{"id":7236,"date":"2024-08-03T01:42:52","date_gmt":"2024-08-03T01:42:52","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/08\/03\/billionaire-backed-tamboran-resources-secures-additional-us7-4-million\/"},"modified":"2024-08-03T01:42:52","modified_gmt":"2024-08-03T01:42:52","slug":"billionaire-backed-tamboran-resources-secures-additional-us7-4-million","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/08\/03\/billionaire-backed-tamboran-resources-secures-additional-us7-4-million\/","title":{"rendered":"Billionaire-backed Tamboran Resources Secures Additional US$7.4 Million"},"content":{"rendered":"<p><strong>Tamboran Resources (<\/strong><strong>ASX<\/strong><strong>:<\/strong><strong>TBN<\/strong>,<strong>NYSE:TBN) announced on Tuesday (July 30) that it has s<\/strong><strong>ecured an additional US$7.4 million after its recent initial public offering (IPO) on the New York Stock Exchange.<\/strong><\/p>\n<p>The IPO\u2019s 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. <\/p>\n<p>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.<\/p>\n<p>The funds raised through the IPO will be used for ongoing drilling activities at the Shenandoah South pilot project in Australia\u2019s Beetaloo Basin. The additional US$7.4 million will also be dedicated to this project.<\/p>\n<p>According to Reuters, Beetaloo Basin is \u201ctipped to be one of the world\u2019s most promising shale gas fields.\u201d<\/p>\n<p>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 \u201chas the potential to support 13,000 jobs and boost economic activity in Australia by AU$17 billion by 2040.\u201d<\/p>\n<p>Sheffield Holdings, which is affiliated with Texas oil billionaire Bryan Sheffield, is Tamboran\u2019s largest shareholder. Sheffield is the son of Scott Sheffield, also a key player in the oil sector, and the founder of Parsley Energy. <\/p>\n<p>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.<\/p>\n<p><strong>Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n<div>This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":7237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-7236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/7236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=7236"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/7236\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/7237"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=7236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=7236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=7236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}