Tamboran Resources Corporation (TBN), an independent natural gas exploration and production company focused on developing natural gas resources in the Beetaloo Basin, has announced the successful raising of US$56.1 million through a Public Offering. The offering involved the issuance of 2,673,111 shares of common stock at a price of US$21.00 per share. Underwriters exercised their option to purchase an additional 348,666 shares at the same price on October 23, 2025.
A significant aspect of the Public Offering was the participation of cornerstone investors, including a US$10 million investment from Baker Hughes, a leading energy technology company. This investment marks the beginning of a strategic partnership where Baker Hughes will provide oilfield services and equipment to support optimisation and efficiency in Tamboran’s initial development phase. Concurrently with the Public Offering, Tamboran entered into subscription agreements for a Private Investment in Public Equity (PIPE), expected to generate up to US$29.3 million, pending shareholder approval and customary closing conditions.
Tamboran intends to launch a Share Purchase Plan (SPP), targeting proceeds of up to US$30 million. This plan allows eligible CHESS Depositary Interest (CDI) holders to participate at the same price as the Public Offering. Bryan Sheffield, Tamboran’s largest shareholder, and Scott Sheffield, a board member, are supporting the PIPE with a US$6.6 million investment, also subject to shareholder approval.
The funds raised from the Public Offering, PIPE, and SPP will be allocated to Tamboran’s development plan, working capital, and other general corporate purposes. The SPP will open on October 30, 2025, and is expected to close on November 20, 2025. RBC Capital Markets, Wells Fargo Securities, LLC, and BofA Securities managed the Public Offering.
