Tamboran Resources Ltd (ASX:TBN) has raised $3.4 million in a share purchase plan (SPP) at $0.21 per share to support its endeavours in the Beetaloo Sub-basin of the Northern Territory.
Thanks to the raise, the energy stock plans to release just under 16.2 million new shares to eligible shareholders, whose applications have been met in full.
TBN’s share purchase plan follows a recent two-tranche private placement, which saw around 657.2 million shares issued at the same price as the SPP to raise roughly A$98.8 million.
Together with the placement funds, Tamboran will use the cash injection to stake a larger claim in natural gas assets in the Beetaloo Sub-basin, as well as progress its exploration and development programs.
Specifically, the energy stock plans to acquire leading Australian retailer Origin Energy Ltd (ASX:ORG)’s 77.5% interest in three Beetaloo Basin permits in the Northern Territory through a joint venture entity.
Following the buy, Tamboran will be the largest acreage holder in the Beetaloo Basin, with roughly 1.9 million net prospective acres.
This, in turn, is expected to boost TBN’s estimated net 2C contingent gas resources around 270%.
Tamboran expects to issue its SPP shares on Thursday, October 20, with the securities poised to commence trade the following day.