Tamboran Resources Corporation (ASX:TBN, NYSE:TBN, OTC:TBNRL) has secured up to US$115 million in new funding through a public offering, a private placement and a forthcoming share purchase plan, strengthening its balance sheet as it advances the Beetaloo Basin gas development toward first production.
Public offering backed by Baker Hughes
The company raised US$56.1 million (US$52.5 million net) from the sale of 2.67 million shares of common stock at US$21.00 per share under a US public offering, with underwriters later exercising an option to purchase an additional 348,666 shares.
Global energy-technology group Baker Hughes invested US$10 million as a cornerstone participant and will become a strategic partner in Tamboran’s Beetaloo operations. Under a preferred-services agreement, Baker Hughes will supply drilling and completion equipment and other oilfield services (OFS) for up to 20 wells or three years, helping to cut costs and improve well performance.
Chairman and interim CEO Richard Stoneburner said the partnership marks “an important step in our cost-reduction initiative across our OFS activities in the Beetaloo Basin”, adding that Baker Hughes joins Helmerich & Payne and Liberty Energy as key operational partners.
“The funds from the offer will allow Tamboran to secure long-lead items for the 2026 drilling activities to maintain momentum on the anticipated completion of the farm-out process,” Stoneburner said.
Read more: Tamboran completes record Beetaloo Basin drilling program
PIPE adds up to US$29.3 million
Alongside the public raise, Tamboran entered subscription agreements for a private investment in public equity (PIPE) offering with potential proceeds of up to US$29.3 million, priced at the same US$21.00 per-share level.
The PIPE includes a US$6.6 million contribution from Tamboran’s largest shareholder Bryan Sheffield and board member Scott Sheffield, subject to shareholder approval under ASX Listing Rule 10.11.
- About 327,900 shares will be issued to directors, management and related parties.
- 133,655 shares are earmarked for Bryan Sheffield.
- A further 1.06 million shares will be issued to non-affiliated investors.
Proceeds from both the public and private offerings will go towards Tamboran’s Beetaloo development plan, working capital and general corporate purposes.
Share purchase plan for CDI holders
Tamboran will also launch a Share Purchase Plan (SPP) for existing eligible CHESS Depositary Interest (CDI) holders to raise up to US$30 million (about A$45 million). The offer price is set at A$0.162 per CDI, matching the US offering price and representing a 19.8% discount to the five-day volume-weighted average price (VWAP) before October 23.
Eligible shareholders in Australia, New Zealand, Canada, Luxembourg, Malaysia, Singapore and the UK may apply for up to A$30,000 of new CDIs, subject to scale-back. The SPP opens October 30 and closes November 20 (5 pm AEDT), with new CDIs expected to begin trading on November 26.
Strengthened position in the Beetaloo
The latest funding round follows a series of recent key milestones, including the final investment decision for the Shenandoah South pilot project and Tamboran’s proposed US$172 million acquisition of Falcon Oil & Gas, consolidating the company’s acreage position.
Read more: Tamboran Resources to acquire Falcon Oil & Gas in US$172 million Beetaloo consolidation deal
Tamboran now holds roughly 1.9 million net prospective acres, the largest in the Beetaloo Basin, and is advancing plans for an initial gas development that could deliver domestic supply and potential LNG exports from northern Australia.
The company said the fresh funding strengthens its balance sheet and will ensure momentum across its Beetaloo development program, including preparations for the 2026 drilling campaign and the ongoing farm-out process.