Tamboran Resources Corporation (NYSE:TBN) is one of the 7 Best ASX Stocks to Buy Now. It closed the first tranche of its previously announced Private Investment Public Equity (PIPE) of common stock in order to finance the ongoing drilling activities to reach plateau production from the proposed SS Pilot Project. Tamboran Resources Corporation (NYSE:TBN) anticipates receiving gross proceeds of ~US$55.4 million upon closing of the second tranche of the PIPE, prior to deducting placement agent fees and other offering expenses.
An industrial facility emitting natural gas from large pipes, with workers in the foreground.
Pursuant to the closing of the first tranche, Tamboran Resources Corporation (NYSE:TBN) issued 2,180,515 shares of common stock at US$17.74 per share to garner ~US$38.7 million. The funds from the private placement will be used for drilling the remaining 3 wells required for the company’s proposed 40 million cubic feet per day (MMcf/d) Pilot Project at the Shenandoah South location in the Beetaloo Basin to reach first production. This is planned for mid-2026, however, it is subject to weather and standard stakeholder approvals. Furthermore, the funds will be used for the financing of the Sturt Plateau Compression Facility until Tamboran and DWE finalize terms with lenders.
Tamboran Resources Corporation (NYSE:TBN) is a natural gas company that is focused on developing unconventional gas resources in the Northern Territory of Australia.
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