Tamboran Resources announces acquisition of Origin Energy’s Beetaloo Assets

Tamboran Resources Limited (ASX: TBN) announced that the joint venture (which is 50% owned by Tamboran and 50% owned by Sheffield) has agreed to jointly buy Origin Energy’s 77.5% stake and operatorship in three Beetaloo Basin licenses (EP 98, 117 and 76) for a total upfront cash consideration of AU$60 million plus a future production royalty. The Joint Venture has signed a 10-year binding Gas Sales Contract with Origin Energy for up to 36.5 PJ per annum.

The transaction will be funded via an institutional placement to new and previous shareholders to raise up to AU$138 million at AU$0.21 per share. The issue price denotes a 22.2% discount to the company’s closing price and an 18.2% discount to its 5-day volume weighted average price. In addition to the placement, the company is also planning to launch a share purchase plan, in which Eligible Shareholders will be offered the opportunity to participate on the same terms as the placement at AU$0.21 per share to potentially raise approx. AU$3.0 million.

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