The IPO’s underwriters have partially exercised their over-allotment option, agreeing to purchase a further 308,750 shares of the company out of an allowance of 468,750; each share is priced at US$24.
The funds raised through the IPO will be used for ongoing drilling activities at the Shenandoah South pilot project in Australia’s Beetaloo Basin. The additional US$7.4 million will also be dedicated to this project.
Tamboran has a minimum working interest of 47.5 percent in Shenandoah South. It wants to establish a significant gas resource in the basin, and to contribute to the global shift to a lower-carbon future. Tamboran said the development “has the potential to support 13,000 jobs and boost economic activity in Australia by AU$17 billion by 2040.”
Sheffield Holdings, which is affiliated with Texas oil billionaire Bryan Sheffield, is Tamboran’s largest shareholder. Sheffield is the son of Scott Sheffield, also a key player in the oil sector, and the founder of Parsley Energy.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Leave a Reply