Tamboran Resources Corporation (NYSE:TBN, ASX:TBN, OTC:TBNRL, FRA:O8R) has moved to complete the bulk of its US$198 million capital raising announced on Wednesday, locking in institutional support and turning its attention to the retail component as it accelerates development plans in the Beetaloo Basin.
The company confirmed it has raised US$103 million (A$147.1 million) through its underwritten US public offering, alongside about A$86 million (US$60 million) from the institutional component of its entitlement offer, both priced at US$35 per share or A$0.25 per CHESS Depository Interest (CDI).
This follows yesterday’s announcement outlining the full scale of the raise and its role in funding Tamboran’s push toward first gas from the Beetaloo Basin in 2026.
With the institutional component now complete, Tamboran will open its retail entitlement offer on Monday, April 13, targeting up to A$27 million (US$19 million), with A$24 million (US$17 million) partially underwritten.
Eligible shareholders will be able to subscribe on a 1-for-10 basis, with an oversubscription facility allowing additional participation where shortfall exists.
Institutional backing and allocation
The institutional entitlement offer saw a mix of existing and new investors participate, with around 22% of available entitlements taken up by current shareholders. Any shortfall was absorbed by new and existing institutional investors, effectively completing the bookbuild.
New shares and CDIs issued under the offer will rank equally with existing securities, with settlement scheduled for mid-April and trading of new securities expected to commence shortly thereafter.
Tamboran shares resumed trading on the ASX on Thursday following completion of the institutional component.
Funding the next phase of Beetaloo activity
As outlined previously, proceeds from the raising are earmarked for an expanded drilling and appraisal program across Tamboran’s Beetaloo acreage.
This includes:
- Additional drilling in the Pilot Area
- Resource delineation across the Orion acreage and Beetaloo Central Development Area (BCDA)
- Drilling in the EP 161 permit
- Working capital and general corporate purposes
Chief executive Todd Abbott said the funding positions the company for an intensive development phase.
“We are entering what will be the most active two-year period in the Beetaloo Basin to date, including the delivery of first gas sales in the third quarter of 2026 and the continued delineation of gas resources across our Beetaloo East and Beetaloo West acreage,” he said.
He added that the capital raised is expected to support operations through to 2028 and could enable production to scale beyond the company’s contracted 40 terajoules per day supply into the Northern Territory market.
Retail offer and underwriting structure
The retail component will open on April 13 and close on April 27, with results expected by the end of the month.
Indicative timetable for the equity raise.
Tamboran has secured partial underwriting for the retail offer through RBC Capital Markets and E&P Capital, covering up to A$24 million, alongside sub-underwriting commitments from institutional investors for the majority of the expected allocation.
The structure provides a backstop for the raise while still allowing retail shareholders to participate in the funding round at the same price as institutional investors.
With the capital raising under way and funding largely secured, the focus will further shift to delivery — with drilling, appraisal and infrastructure work across the Beetaloo Basin expected to ramp up as Tamboran works towards its targeted first gas timeline in 2026.