Tamboran Resources Corp said Monday it had raised $52.5 million net from issuing nearly three million common shares on the New York Stock Exchange (NYSE), including $10 million from Baker Hughes Co.
“The public offering was supported by cornerstone investors, including a $10 million investment from new strategic partner, Baker Hughes, a leading energy technology company”, the Sydney-based early-stage natural gas exploration and production company said in a filing with the Australian Securities Exchange (ASX).
The placement had a public offering price of $21 per share. The volume at closing included nearly 350,000 shares bought by underwriters under an option in their underwriting agreement with Tamboran.
According to a prospectus filing with the United States Securities and Exchange Commission last Friday, the underwriters were RBC Capital Markets LLC, Wells Fargo Securities LLC, BofA Securities Inc, Johnson Rice & Co LLC, PEP Advisory LLC, Piper Sandler & Co and Northland Securities Inc.
Besides its share subscription, Baker Hughes also signed a “preferred services agreement” with Tamboran under which the Houston, Texas-based company will deliver oilfield services and efficiency improvements “in Tamboran’s initial development of the Beetaloo Basin”, Tamboran said.
“This activity is limited to a pre-set number of wells in the basin with an expiration period of the later to occur of three years or 20 wells”, Tamboran said.
“The strategic relationship with Baker Hughes is established to provide industry-leading oilfield services and to Tamboran’s Beetaloo Basin operations, including drilling and completion fluids, drilling services, well design and construction, wireline services, cementing and completions intervention to improve well delivery and economics in the upcoming drilling and completions program”.
Tamboran added, “Concurrently with the closing of the public offering, Tamboran entered into subscription agreements with certain investors with expected gross proceeds of up to $29.3 million in a PIPE [Private Investment in Public Equity], subject to approval by the company’s shareholders pursuant to ASX Listing Rules 7.1 and 10.11, and the satisfaction of other customary closing conditions”.
“The PIPE is being conducted at the price to the public of $21 per share of common stock”, it said.
“The PIPE is supported by a $6.6 million investment from the company’s largest shareholder, Bryan Sheffield, and Scott Sheffield, a member of the company’s board of directors”.
Additionally Tamboran will offer a Security Purchase Plan (SPP) to certain existing CHESS Depositary Interest (CDI) holders to raise up to around $30 million at the equivalent price of the public offering and PIPE. The SPP will open October 30 and close November 20.
“Proceeds from the public offering, PIPE and SPP will be used to fund Tamboran’s development plan, working capital and other general corporate purposes”, Tamboran said.
Tamboran’s common stock trades on the NYSE. At ASX, it holds CHESS Depositary Interests (CDIs), each representing 1/200th of one common share, according to Tamboran.
On September 30 Tamboran and Falcon Oil & Gas Ltd announced a definitive merger agreement that they said will create a leading position of about 2.9 million net acres in Beetaloo, part of Australia’s McArthur Basin.
Concurrently the companies, already partners through the Beetaloo Joint Venture, sanctioned the Shenandoah South Pilot Project, which has a planned capacity of 40 million cubic feet a day. The joint venture expects the project to start gas sales mid-2026.
Tamboran will acquire Dublin, Ireland-based Falcon by issuing about 6.54 million shares listed on the NYSE to Falcon shareholders. Additionally Tamboran will pay $23.7 million in cash, a joint ASX filing said.
The parties expect to complete the combination February 2026, subject to approvals by shareholders on both sides.
“Falcon shareholders will own ~26.8 percent of the pro forma business. Tamboran stockholders will own the remaining 73.2 percent”, the companies said.
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