Tamboran Resources drops on $49 mln stock offering

Tamboran Resources

23/10/2025 12:59

** U.S.-listed shares of natural gas producer Tamboran Resources TNB.N down 11.4% premarket to $21.75 after overnight follow-on priced

** Australia-based TNB late Weds sold ~2.3 mln shares at $21 for ~$48.8 mln gross proceeds

** Offering priced at 14.5% discount to stock's last close

** TNB intends to use net proceeds to fund its development plan, working capital and other purposes

** Baker Hughes BKR.O indicated to buy up to $10 mln of offering shares, per the prospectus

** Last week, TNB announced successful completion of largest Beetaloo Basin drilling program, including application of new BKR anti-vibration drilling technology

** TNB has ~17.8 mln shares outstanding

** RBC, Wells Fargo and BofA are joint bookrunners for offering

** Through Weds close, U.S.-listed shares gained ~26% over the past three months, putting them up ~17% YTD

** 3 analysts rate TNB "buy", 1 rates "hold", their median PT is $41, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))