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Tamboran Resources Corporation (TBN) Signs Agreement With Native Title Holders and NLC To Sell Appraisal Gas From Shenandoah South Pilot in Beetaloo Basin
Tamboran Resources Corporation (TBN) Signs Agreement With Native Title Holders and NLC To Sell Appraisal Gas From Shenandoah South Pilot in Beetaloo Basin

Yahoo

time2 days ago

  • Business
  • Yahoo

Tamboran Resources Corporation (TBN) Signs Agreement With Native Title Holders and NLC To Sell Appraisal Gas From Shenandoah South Pilot in Beetaloo Basin

Tamboran Resources Corporation (NYSE:TBN) is among the 12 Best Australian Stocks to Buy Right Now. According to reports on Sky News, the company has secured a vital agreement with Native Title Holders and Northern Land Council (NLC) to sell appraisal gas from its Shenandoah South Pilot in the Beetaloo Basin. An industrial facility emitting natural gas from large pipes, with workers in the foreground. The gas field, located about 500 km south of Darwin, is roughly the size of Belgium. Analysts believe the historic agreement is expected to help meet Australia's domestic energy needs for well over 200 years. The NLC has described the deal with Tamboran Resources Corporation (NYSE:TBN) as significant for economic growth in the Northern Territory and added that it would help administer the agreement to ensure the company meets its obligations. 'The NLC supports the native title holders' decision to negotiate with Tamboran and supports the outcomes of the negotiations. This agreement means jobs and money for native title holders. The NLC will continue to help to administer the agreement on behalf of native title holders to make sure Tamboran meets its obligations in the Agreement.' Tamboran Resources Corporation (NYSE:TBN) is a natural gas company focused on the development of unconventional gas resources in Australia's Northern Territory. While we acknowledge the potential of TBN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 11 Best Large Cap Defense Stocks to Buy According to Analysts and 10 Best Low Priced Defense Stocks to Buy Now. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Falcon Oil & Gas Ltd. - Stellar IP90 Flow Test Result in the Beetaloo maintaining stable gas rate over the final 30-day period
Falcon Oil & Gas Ltd. - Stellar IP90 Flow Test Result in the Beetaloo maintaining stable gas rate over the final 30-day period

Yahoo

time11-08-2025

  • Business
  • Yahoo

Falcon Oil & Gas Ltd. - Stellar IP90 Flow Test Result in the Beetaloo maintaining stable gas rate over the final 30-day period

Falcon Oil & Gas Ltd ('Falcon') Stellar IP90 Flow Test Result in the Beetaloo maintaining stable gas rate over the final 30-day period 11 August 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that Shenandoah South 2H Sidetrack ('SS-2H ST1') achieved an average 90-day initial production ('IP90') flow rate of 6.7 million cubic feet per day ('MMcf/d') over 1,671-metres (5,483-foot) within the Amungee Member B-Shale in the Beetaloo Sub-basin, Northern Territory, Australia, making it a Beetaloo Basin record. Points to note: Flow rates from the SS-2H ST1 well over the last 30 days have increased by ~2% without any downhole intervention and maintaining a 44/64' choke. At the completion of the 90-day period, the well was flowing at 6.5 MMcf/d with a wellhead pressure of ~700 psi, a ~3% decline in wellhead pressure from the end of Day 60. The SS-2H ST1 well has now been suspended ahead of the commencement of gas sales to the Northern Territory Government via the Sturt Plateau Compression Facility in mid-2026, subject to weather conditions and final stakeholder approvals. For further details on the SS-2H ST1 flow test, including a table and charts, please refer to Appendix A. 2025 Drilling Campaign The 2025 drilling campaign continued to progress with the intermediate section of the first two wells (S2-1H and S2-3H) successfully drilled. The rig is currently drilling the intermediate section of the third well (S2-5H). The campaign is the first multi-well drilling program implementing batch drilling in the Beetaloo Basin. On completion of the intermediate section of the S2-5H well, the rig is planned to commence drilling of the 10,000-foot horizontal sections of the three wells. This will complete the drilling phase of the five well Shenandoah South pilot program. As previously announced, Falcon Oil & Gas Australia Limited ('Falcon Australia') has no cost exposure to the drilling of these three wells as it opted to reduce its participating interest in the three wells to 0%. Philip O'Quigley, CEO of Falcon commented: 'The results we are seeing from the wells drilled and flow tested to date in the Shenandoah area of the Beetaloo illustrate the huge commercial potential of this area and augur extremely well for the pilot program and any subsequent larger scale development. These latest encouraging results will no doubt support Tamboran's efforts in their farming down of an adjacent 400,000 acre area known as 'Phase 2 Development Area', further de-risking the commercial development of the Beetaloo.' Tom Layman, Director of Falcon commented: 'The strong 90 day flowback performance from the SS2-2H ST1 is good news and in, combination with the SS- 1H, is another great result for this area of the Beetaloo. The fact that the well increased production rate from 6.4 MMcf/d to 6.5 MMcf/d over the last 30 days with very little change in pressure shows that we have more opportunity to optimize and maximize the performance of the Amungee member B-shale.' Ends. CONTACT DETAILS: Falcon Oil & Gas Ltd. +353 1 676 8702 Philip O'Quigley, CEO +353 87 814 7042 Anne Flynn, CFO +353 1 676 9162 Cavendish Capital Markets Limited (NOMAD & Broker) Neil McDonald / Adam Rae +44 131 220 9771This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd's Technical Advisor. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG. About Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland. Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd. For further information on Falcon Oil & Gas Ltd. Please visit About Beetaloo Joint Venture (EP 76, 98 and 117) Company Interest Falcon Oil & Gas Australia Limited (Falcon Australia) 22.5% Tamboran (B2) Pty Limited ('Tamboran') 77.5% Total 100.0% Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres Company Interest Falcon Oil & Gas Australia Limited (Falcon Australia) 5.0% Tamboran (B2) Pty Limited 95.0% Total 100.0% 1Subject to the completion of SS-4H wells on the Shenandoah South pad 2. About Tamboran (B2) Pty LimitedTamboran (B1) Pty Limited ('Tamboran B1') is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Corporation and Daly Waters Energy, LP. Tamboran Resources Corporation is a natural gas company listed on the NYSE (TBN) and ASX (TBN). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the Beetaloo Sub-basin through cutting-edge drilling and completion design technology as well as management's experience in successfully commercialising unconventional shale in North America. Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. ('PE'), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company. Advisory regarding forward-looking statementsCertain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as 'may', 'will', 'should', 'expect', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'projects', 'dependent', 'consider' 'potential', 'scheduled', 'forecast', 'anticipated', 'outlook', 'budget', 'hope', 'suggest', 'support' 'planned', 'approximately', 'potential' or the negative of those terms or similar words suggesting future outcomes. In particular, forward-looking information in this press release includes, details on the IP90 flow test results of SS-2H ST1 being a Beetaloo basin record, the well being suspended ahead of the commencement of gas sales to the Northern Territory Government via the Sturt Plateau Compression Facility in mid-2026, subject to weather conditions and final stakeholder approvals, the belief the average 30-day initial production of a normalised flow rate of 3 MMcf/d per 1,000 metres is a commercial threshold and coupled with the IP60 and IP90 flow rate points towards the significant resource potential of the Beetaloo; and details on the 2025 three well drilling campaign which has continued to progress. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and/or their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation. Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon's filings with the Canadian securities regulators, which filings are available at including under "Risk Factors" in the Annual Information Form. Any references in this news release to initial production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Falcon. Such rates are based on field estimates and may be based on limited data available at this time. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Attachment 081125 FINAL Falcon Press Release - SS-2H ST1 IP90Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Tamboran CEO Joel Riddle departs fracking company as Scott Sheffield joins board
Tamboran CEO Joel Riddle departs fracking company as Scott Sheffield joins board

ABC News

time29-07-2025

  • Business
  • ABC News

Tamboran CEO Joel Riddle departs fracking company as Scott Sheffield joins board

Oil and gas heavy hitters from US state of Texas are taking the lead in a fracking company with contracts to supply more than half of the Northern Territory's daily gas needs, an energy analyst says. Joel Riddle has stepped down as CEO and managing director of Tamboran Resources after 12 years in the role. Tamboran has fracking operations in the gas-rich Beetaloo Basin, and last year inked a contract with the NT government to supply gas to the territory from 2026. About 80 per cent of the territory's energy is supplied by gas-fired power stations, which have depended on emergency deals with exporters since 2020. Mr Riddle's sudden departure from Tamboran's top job is not the only change at the company, with two new appointments and one further exit from the boardroom. Texan oil and gas man Scott Sheffield has been named a non-executive director. The Sheffield Group, which includes privately held US-based company Sheffield Holdings LP and Scott Sheffield's billionaire son Bryan Sheffield, is a major shareholder in Tamboran. Energy analyst Saul Kavonic said he believed differences of opinion were behind the sudden departure of Tamboran Resources. "The nature of his leaving, which was very abrupt, to my mind does suggest that there's been a misalignment between [Mr Riddle] and Sheffield," Mr Kavonic told NT Country Hour. "What we've seen here with the installation of Scott Sheffield onto the board is a sign that the Sheffields are taking control of Tamboran and are going to be more much hands-on with driving things forward. Scott Sheffield has a long history in the United States' fossil fuel sector as head of oil and gas company Pioneer, which was acquired by ExxonMobil in 2024. He has also made moves into Australia's gas industry, serving as a director from 2014 to 2017 with Santos, which has significant gas projects underway in the NT. In a statement to the ASX, Tamboran chair and interim CEO Dick Stoneburner said the company remained committed to delivering gas out of the Beetaloo. Last year, the NT government signed a nine-year deal with Tamboran to buy fracked gas from its Beetaloo Basin project. At the time, Mr Riddle said the company would prioritise the NT's gas needs first, ahead of supply to the east coast and international gas markets. In March, the NT government scrapped targets to achieve 50 per cent renewable energy generation by 2030. NT Chief Minister Lia Finocchiaro said she was not concerned that the change in leadership at Tamboran would affect the gas supply deal. "We are continuing to look to how we can diversify and shore-up gas security for territorians into the future," she said. "We remain very committed to the Beetaloo being a really important resource."

Tamboran Appoints Board Chairman Dick Stoneburner as Interim CEO
Tamboran Appoints Board Chairman Dick Stoneburner as Interim CEO

Associated Press

time28-07-2025

  • Business
  • Associated Press

Tamboran Appoints Board Chairman Dick Stoneburner as Interim CEO

NEW YORK--(BUSINESS WIRE)--Jul 27, 2025-- Tamboran Resources Corporation (NYSE: TBN, ASX: TBN): Tamboran Resources Corporation Chairman, Dick Stoneburner, said: 'Tamboran remains committed to completing the tie-in of the five wells on the Shenandoah South 2 pad that are planned to deliver gas into the Sturt Plateau Compression Facility (SPCF) and feed into the 40 MMcf/d Gas Sales Agreement with the Northern Territory Government. We remain focused on unlocking the significant value that we believe the development of the Beetaloo Basin will realize for shareholders and the stakeholders of the Northern Territory. 'Since joining Tamboran as CEO in 2013, Mr. Riddle has overseen the Company's transformation from early-stage natural gas exploration to the brink of commercial production. Under his leadership, Tamboran has pioneered integrated development strategies that combine recognized U.S. shale techniques with Australian operations, driving significant productivity and efficiency gains. 'Additionally, under Joel's leadership, Tamboran successfully acquired and expanded its key assets and operations, resulting in the Company becoming the largest acreage holder and operator in the Beetaloo Basin in the Northern Territory of Australia, with approximately 1.9 million net prospective acres. 'On behalf of the Board, I thank Joel for his dedicated service to Tamboran over the last 12 years and John for his valuable membership on our Board.' Tamboran Resources Corporation Chair of the Nomination and Corporate Governance Committee, Fred Barrett, commented: 'We are also pleased to welcome two deeply experienced executives, Scott and Phillip, to our Board of Directors. They each bring extensive leadership, operational, financial, capital raising, strategic partnering and risk management expertise to Tamboran. 'Their perspectives will be invaluable as we continue to prioritize strategic execution and operational innovation to capitalize on the enormous potential of the Beetaloo Basin. With the appointments of Scott and Phillip, the Board has meaningfully deepened its expertise in large-scale shale development.' The complete cooperation agreement with Sheffield Holdings will be filed on a Current Report on Form 8-K with the U.S. Securities and Exchange Commission. This announcement was approved and authorised for release by Dick Stoneburner, the Chairman of Tamboran Resources Corporation. About Tamboran Resources Corporation Tamboran Resources Corporation ('Tamboran' or the 'Company'), through its subsidiaries, is the largest acreage holder and operator with approximately 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets include a 47.5% operating interest over 20,309 acres in the proposed northern Pilot Area, a 38.75% non-operating interest over 20,309 acres in the proposed southern Pilot Area, a 58.13% operating interest in the proposed Phase 2 development area covering 406,693 acres, a 67.83% operated interest over 219,030 acres in a proposed Retention License 10, a 77.5% operating interest across 1,487,418 acres over ex-EPs 76, 98 and 117, a 100% working interest and operatorship in EP 136 and a 25% non-operated working interest in EP 161, which are all located in the Beetaloo Basin. The Company has also secured ~420 acres (170 hectares) of land at the Middle Arm Sustainable Development Precinct in Darwin, the location of Tamboran's proposed NTLNG project. Pre-FEED activities are being undertaken by Bechtel Corporation. Note on Forward-Looking Statements This press release contains 'forward-looking' statements related to the Company within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the Company's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words 'believe,' 'expect,' 'anticipate,' 'will,' 'could,' 'would,' 'should,' 'may,' 'plan,' 'estimate,' 'intend,' 'predict,' 'potential,' 'continue,' 'participate,' 'progress,' 'conduct' and the negatives of these words and other similar expressions generally identify forward-looking statements. It is possible that the Company's future financial performance may differ from expectations due to a variety of factors, including but not limited to: our early stage of development with no material revenue expected until 2026 and our limited operating history; the substantial additional capital required for our business plan, which we may be unable to raise on acceptable terms; our strategy to deliver natural gas to the Australian East Coast and select Asian markets being contingent upon constructing additional pipeline capacity, which may not be secured; the absence of proved reserves and the risk that our drilling may not yield natural gas in commercial quantities or quality; the speculative nature of drilling activities, which involve significant costs and may not result in discoveries or additions to our future production or reserves; the challenges associated with importing U.S. practices and technology to the Northern Territory, which could affect our operations and growth due to limited local experience; the critical need for timely access to appropriate equipment and infrastructure, which may impact our market access and business plan execution; the operational complexities and inherent risks of drilling, completions, workover, and hydraulic fracturing operations that could adversely affect our business; the volatility of natural gas prices and its potential adverse effect on our financial condition and operations; the risks of construction delays, cost overruns, and negative effects on our financial and operational performance associated with midstream projects; the potential fundamental impact on our business if our assessments of the Beetaloo are materially inaccurate; the concentration of all our assets and operations in the Beetaloo, making us susceptible to region-specific risks; the substantial doubt raised by our recurring operational losses, negative cash flows, and cumulative net losses about our ability to continue as a going concern; complex laws and regulations that could affect our operational costs and feasibility or lead to significant liabilities; community opposition that could result in costly delays and impede our ability to obtain necessary government approvals; exploration and development activities in the Beetaloo that may lead to legal disputes, operational disruptions, and reputational damage due to native title and heritage issues; the requirement to produce natural gas on a Scope 1 net zero basis upon commencement of commercial production, with internal goals for operational net zero, which may increase our production costs; the increased attention to environmental, social and governance matters and environmental conservation measures that could adversely impact our business operations; risks related to our corporate structure; risks related to our common stock and CDIs; and the other risk factors described more fully in the Company's Annual Report on Form 10-K, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the Securities and Exchange Commission. It is not possible to foresee or identify all such factors. Any forward-looking statements in this release are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company's results of operations and financial condition, the Company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document, except as otherwise required by law. Annexure A About Scott Sheffield Mr. Sheffield has more than 50 years of experience in the energy industry, including building a company into a top tier exploration and production company that was acquired by Exxon Mobil Corporation in a transaction that closed in May 2024. From 2019 until December 31, 2023, he served as a Director and Chief Executive Officer of Pioneer Natural Resources Company ('Pioneer'), a large publicly traded domestic upstream oil and gas company. He retired on December 31, 2023, as CEO and remained as a director until May 2024. Mr. Sheffield served as the founding Chief Executive Officer of Pioneer from August 1997 until his retirement in December 2016, and he also served as Board Chair from 1999 until 2019 when he returned as the CEO. Mr. Sheffield was the CEO of Parker and Parsley Petroleum Company, a predecessor company of Pioneer, from 1985 until it merged with MESA, Inc. to form Pioneer in 1997. Mr. Sheffield joined Parker and Parsley as a petroleum engineer in 1979, was promoted to Vice President of Engineering in 1981, was elected President and a Director in 1985, and became Board Chair and Chief Executive Officer in 1989. Mr. Sheffield served as a Director of Santos Limited, an Australian exploration and production company, from 2014 to 2017. He previously served as a Director from 1996 to 2004 on the Board of Evergreen Resources, Inc., an independent natural gas energy company. Mr. Sheffield holds a Bachelor of Science in Petroleum Engineering from the University of Texas. He has also served on various industry and education-related boards, including the National Petroleum Council, America's Natural Gas Alliance, and the Maguire Energy Institute of the Southern Methodist University Cox School of Business. Mr. Sheffield is also a 2013 inductee to the Permian Basin Petroleum Museum Hall of Fame. About Phillip Pace Phillip Pace has more than 30 years of energy industry experience. From 2017 to 2020 he served as a Director of Lonestar Resources US Inc., a then-publicly traded exploration and production company. From 2009 until his retirement in 2020, Mr. Pace was Founding Partner and Managing Director of Chambers Energy Management, a Houston-based investment firm focused on opportunistic credit investments in the energy industry. He also has extensive experience in energy finance, including 19 years in oil and gas equity research. Following his equity research career, Mr. Pace became Credit Suisse's Head of Exploration and Production Investment Banking in 2005 and Co-Head of Energy Investment Banking in 2006. During his career on Wall Street, Mr. Pace was involved in over $50 billion in completed M&A transactions and over $10 billion in equity capital raised for the exploration and production sector in more than 50 distinct transactions. Mr. Pace holds a Bachelor of Business Administration degree in Finance, with honors, from Texas A&M University and is a Chartered Financial Analyst. He serves on multiple education-related and non-profit boards, including the Yellowstone Academy and Angel Reach. View source version on CONTACT: Investor enquiries: Chris Morbey, Vice President – Corporate Development and Investor Relations +61 2 8330 6626 [email protected] enquiries: +61 2 8330 6626 [email protected]. media enquiries: Matt Sherman / Andrew Siegel Joele Frank, Wilkinson Brimmer Katcher 212-355-4449 KEYWORD: NEW YORK AUSTRALIA/OCEANIA AUSTRALIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: OIL/GAS NATURAL RESOURCES ENERGY OTHER NATURAL RESOURCES OTHER ENERGY SOURCE: Tamboran Resources Corporation Copyright Business Wire 2025. PUB: 07/27/2025 07:30 PM/DISC: 07/27/2025 07:31 PM

Tamboran Resources (TBN) Closes First Tranche of Private Investment Public Equity (PIPE)
Tamboran Resources (TBN) Closes First Tranche of Private Investment Public Equity (PIPE)

Yahoo

time29-06-2025

  • Business
  • Yahoo

Tamboran Resources (TBN) Closes First Tranche of Private Investment Public Equity (PIPE)

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. While we acknowledge the potential of TBN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than TBN and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None.

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