Tamboran Resources launches institutional stock offering for drilling funds

Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) has commenced a registered direct institutional entitlement offering of common stock to qualified institutional buyers and accredited investors, according to a company statement.

The natural gas exploration company is conducting the institutional offering under an effective registration statement filed with the Securities and Exchange Commission. The offering targets qualified institutional buyers under Rule 144A and accredited investors under Rule 501 of the Securities Act of 1933.

Simultaneously, Tamboran is conducting a separate underwritten public offering of 2,956,602 shares of common stock, which could increase to 3,400,093 shares if underwriters exercise their option in full. The two offerings are independent of each other, with neither conditional on the completion of the other.

The company plans to use proceeds from the offerings to fund additional drilling in the Pilot Area, resource delineation in the Orion Acreage and Beetaloo Central Development Area, drilling in the EP 161 acreage, working capital and general corporate purposes.

RBC Capital Markets, LLC is serving as the exclusive placement agent for the institutional offering. The institutional entitlement offer is also being conducted outside the United States for eligible existing holders of common stock or CHESS Depositary Interests, though these are not being registered under U.S. securities laws or offered in the United States.

Tamboran operates as an independent natural gas exploration and production company focused on the Beetaloo Basin in Australia's Northern Territory. The company holds approximately 1.9 million net prospective acres in the region.

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