TAMBORAN RESOURCES LIMITED (TBN)

The suspension of trading in the securities of Tamboran Resources Limited will be lifted immediately following the release by TBN of an announcement regarding the capital raise and acquisition of Origin Energy's Beetaloo Assets.

The company releases a notice of proposed issue of securities.

Tamboran has entered into a strategic alliance and has secured $22 million (US$15 million) equity investment from a subsidiary of Helmerich & Payne, Inc., the largest drilling solutions provider in the US. The investment forms part of Tamboran's $138 million equity placement, announced on 20 September 2022. Tamboran will utilise the proceeds from the recent equity placement to focus on the development of the Beetaloo Basin. Additionally, the strategic alliance with H&P, which has significant expertise in deep unconventional shale drilling, is expected to assist Tamboran in accelerating development drilling in the region at a reduced cost. Tamboran has finalised a drilling contract with H&P for a super-spec FlexRig® for a two-year term. The rig will mobilise into Australia for the Company's 2023 proposed drilling campaign. The drilling activity, if successful, is expected to position Tamboran for the sanctioning of the proposed Amungee Pilot Development by the end of 2023. As part of the strategic alliance, H&P will have the right of first refusal until 2033 to provide Tamboran all subsequent rigs required to accelerate the Company's 1 billion cubic feet per day (BCFD) development plan at market rates. Once imported into Australia, H&P's super-spec FlexRig® , with more than 2,000 horsepower and one-million-pound hookload, will be one of Australia's most powerful onshore drilling rigs. Capable of drilling more than 4,000-metre horizontal sections within the Mid-Velkerri "B Shale", the rig is expected to support a material reduction in cost per unit of recoverable gas and minimize the environmental footprint.

The company releases the Tamboran Acquisition and Capital Raise - Presentation.

Tamboran and Bryan Sheffield have agreed to jointly (50% each) acquire Origin Energy's 77.5 per cent interest in three Beetaloo Basin permits (EP 98, 117 and 76) through a joint venture entity for an upfront cash consideration of $60 million plus a future production royalty. Tamboran becomes the largest acreage holder in the Beetaloo Basin with ~1.9 million net prospective acres, resulting in a ~270 per cent increase in Tamboran's estimate of net 2C contingent gas resources to ~1.5 trillion cubic feet. The JV has entered into a binding 10-year Gas Sales Agreement (GSA) for up to 36.5 PJ per annum (18.3 PJ per annum net to Tamboran) with Origin, Australia's leading energy retailer. The acquisition will be funded through an institutional placement to new and existing shareholders to raise up to $138 million (before costs) at $0.21 per share, representing a 22.2 and 18.2 per cent discount to the Company's closing price and five-day VWAP, respectively, on Wednesday 14 September 2022. The institutional placement included a $98 million Private Placement of shares to strategic partners and US cornerstone investors, supported by investments of $30 million by Sheffield and $22 million by Helmerich and Payne. The placement has been structured in two tranches, with the second tranche subject to shareholder approval at a General Meeting to be held on Tuesday, 25 October 2022. Tamboran intends to launch a Share Purchase Plan allowing existing shareholders to participate on the same terms as the placement at $0.21 per share, targeting $3.0 million. Tamboran's major shareholders, representing over 50 per cent of the Ordinary Shares who are entitled to vote, intend to vote in favour of the Placement, including Tamboran's Board and largest shareholder, Longview Petroleum (19.6% interest). Immediate near-term catalysts include the drilling of Maverick 1V (M1V) in EP 136, currently underway, and two Amungee wells are planned to commence in October 2022. Initial production rates from the two Amungee wells are expected to be announced in early calendar year 2023.

The securities of Tamboran Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of TBN, pending the release of an announcement regarding its capital raising.

listed entity carried for record purposes only