, , , , ,

Tamboran announces equity launch

Central Petroleum revenue

Tamboran Resources has announced the launch of an institutional placement to raise approximately $28 million dollars.

The entitlement offer is being made to new and existing investors and includes a $15 million investment by Liberty Energy.

Funds from the equity raise will support Tamboran’s Beetaloo Basin activities to the sanctioning of its proposed 40 million cubic feet per day Shenandoah South pilot project, which is planned for the first half of 2024.

This includes front-end engineering and design (FEED) activities.

Tamboran Resources managing director and chief executive officer Joel Riddle said the equity raise is a significant step in commercialising the Beetaloo Basin, in the Northern Territory.

“Investment in gas is expected to be required to meet our energy transition targets and investment in natural gas with low reservoir CO2, such as the Beetaloo Basin, should be developed ahead of those higher reservoir CO2 content,” Riddle said.

“This could support lower development costs as less cost is associated with injecting CO2 via carbon capture and storage or purchasing offsets.

“We are excited to be joined by Liberty, a leading oilfield services company in the United States with sophisticated and high-quality hydraulic fracturing, engineering and wireline services.

“This partnership, which follows that of Helmerich & Payne in 2022, delivers on our mission to bring US shale expertise into the Beetaloo Basin.”

Subscribe to Energy Today for the latest project and industry news. 

Send this to a friend