Tamboran Resources Corporation has successfully closed the first tranche of its previously announced Private Investment in Public Equity (PIPE) of Common Stock. Proceeds will fund ongoing drilling activity towards plateau production from the proposed Shenandoah South (SS) Pilot Project. The second tranche, if completed, is expected to bring total gross proceeds to approximately US$55.4 million (AU$84.5M).
Under the first tranche, Tamboran issued 2,180,515 shares of Common Stock at US$17.74 per share, raising approximately US$38.7 million before placement agent fees and other offering expenses. Bank of America acted as the sole placement agent.
Funding to support plateau production targets
Proceeds from the first tranche will be directed towards development and drilling work necessary for Tamboran to achieve plateau production from the SS Pilot Project.
This project represents a critical step in advancing the company's operations in the Beetaloo Sub-basin, Northern Territory. Tamboran is targeting an efficient transition into early production, leveraging its current exploration and appraisal activities.
The company expects these developments to significantly de-risk the commercialisation of its substantial unconventional gas resources. The second tranche of the PIPE, anticipated to close pending regulatory approvals and customary closing conditions, will further strengthen the company’s financial capacity to meet these goals.
Details of share issuance and transaction structure
As part of the first tranche closing, Tamboran issued 2,180,515 shares of Common Stock to investors at a price of US$17.74 per share. This resulted in gross proceeds of approximately US$38.7 million.
Bank of America acted as the sole placement agent for the offering.
The second tranche, if executed as planned on or around August 18, 2025, will provide additional funding of US$16.7 million. Both tranches were offered under Tamboran’s previously filed registration statement with the US Securities and Exchange Commission (SEC). Finalisation of the second tranche remains subject to applicable conditions.