Tamboran completes massive capital raise
PERTH (miningweekly.com) – ASX-listed Tamboran has completed a A$137-million equity raise to fund the A$60-million acquisition of fellow-listed Origin Energy’s Beetaloo Basin permits.
The company in September announced plans for the institutional placement, which had been completed in two tranches. Some 652.4-million shares were issued at a price of 21c each.
The first tranche comprised more than 186.8-million shares, representing 25% of Tamboran’s pre-raise issued capital, and raised A$39.2-million, while the second tranche of 465.6-million shares raised a further A$97.8-million.
The institutional placement included a A$98-million private placement of shares to strategic partners and US cornerstone investors, supported by investments of $30-million by Sheffield and $22-million by Helmerich and Payne (H&P).
A share purchase plan raised a further A$3.4-million.
Tamboran on Monday confirmed that the funds raised would fund the company’s acquisition of an interest in and operatorship of natural gas assets in the Beetaloo sub-basin, the company’s ongoing exploration and development programmes in the Beetaloo sub-basin, for general working capital purposes and for costs of the equity raising.
The deal covered Origin’s 77.5% participating interest in a shale gas exploration project with Falcon Oil and Gas Australia. The Beetaloo Basin sale was done for an up-front consideration of A$60-million and a royalty on future production over the life-of-field across the Origin interest being acquired. Origin has also executed a gas sale agreement for offtake of future gas production.
Tamboran previously said that the acquisition of Origin’s stake in the Beetaloo Basin permits would make Tamboran the largest acreage holder in the region, with 1.9-million net prospective acres, resulting in a 270% increase in its estimate of net 2C contingent gas resource to nearly 1.5-trillion cubic feet.
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