Tamboran Resources Corporation (OTC:TBNRF, ASX:TBN) intends to list on the New York Stock Exchange (NYSE) and believes this has the potential to improve liquidity and provide access to deeper capital markets that better understand the development of shale gas.
This listing is proposed via a US Initial Public Offering (IPO) with the company expected to trade under the ticker TBN.
The proposed NYSE listing will be undertaken pursuant to the registration statement on Form S-1, which has formally been filed with the US Securities and Exchange Commission (SEC).
It is expected to occur once the registration statement is declared effective by the SEC and is subject to market and other conditions.
The company’s shares of common stock (represented by CHESS Depositary Interests, or CDIs) will also continue to trade on the Australian Securities Exchange (ASX).
Supporting move to first production
Tamboran managing director and CEO Joel Riddle said: “Tamboran’s US listing is expected to support the funding of the proposed Shenandoah South Pilot Project to first production in the first half of 2026.
"We are excited to be supported by the high-quality US institutions with a deep knowledge of shale developments that will enhance value to our existing shareholders.
“Most importantly, the funds raised are expected to deliver Tamboran’s strategy to supply the Northern Territory and East Coast gas markets at a time when legacy production is in decline."
Beetaloo Basin activity
Funds raised via the US IPO are expected to fund Tamboran’s activity in the Beetaloo Basin of Australia’s Northern Territory, including delivering production from the proposed Shenandoah South Pilot Project.
Tamboran is targeting a Final Investment Decision (FID) for Shenandoah South following completion of the IPO in mid-2024.
The joint book-running managers on the IPO are BofA Securities, CitiGroup and RBC Capital Markets, supported by Johnson Rice & Company and Piper Sandler as co-managers.