• Tamboran raises approximately $35 million through a private placement (“Placement”) anchored by $20 million investment from Bryan Sheffield, a strategic US investor, and supported by existing shareholders.
• Funds will be used to accelerate commercialisation of EP 136 and for working capital purposes.
• Initial flow test results of two horizontal wells in EP 161 expected prior to the end of CY2021.

Tamboran Resources Managing Director and CEO, Joel Riddle said:
“We are pleased to welcome Bryan Sheffield as a strategic investor and substantial shareholder in Tamboran.

“Bryan Sheffield has significant investment experience in the US unconventional energy sector. He previously served as the Chairman, CEO and Founder of Parsley Energy, a major independent unconventional oil and gas producer in the Permian Basin, Texas. Parsley Energy was acquired by Pioneer Natural Resources Company in January 2021 for US$7.3 billion.

“This is an exciting time for Tamboran as we complete our two horizontal well 2021 drilling campaign with our joint venture partner, Santos QNT in EP 161. Both wells in EP 161 are expected to be fracture stimulated and flow tested before the end of CY2021.

“Learnings from the 2021 campaign are being integrated into the planning for our operated 2022 drilling program, which will include the Maverick 1H well in EP 136, located within the Core Beetaloo.”

Bryan Sheffield said: 
“The Beetaloo Sub-Basin has a number of the key elements of a world-class shale play. The Mid-Velkerri shale has a large aerial extent, ample thickness and great rock quality. I am excited to be part of the Tamboran story.”

KeyFacts Energy: Tamboran Resources Australia country profile