Past year: ▲ 26%(18.5c – 31.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Oct 2023business combination● Neutral
ASIC registered the Scheme Booklet for the US re-domicile and it goes to shareholders. The board unanimously recommends a yes vote and BDO's independent expert says it is in shareholders' best interests, absent a better proposal. Meeting set for 1 December 2023.
16 Oct 2023drilling result▲ GoodMajor
Amungee 3H reached 3,837 m in 17.9 days, 20 days faster than Amungee 2H, with a 1,100 m horizontal and significant gas shows. Drilling cost was A$12.6M, ~30% below A2H. Stimulation is planned Q2 2024; Shenandoah South 1H stimulation starts November, IP30 results early 2024.
12 Oct 2023business combination● NeutralMajor
Tamboran plans to move its domicile from Australia to the US via a scheme of arrangement. Shareholders would get one CDI per share in a new Delaware parent, still trading on ASX as TBN. Vote expected late November, implementation mid-December 2023, subject to an independent expert (BDO) and court approval.
28 Sept 2023director officer appointment● NeutralMajor
Stephanie Reed (Formentera Partners, the major shareholder of joint venture partner Daly Waters Energy) and Ryan Dalton (ex-Parsley Energy CFO) joined the board on 28 September 2023. Appointments follow an agreement with largest shareholder Bryan Sheffield after the July capital raise; the board cap rose to nine.
27 Sept 2023annual report● Neutral
Appendix 4G, the checklist showing where governance disclosures are found, dated 27 September 2023. Administrative filing only, with no new substance.
27 Sept 2023annual report● Neutral
2023 annual report for year to 30 June 2023. The chairman's letter recaps Maverick 1V, Amungee 2H and Shenandoah South 1H drilling, and the Amungee 2H skin with remediation planned later this year subject to JV approval. No new results in the extract.
27 Sept 2023resource reserve update▲ GoodMajor
Tamboran booked its first contingent resource in 100%-owned EP 136 (2C 406 BCF) after Maverick 1V, and lifted EP 161 2C to 470 BCF. Company-wide 2C rises 32% to 2.0 TCF and 1C 37% to 458 BCF, NSAI-certified. Excludes Shenandoah South 1H results.
27 Sept 2023annual report● Neutral
Corporate governance statement for FY2023, describing board practices against the ASX governance recommendations. Administrative disclosure only, with no new operational or financial information.
25 Sept 2023drilling spud● NeutralMajor
Drilling began on Amungee NW 3H in EP 98, from the same pad as Amungee 2H, using the H&P rig. It should take ~25 days with a 1,000 m horizontal; drilling and cementing is budgeted at A$14.4M (~A$5.6M net). Stimulation is planned for Q2 2024.
11 Sept 2023investor presentation● Neutral
September 2023 site tour presentation titled 'Building a 1.5 BCFD low-cost Beetaloo Basin gas development by 2030'. The extract shows mainly disclaimers and the company's vision, with no new figures visible.
31 Aug 2023director officer appointment● Neutral
Joanna Morbey retired as company secretary, a role held since March 2016. Rohan Vardaro, the company's senior counsel, replaced her on 31 August 2023.
30 Aug 2023drilling result▲ GoodMajor
Shenandoah South 1H pilot hole reached 3,300 m, intersecting ~90 m of Mid Velkerri B Shale with strong dry gas shows, the thickest seen in the basin depocenter and ~20% thicker than Tanumbirini. A 1,000 m horizontal comes next, with stimulation in Q4 2023. Flow rates are not yet known.
28 Aug 2023material agreement▲ Good
Two more non-binding letters of intent, with Alinta Energy and ENGIE, add 90–125 TJ/day. Total East Coast LOIs now reach 600–875 TJ/day across six buyers, for up to 10–15 years. First gas via the APA pipeline is targeted for 2028, subject to binding sales agreements.
25 Aug 2023farm in farm out completion▲ GoodMajor
Tamboran told Falcon that all farm-in commitments under the 2014 agreement are satisfied. Falcon remains carried for a net A$6.8M of future drilling (A$3.4M net to Tamboran). The EP 98/117 interest is 77.5% for Tamboran (B2), 22.5% Falcon. This completes the Falcon farm-in thread.
7 Aug 2023capital raising announcement● Neutral
The Share Purchase Plan closed with only A$904,950 of applications, about 5.03M shares at $0.18, well below the ~$5M target. All valid applications were met in full. Tranche 2 of the placement still awaits shareholder approval.
What it means for a shareholder
5.0m new shares at US$0.180 to raise about US$904,950. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
2 Aug 2023material agreement▲ GoodMajor
Tamboran signed non-binding letters of intent with Origin, AGL, EnergyAustralia and Shell Energy for 510–750 TJ/day for 10–15 years. First gas is targeted for 2028, subject to commercial flow rates. Binding sales agreements are still to be negotiated.
1 Aug 2023drilling spud▲ GoodMajor
Drilling began on Shenandoah South 1H in EP 117, aiming at the deeper Mid-Velkerri B Shale. It is expected to take ~45 days with a 1,000 m horizontal; stimulation is planned Q4 2023. Amungee 2H remedial work is planned later this year, subject to JV approval.
26 July 2023capital raising announcement● Neutral
The Share Purchase Plan at $0.18 closing date was extended from 27 July to 3 August 2023 to give eligible shareholders more time. Results are now due 7 August, with shares issued 9 August.
25 July 2023contract award▲ GoodMajor
Tamboran awarded Wood the Concept Select engineering contract for the proposed 6.6 MTPA NTLNG plant at Middle Arm, Darwin, following June's site exclusivity. Study finishes in H1 2024, then pre-FEED. The plant depends on commercial Beetaloo flow rates.
24 July 2023drilling scheduled▲ GoodMajor
The H&P FlexRig reached the Shenandoah South 1H site in EP 117. Drilling is expected to start early August 2023, subject to final JV approval, taking about 45 days with a 1,000 m horizontal, and stimulation in Q4 2023. Target is about 700 m deeper than Amungee 2H.
13 July 2023other● Neutral
Tamboran published its updated Securities Trading Policy, following the ASX query. Blackout periods now run for a set time before quarterly, half-year and full-year reports rather than from 31 May each year. Governance administration only.
13 July 2023listing compliance notice▼ Bad
Tamboran answered an ASX query over director David Siegel's 650,000-share on-market purchase, admitting it did not strictly comply with its trading policy and was wrongly marked as outside a closed period. It calls this inadvertent, took no disciplinary action and has relaxed the policy.
7 July 2023other● Neutral
Encompass Capital updated its disclosure: cash-settled swaps now give it economic exposure to 162,962,537 Tamboran shares (about 9.56%), up from about 8.12% in June. Swaps give price exposure, not share ownership.
6 July 2023capital raising announcement● Neutral
The Share Purchase Plan opened, letting eligible shareholders buy up to $30,000 of shares at $0.18, the same price as the placement. It targets $5M, may be scaled back or increased, and closes 27 July 2023.
30 June 2023other● Neutral
Routine notice that 6,166,667 unlisted options (TBNAG, expiring 26 May 2026) come out of escrow on 1 July 2023. Administrative, no substance for the company's story.
30 June 2023other● Neutral
Routine notice that 9,984,584 unlisted options (TBNAF, expiring 26 May 2026) come out of escrow on 1 July 2023. Administrative, no substance for the company's story.
27 June 2023investor presentation● Neutral
Presentation supporting the capital raise, titled 'Building a gross 1.5 BCFD low-cost Beetaloo Basin gas development by 2030'. The extract is mostly disclaimers and shows no new figures beyond the raise announced the same day.
27 June 2023admin correction● Neutral
Amended webcast notice moving the 27 June 2023 capital raise webcast start time to 11:00am AEST from 10:00am. Administrative only.
27 June 2023capital raising announcement● NeutralMajor
Tamboran raised about $53.2M in a placement at $0.18 per share (12.2% discount), with $14.7M from Bryan Sheffield. It adds a ~US$9M H&P convertible note (5.5% PIK, conversion $0.21–$0.30) and a ~$5M SPP, totalling ~$71.4M. Resolves the low-cash thread (inference).
27 June 2023other● Neutral
Notice of a webcast with CEO Joel Riddle on 27 June 2023, at 10:00am AEST, to discuss the capital raise and drilling program. Administrative only, with no new information.
