Each one in plain English, with the numbers worked through for a shareholder.
30 May 2025capital raising announcement▲ GoodMajor
First PIPE tranche closed: 2,180,515 shares at US$17.74, about US$38.7M. A second tranche of 940,729 shares (~US$16.7M) needs shareholder approval at a meeting around 18 Aug. Tranche 1 is smaller than the US$44.4M first announced. DWE's US$15M acreage purchase needs no shareholder vote.
What it means for a shareholder
2.2m new shares at US$17.74 to raise about US$38.7m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held US$1,000 of shares (56 at the issue price), your slice goes from 0.000388% to 0.000337% of the company. To keep it you'd need 8 more shares - about US$142 at the issue price.
Tamboran raised $55.4 million in a private placement (mostly closing immediately, with $11 million pending shareholder approval), sold Daly Waters Energy a non-operating 100,000-acre slice of its Beetaloo acreage for $15 million, and restructured its joint venture agreement with Daly Waters Energy and Falcon Oil & Gas, retaining about 1.9 million net prospective acres and 77.5% operating interest in its core license areas.
March quarter report: cash was US$25.6M, pro forma US$96.0M after the placement and acreage sale. SS-2H ST1 soaked 62 days and reopened mid-May for flow testing. Falcon will not join the three-well campaign, so Tamboran's Pilot interest will rise. Largely repeats the 14 May announcements.
March-quarter (3Q FY25) results presentation by CEO Joel Riddle. The text provided is mostly the disclaimer and is truncated; it appears to repeat the 14-15 May results and PIPE announcements, with no new figures visible.
Tamboran filed an 8-K saying it issued an earnings presentation and press release on 14 May 2025 for the quarter ended 31 March 2025. The filing itself gave no financial figures.
14 May 2025capital raising announcement▲ GoodMajor
Tamboran raised about US$55.4M through a private placement of ~3.1M shares at US$17.74, a 15% discount. US$44.4M closes 16 May; US$11.0M needs shareholder approval. Funds the remaining three Pilot wells, with first gas mid-2026. SS-2H ST1 flow test began; IP30 due June.
What it means for a shareholder
3.1m new shares at US$17.74 to raise about US$55.4m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held US$1,000 of shares (56 at the issue price), your slice goes from 0.000388% to 0.00032% of the company. To keep it you'd need 12 more shares - about US$213 at the issue price.
14 May 2025asset acquisition disposition● NeutralMajor
Tamboran agreed to sell Daly Waters Energy a non-operating interest in 100,000 acres for US$15M, and finalised the acreage checkerboard with it. It also hired RBC to farm down the 406,693-acre Phase 2 area, where it would hold 58.12%, after the SS-2H ST1 result.
Jeff Bellman appointed non-executive director from 2 May 2025, replacing the vacancy left by Stephanie Reed's resignation (inference). He has 33 years in oil and gas investment management; the chairman cites his help financing phased commercialisation.
Appendix 4A for April 2025: CDIs on issue fell by 225,364,800 to 1,396,123,400 as holders moved to NYSE common stock. Common stock rose to 7,556,157. Administrative filing.
Non-executive director Stephanie Reed resigned to focus on other business interests. She joined the board in September 2023 and sat on the Compensation and Sustainability Committees.
Appendix 4A for March 2025: CDIs on issue fell by 106,344,200 to 1,621,488,200 as holders moved to NYSE common stock. Common stock rose to 6,429,333. Administrative filing.
Tamboran signed a non-binding letter of intent with Arafura's Nolans rare earths project for 18-25 TJ/d of Beetaloo gas for up to 10 years. Another non-binding demand signal; definitive documents, both parties' investment decisions and approvals are still needed.
Arafura Rare Earths says its Mereenie gas deal lapsed on 31 March 2025 and it has signed a non-binding letter of intent with Tamboran for 18-25 TJ/d for up to 10 years. Subject to both companies' final investment decisions and approvals.
Appendix 4A for February 2025: CDIs on issue fell by 8,963,400 to 1,727,832,400 as holders transferred to NYSE-listed common stock. Common stock rose to 5,897,612. Administrative filing.
Updated 2Q FY25 results presentation: slides 16-18 amended and slide 19 added to supply source material for peer comparisons, to meet ASX guidance. No new operating or financial results are visible in the extract.
Half-year report (Appendix 4D with US Form 10-Q) to 31 Dec 2024: no revenue and a loss of about US$20.1M, up 118% from US$9.2M a year earlier. Repeats the 13 Feb half-year report, whose auditor going-concern warning is not visible in this extract.
December quarter: SS-3H stimulation paused after casing connection stress was detected, with repairs in Q1 and restart in Q2 2025, so SS-3H IP30 slips to mid-2025. SS-2H ST1 IP30 expected April 2025. Cash US$59.4M; US$23M (A$35M) Macquarie credit line secured.
Half-year report to 31 Dec 2024. Ernst & Young's review flags a material uncertainty about the company's ability to continue as a going concern, with the opinion not modified. Cash was $59.4M and there was no revenue; the extract shows a six-month loss figure only partly.
