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NEW YORK - Tamboran Resources Corporation (NYSE:TBN, ASX:TBN) announced Wednesday it has commenced an underwritten public offering of 2,324,445 shares of common stock. The company also plans to grant underwriters a 30-day option to purchase up to an additional 348,666 shares. The stock, currently trading at $24.55, has shown strong momentum with a 38% return over the past year. Analyst price targets range from $30 to $53, suggesting potential upside.
According to the press release statement, Tamboran intends to use the net proceeds to fund its development plan, working capital, and other general corporate purposes. InvestingPro data shows the company maintains a healthy current ratio of 1.55, though it has been rapidly consuming cash reserves. For deeper insights into Tamboran’s financial health and 8 additional key ProTips, consider exploring InvestingPro’s comprehensive analysis.
RBC Capital Markets, LLC and Wells Fargo Securities, LLC are serving as joint book-running managers for the offering.
Tamboran describes itself as a growth-driven independent natural gas exploration and production company focused on developing natural gas resources in Australia’s Beetaloo Basin. The company holds approximately 1.9 million net prospective acres, making it the largest acreage holder in the basin.
The shares are being offered and sold pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. The company noted that the offering is being made only by means of a prospectus supplement and accompanying base prospectus filed with the SEC.
The announcement did not disclose the pricing of the shares or the expected closing date of the offering.
In other recent news, Tamboran Resources Corp reported a significant earnings miss for the fourth quarter of 2025. The company announced an actual earnings per share (EPS) of -80.52 USD and zero revenue, which fell short of market expectations. This financial outcome has led to a cautious market response, despite Tamboran Resources achieving record flow rates from a key well and making progress in its aggressive drilling campaign. The company is also in the midst of a leadership search, adding another layer of complexity to its current situation. These developments have caught the attention of investors and analysts, emphasizing the importance of financial performance in the company’s ongoing operations.
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