TBN - Tamboran Resources

[System]

Tamboran Resources Limited is a public natural gas company that specialises in development of unconventional gas in the Northern Territory, Australia. It was incorporated in Victoria on 10 February 2009 and is headquartered in Sydney, Australia.

Tamboran's key assets are a 25% working interest in EP 161 and a 100% working interest in EP 136 which are located in the Beetaloo Sub-basin in the Northern Territory, Australia.

The Beetaloo Sub-basin is an area of approximately 28,500 km2 that is considered to be highly prospective for unconventional gas. The Beetaloo Sub-basin is a structural component of the Greater McArthur Basin in the Northern Territory, located about 500 kilometres south-east of Darwin, Northern Territory and is recognised as a close analogue to some of the most productive unconventional gas basins in North America.

It is anticipated that TBN will list on the ASX during June 2021.

Tamboran Resources — Next Generation E&P Company.

Tamboran Resources Corporation is a public natural gas company with a vision of supporting the Net Zero CO2 energy transition.

www.tamboran.com

 

[Dona Ferentes]

Listing date	23 June 2021 11:00 AM AEST ##
Company contact details	https://www.tamboran.com/ Ph: +61 2 9977 6522
Principal Activities	Natural gas exploration
GICS industry group	TBA
Issue Price	$0.40
Issue Type	Ordinary Fully Paid Shares
Security code	TBN
Capital to be Raised	$66,000,000
Expected offer close date	11 June 2021
Underwriter	Fully underwritten. MST Financial Services Pty Limited (Underwriter and Lead Manager)

 

[Faramir]

I am tipping TBN for October tipping comp.

Here is their latest announcement made 2 September:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02416761_PS-2A1320841?access_token=83ff96335c2d45a094df02a206a39ff4

Highlights
• Tanumbirini 3H Well (“T3H”) in EP 161 in the Beetaloo Sub-Basin spudded on 23 August 2021.
• T3H is currently ahead of schedule with the completion of the surface vertical hole section at 1,080 metres.
• Forward plan is to drill the vertical and angle build section to approximately 3,800 metres, prior to drilling approximately 1,000 metres horizontal section in the primary target of the Mid-Velkerri ‘B’ shale.
• Tanumbirini T2H (“T2H”) and T3H Wells targeted to be fracture stimulated and flow tested prior to year-end 2021.

 

[Faramir]

Here is the chart. Natural Gas. Something should make it go up next month. It listed at $0.40. Maybe it will go past it’s listing price next month.

 

[Dona Ferentes]

NT gas play Tamboran Resources has launched a $133 million equity raising, with proceeds pegged to pay Origin Energy for an acquisition and for drilling.

Which, for a $150M market cap company, may prove to cause indigestion

 

[Dona Ferentes]

Tamboran and one of its investors Sheffield will jointly pay $60 million to acquire the three Beetaloo Basin permits from Origin Energy with a royalty on future production included.

Tamboran has committed to solely fund the remaining Origin stage 3 farm-in commitments, including drilling two horizontal wells, which is expected to cost another $80 million.

The purchase would make Tamboran the leading player in the Beetaloo Basin in terms of net acres, contingent gas resources and prospective gas resources.

 

[Dona Ferentes]

The deal involves Origin selling their 77.5% interest in the Beetaloo assets to a Tamboran-operated JV for an upfront cash consideration of $60 million as well as a 5.5% royalty on future production from the three permits. In addition, Origin and the Tamboran JV have entered into a binding 10-year Gas Sales Agreement (GSA) for up to 36.5 Petajoules per annum.

Figure 1: Tamboran Resources: New and existing assets

The deal was accompanied by a capital raising of A$138 million for Tamboran. The proceeds will be used to fund the $60 million upfront payment to Origin as well as fund the original Origin Farm-in commitments (Stage 3 Planned Work Programme) which include the drilling of the two Amungee horizontal wells at a cost of approximately A$40 million.
....
There will be a big shift in Tamboran’s Resource position given Origin’s exploration activity to date and it potentially enables Tamboran to move towards development decisions more swiftly than before. The acquisition will increase Tamboran’s Net 2C Contingent gas resources by 268% to nearly 1.5 trillion cubic feet (TCF) and increase their Net Unrisked Prospective Gas Resources by 370% to 147 TCF.

Figure 2: Contingent Gas Resources

Figure 3: Unrisked Prospective Gas Resources

Overall, the acquisition appears to be a significant positive for Tamboran. With the firming up of gas supply agreements with Origin as well as the strategic drilling hook up with Helmerich & Payne, Tamboran looks now to be on track to be the Beetaloo’s first producer of commercial gas.

(not for me)

 

[houtman]

TBN to IPO in the US @ US$24, with the 200-1 CDI it works out at about 18c on the ASX, which is the current price.

TBN has recently been awarded Major project status by the NT(labor) government.

In part-
Highlights
• Major Project Status provides Tamboran with significant benefits, including;
− NT Government acknowledgement of the Beetaloo Basin’s significance to the Territory’s
economic prosperity,
− regulatory approval process mapping, and
− a dedicated project case manager to assist with coordinated and streamlined
communications within Government.
.
It's a shame that Origin gave this away, there are some large numbers in the Beetaloo.