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Highlights

  • 3,684,741 shares to be issued in two tranches under Listing Rules 7.1 and 10.11
  • Proceeds support drilling and facility funding for Beetaloo Basin Pilot Project
  • $15 million acreage deal with DWE requires no shareholder approval

Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) has announced a private placement transaction involving the issuance of up to 3,684,741 shares of Common Stock across two tranches. The initial issuance of 2,180,515 shares occurred under the company’s existing placement capacity per ASX Listing Rule 7.1. Details of this tranche were filed with the ASX via an Appendix 2A.

The second tranche, totaling 940,729 shares, is contingent upon shareholder approval at a Special Shareholder Meeting slated for around August 18, 2025. This portion includes 54,463 shares to Tamboran directors and 563,697 shares to Formentera Partners, led by Bryan Sheffield, under Listing Rule 10.11. An additional 322,569 shares are allocated to unaffiliated investors under Rule 7.1.

Funds raised will be directed towards key operational initiatives. These include drilling the remaining wells needed for Tamboran’s planned 40 MMcf/d pilot gas project at the Shenandoah South site in the Beetaloo Basin. Production from the project is targeted for mid-2026, pending standard approvals and weather conditions. Capital will also be used to support the Sturt Plateau Compression Facility and for general working capital needs.

In parallel, Tamboran is progressing with a previously disclosed acreage transaction. On May 14, 2025, the company entered into a binding agreement with Daly Waters Energy (DWE) for the sale of non-operating, non-controlling interests over 100,000 acres. The deal is valued at US$15 million and is subject to regulatory and internal approvals but does not require shareholder authorization.

The issued shares in the private placement are not currently registered under the Securities Act and are subject to resale restrictions. Tamboran has committed to filing a registration statement for the resale of these securities.