Tamboran Resources Corporation (NYSE:TBN, ASX:TBN, OTC:TBNRL, FRA:O8R) has completed the retail component of its entitlement offer, raising about A$24.8 million as part of a broader equity raise totalling approximately US$197.8 million (A$282.6 million).
The retail entitlement offer, priced at A$0.25 per new CDI on a 1-for-10 basis, closed on April 27 and attracted support from eligible shareholders, with applications received for roughly 22.8 million new CDIs and a further 3.2 million sought through oversubscriptions.
The retail raising follows earlier capital inflows from an underwritten US public offering, which raised about US$103 million, alongside an additional US$15.5 million from the exercise of an over-allotment option. Tamboran also secured about A$87.7 million through the institutional component of the entitlement offer.
Together, these funding initiatives form a combined equity raise of about A$282.6 million.
Funds raised will be directed towards advancing Tamboran’s upstream gas development activities in the Beetaloo Basin. Key priorities include additional drilling within the Pilot Area, further resource delineation across the Orion acreage and the Beetaloo Central Development Area, as well as drilling at the EP 161 permit.
Remaining proceeds will be allocated to working capital and general corporate purposes.
New CDIs issued under the retail entitlement offer are expected to begin trading on the ASX on May 5.
Strongest flow test to data
Tamboran recently recorded its strongest Beetaloo Basin flow test to date, with the Shenandoah South 6H well delivering a record initial production rate ahead of planned first gas sales.
The SS-6H well achieved an average 20-day initial production flow rate of 10.3 million cubic feet per day from the Mid Velkerri B Shale, rising to 11.9 MMcf/d when normalised over a 10,000-foot horizontal section.
The result compared favourably with more than 11,000 producing wells in the Marcellus Shale in the United States, one of the world’s leading shale gas development regions.