Tamboran Resources Raised $56.1M Via The Issuance Of 2,673,111 Shares Of Common Stock At The Public Offering Price Of $21.00 Per Share; Tamboran Entered Into Subscription Agreements With Certain Investors With Expected Gross Proceeds Of Up To $29.3 Million In A Private Investment In Public Equity

Author: Benzinga Newsdesk | October 24, 2025 05:22pm

• Tamboran Resources Corporation has raised US$56.1 million (US$52.5 million after deducting underwriters discounts and offering expenses) via the issuance of 2,673,111 shares of Common Stock at the public offering price of US$21.00 per share (Public Offering).
• The underwriters exercised their option to purchase an additional 348,666 shares of Common Stock at the Public Offering price from the Company on October 23, 2025.
• The Public Offering was supported by cornerstone investors, including a US$10 million investment from new Strategic Partner, Baker Hughes, a leading energy technology company. Baker Hughes will provide industry-leading oilfield services (OFS) and equipment while supporting optimization and efficiency initiatives in Tamboran's initial development.
• Concurrently with the closing of the Public Offering, Tamboran entered into subscription agreements with certain investors with expected gross proceeds of up to US$29.3 million in a Private Investment in Public Equity (PIPE), 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 supported by a US$6.6 million investment from Tamboran's largest shareholder, Mr. Bryan Sheffield, and Mr. Scott Sheffield, a member of the Company's Board of Directors, subject to approval by the Company's shareholders pursuant to ASX Listing Rule 10.11.
• Proceeds from the Public Offering, PIPE and SPP will be used to fund Tamboran's development plan, working capital, and other general corporate purposes.
• RBC Capital Markets, LLC, Wells Fargo Securities, LLC, and BofA Securities acted as joint book-running managers of the Public Offering.
• Tamboran intends to launch a Share Purchase Plan (SPP) allowing existing eligible CHESS Depositary Interest (CDI) holders to participate at the same price per share as the Public Offering targeting a full subscription of up to US$30 million in CDIs.

Tamboran Resources Corporation (NYSE:TBN, ASX: TBN)):

Tamboran Resources Corporation Chairman and Interim CEO, Richard Stoneburner, said:

"We thank our existing shareholders for their continued support in Tamboran and welcome new shareholders on our journey to delivering our world class shale gas development of the Beetaloo Basin.

"The Strategic Partnership with Baker Hughes is an important step in our cost reduction initiative across our OFS activities in the Beetaloo Basin. Baker Hughes joins Helmerich & Payne (NYSE:HP) and Liberty Energy (NYSE:LBRT) as our key operational partners as we focus on progressing towards first gas from the Beetaloo Basin.

"The funds from the offer will allow for Tamboran to secure long lead items for the 2026 drilling activities to maintain momentum on the anticipated completion of the farmout process."

Posted In: HP LBRT TBN