PERTH (miningweekly.com) – Junior Tamboran Resources will raise A$35-million through a private placement, including a A$20-million placement to strategic US investor Bryan Sheffield.
The ASX-listed Tamboran on Tuesday said that it had placed 94.4-million shares, at a price of 37c each, representing a 3% discount to the company’s seven-day volume-weighted average share price.
Sheffield subscribed for more than 54-million shares in the company, and along with his existing 1.2-million shares, gave him a 7.4% interest in Tamboran.
The balance of the 40.4-million shares were purchased primarily by existing institutional shareholders.
“We are pleased to welcome Sheffield as a strategic investor and substantial shareholder in Tamboran. He has significant investment experience in the US unconventional energy sector, previously served as the chairperson, CEO and founder of Parsley Energy, a major independent unconventional oil and gas producer in the Permian basin,” said Tamboran MD and CEO Joel Riddle.
‘This is an exciting time for Tamboran as we complete our two horizontal well drilling campaign with our joint venture partner Santos. Both wells are expected to be fracture stimulated and flow tested before the end of 2021.”
Riddle said that learnings from the 2021 campaign will be integrated into the planning of the operated 2022 drilling programme, which will include the Maverick 1H well, located within the Core Beetaloo.