, plans additional funding

Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) completed a public offering that raised $56.1 million through the issuance of 2,673,111 shares of common stock at $21.00 per share. The company received net proceeds of $52.5 million after deducting underwriting discounts and offering expenses.

The underwriters exercised their option to purchase an additional 348,666 shares at the offering price. Baker Hughes made a $10 million investment as part of the offering and entered into a strategic partnership to provide oilfield services for Tamboran's Beetaloo Basin operations in Australia.

Concurrently, Tamboran entered into a private investment in public equity (PIPE) transaction with expected gross proceeds of up to $29.3 million, subject to shareholder approval under ASX listing rules. The PIPE includes a $6.6 million investment from company directors Bryan Sheffield and Scott Sheffield, pending shareholder approval.

The company plans to launch a share purchase plan for existing eligible shareholders targeting up to $30 million in additional proceeds. The plan will offer shares at the same price as the public offering to holders in Australia, New Zealand, Canada, Luxembourg, Malaysia, Singapore, and the United Kingdom.

RBC Capital Markets, Wells Fargo Securities, and BofA Securities served as joint book-running managers for the public offering.

Tamboran will use the proceeds to fund its development plan for the Beetaloo Basin, working capital, and general corporate purposes. The company holds approximately 1.9 million net prospective acres in the Northern Territory of Australia.

The share purchase plan is scheduled to open October 30, 2025, and close November 20, 2025.

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