Tamboran to re-domicile from Australia to US

Sydney-listed Tamboran Resources announced on October 12 its intention to re-domicile the company and its subsidiaries from Australia to the US by way of a proposed scheme of arrangement with its shareholders.

The company believes that the re-domicile will best position Tamboran Group for the next phase of its growth as it seeks to accelerate the commercialisation of the Beetaloo sub-basin in the Northern Territory of Australia.

The key benefits of the re-domicile include access to a deeper capital market in the US where shale investors are more active, access to a broader US investor pool, which is more familiar with shale developments, improved access to lower-cost US debt and equity capital markets and simplified corporate structure for potential future merger, sale or acquisition transactions.

Tamboran’s board of directors has unanimously recommended that Tamboran shareholders vote in favour of the scheme.

Tamboran holds about 1.9mn net prospective net acres in the Beetaloo sub-basin within the Greater McArthur basin in the Northern Territory of Australia. Its key assets include a 25% non-operated working interest in EP 161, a 100% working interest and operatorship in EP 136, EP 143 and EP(A) 197 and a 38.75% working interest and operatorship in EPs 98, 117 and 76 which are all located in the Beetaloo.

The company said it will focus on the development of the proposed EP 98/117 pilot development, targeting first production by the end of 2025, and the proposed Northern Territory LNG (NTLNG) development at Middle Arm in Darwin, targeting first production by the end of 2030.

Tamboran recently told NGW that financing of the NTLNG project is expected during 2024-2025.