Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Flashback: Top five wildest moments from Elon Musk’s...
Less than half of DOGE-terminated contracts can be...
Jill Biden should have to answer for ‘cover...
DOGE staffing shakeup as Elon Musk hangs up...
State Dept says DOGE’s changes will be permanent...
President Trump teases ‘last day, but not really’...
Trump denounces court’s ‘political’ tariff decision, calls on...
I’m a physician and I’m worried that our...
Inside the late-night drama that led to Trump’s...
Alleged attempt to impersonate White House chief of...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

Billionaire-backed Tamboran Resources Secures Additional US$7.4 Million

by admin August 3, 2024
August 3, 2024
Billionaire-backed Tamboran Resources Secures Additional US$7.4 Million

Tamboran Resources (ASX:TBN,NYSE:TBN) announced on Tuesday (July 30) that it has secured an additional US$7.4 million after its recent initial public offering (IPO) on the New York Stock Exchange.

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 company launched its IPO on June 18 and priced its shares at US$24 on June 27. It generated gross proceeds of US$75 million through the sale of 3,125,000 shares. The over-allotment option gave the underwriters a 30 day window to acquire more shares of Tamboran at the IPO price, with fewer underwriting discounts.

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.

According to Reuters, Beetaloo Basin is “tipped to be one of the world’s most promising shale gas fields.”

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.

On June 19, the Northern Territory government granted major project status to Shenandoah South, underscoring its significance. First production from the asset is targeted for the first half of 2026.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Endeavour on Track to Meet Gold Guidance, Expects “Strongly Weighted” H2 Performance
next post
Cameco Shares Fall 9 Percent After Q2 Results Release

You may also like

Quimbaya Gold: Unlocking High-grade Gold Potential in Antioquia,...

January 18, 2025

Multiple Significant New Oil Leads Identified in Peruvian...

August 5, 2024

BHP Activates Contingency Plan as Workers Strike at...

August 15, 2024

Adrian Day: Gold Stock Setup is “Perfect,” Waiting...

February 2, 2025

John Feneck: Gold Backdrop Looks “Amazing,” Plus 7...

April 22, 2025

Accelerated Non-Renounceable Entitlement Offer Results

December 3, 2024

Quetzal Copper Provides Update on Financing

December 14, 2024

ELEMENT79 Announces Revocation of MCTO

March 7, 2025

Apollo Silver Expands Calico Project Land Package by...

May 20, 2025

5 Small-cap Biotech ETFs to Watch (Updated 2024)

August 17, 2024

Recent Posts

  • Flashback: Top five wildest moments from Elon Musk’s DOGE tenure as it comes to an end
  • Less than half of DOGE-terminated contracts can be publicly tracked, only about a quarter of grants: watchdog
  • Jill Biden should have to answer for ‘cover up’ of former president’s decline, White House says
  • DOGE staffing shakeup as Elon Musk hangs up his hat, White House confirms
  • State Dept says DOGE’s changes will be permanent amid Musk’s departure

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (751)
    • Investing (2,211)
    • Politics (2,729)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.