Tamboran Resources secures $56.1m in funding and strategic support from Baker Hughes for Beetaloo push

Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) has successfully raised US$56.1 million through a public offering of 2,673,111 shares of common stock priced at US$21.00 each. After deducting underwriter discounts and related expenses, the net proceeds amounted to approximately US$52.5 million. The underwriters also exercised their option to purchase an additional 348,666 shares at the same price, boosting the total size of the offering. This capital raise was further bolstered by a strategic investment of US$10 million from Baker Hughes, a global energy technology company that is now entering into a preferred services agreement with Tamboran Resources.

In addition to the public offering, Tamboran Resources announced a concurrent Private Investment in Public Equity (PIPE) transaction, which is expected to yield up to US$29.3 million in gross proceeds. The PIPE includes a US$6.6 million commitment from Bryan Sheffield—Tamboran’s largest shareholder—and board member Scott Sheffield. This portion of the raise is subject to shareholder approval in accordance with ASX Listing Rules 7.1 and 10.11, and is expected to close following the satisfaction of customary conditions.

Beyond the institutional investment, Tamboran Resources has proposed a Share Purchase Plan (SPP) targeting an additional US$30 million in proceeds. This SPP will allow eligible CHESS Depositary Interest (CDI) holders to subscribe for new shares at the same US$21.00 issue price, with a planned offering window from October 30 to November 20, 2025.

Together, the combined public offering, PIPE, and proposed SPP form a multifaceted capital strategy aimed at reinforcing Tamboran Resources’ balance sheet and securing long-lead items ahead of its next drilling phase in the Beetaloo Basin.

What is the strategic significance of the Baker Hughes partnership for Beetaloo gas development?

One of the most impactful aspects of this funding round is the new strategic partnership between Tamboran Resources and Baker Hughes. The two companies have signed a preferred services agreement that will provide Tamboran with access to oilfield services, including drilling fluids, wireline services, completions, and cementing—critical technologies for successful shale gas extraction in Australia’s Beetaloo Basin.

Under the agreement, Baker Hughes is expected to support optimization and efficiency improvements for a limited number of wells in Tamboran’s upcoming drilling program. The initial scope is capped either at 20 wells or a three-year window, whichever comes later. This partnership builds on Tamboran Resources’ existing collaborations with Helmerich & Payne (NYSE: HP) and Liberty Energy (NYSE: LBRT), which were previously announced as key operational partners.

Chairman and Interim Chief Executive Officer Richard Stoneburner emphasized the cost-saving potential of the Baker Hughes relationship, noting that the alliance would drive operational efficiencies in the Beetaloo development phase. The partnership reflects Tamboran Resources’ strategy to lean on proven U.S. oilfield technologies and services to de-risk execution in the complex shale plays of Northern Australia.

How are the funds expected to be deployed across drilling and development priorities?

Proceeds from the offering, PIPE, and SPP will be directed toward Tamboran Resources’ Beetaloo Basin development plan. This includes securing long-lead equipment, funding upcoming horizontal drilling campaigns, and covering general corporate and working capital needs. The capital will also be used to sustain operational momentum while the company continues to explore farm-out opportunities with potential upstream partners.

The timing of this capital injection is significant. Tamboran Resources recently completed the largest drilling program in the Beetaloo Basin to date, involving three horizontal wells—SS-4H, SS-5H, and SS-6H—at the Shenandoah South well pad. Each well was drilled with a 10,000-foot lateral section, and all were successfully cased and suspended ahead of stimulation activities.

The SS-4H well is expected to be stimulated in the fourth quarter of 2025 using Liberty Energy’s modern stimulation fleet. Up to 60 stages are planned across the lateral section, with a 30-day flow test scheduled before the well is shut in for future gas sales. Tamboran Resources aims to use insights from this program to further optimize well delivery and improve recovery economics.

How are institutional investors responding to Tamboran’s capital raise and what does their participation signal about long-term confidence in the Beetaloo Basin strategy?

The capital raise signals robust institutional confidence in Tamboran Resources’ Beetaloo Basin strategy, particularly with energy heavyweight Baker Hughes anchoring the public offering. The participation of Bryan Sheffield and Scott Sheffield in the PIPE also reinforces internal alignment with long-term shareholder value creation.

For retail and CDI investors, the SPP provides an opportunity to acquire shares at the same price as institutional participants, with a significant 19.84 percent discount to the five-day volume-weighted average price of Tamboran Resources’ CDIs on the ASX prior to the announcement. Eligible investors will be able to subscribe for up to A$30,000 worth of CDIs under the plan.

This level of capital access suggests that Tamboran Resources is entering a new phase of institutional acceptance, a transition often critical for companies attempting to scale from exploration to early production. With its dual listing on the NYSE and ASX, the company is now better positioned to tap global equity markets for future growth.

How does this fit into Tamboran Resources’ broader trajectory in the Beetaloo Basin?

Tamboran Resources is the largest acreage holder in the Beetaloo Sub-basin, operating across approximately 1.9 million net prospective acres. The company holds a mix of operated and non-operated interests in various exploration permits, development areas, and pilot projects in the Northern Territory of Australia. It has also secured land at the Middle Arm Sustainable Development Precinct in Darwin, where its proposed Northern Territory LNG (NTLNG) facility is expected to be located.

Over the past year, Tamboran Resources has increasingly positioned itself as a lead candidate to commercialize low-emission natural gas from the Beetaloo, a basin that has been described by some analysts as one of the world’s last underdeveloped shale plays with major production potential. The latest drilling program, completed within an average of 26.7 days spud-to-total-depth, has demonstrated the company’s growing operational capabilities.

The strategic collaborations with Helmerich & Payne, Liberty Energy, and now Baker Hughes indicate a deliberate pivot toward U.S.-style shale development techniques adapted for Australian geology. If Tamboran Resources can replicate U.S. shale success factors—such as efficient well stimulation, scale-driven cost reduction, and infrastructure co-location—it may become the first company to achieve commercial scale gas production from the Beetaloo.

What key operational, regulatory, and commercial milestones will determine whether Tamboran can convert this capital raise into sustained progress toward first gas in the Beetaloo Basin?

The capital raise reduces near-term funding risk and supports Tamboran Resources’ stated target of achieving first gas sales by mid-2026. However, several operational and regulatory hurdles remain. These include shareholder approval for the PIPE, successful completion of the SPP, and execution of the stimulation and flow testing campaigns as planned.

Investors should closely watch the IP30 (30-day initial production) test results from the SS-4H well, which will be a critical indicator of reservoir quality and commercial viability. Also important will be any updates on the farm-out process, potential offtake agreements, and regulatory developments concerning the Northern Territory’s LNG infrastructure plans.

On the equity side, increased share issuance through the offering, PIPE, and SPP may dilute current holdings unless accompanied by production growth and a clear monetization pathway. As a result, share performance over the coming quarters may hinge on execution discipline and market perception of the company’s transition from exploration to development.

How does this multi‑tier capital raise and Baker Hughes partnership reshape Tamboran’s ability to reach commercial-scale gas production in the Beetaloo Basin?

Tamboran Resources’ latest funding initiative marks a key inflection point in its journey from unconventional gas explorer to potential commercial producer. The combination of a US$56.1 million raise, a US$29.3 million PIPE, and a US$30 million SPP provides both institutional validation and operational runway. With Baker Hughes now onboard as a strategic partner, the Beetaloo Basin campaign has gained a formidable new supporter.

The challenge ahead lies in turning capital into cash flows—delivering gas to market in a timely and cost-efficient manner. If successful, Tamboran Resources could redefine Australia’s energy future by unlocking a domestic shale gas resource that could help bridge the country’s east coast supply gap and support export ambitions through LNG.

What are the key takeaways from Tamboran’s multi-tier capital raise and strategic Beetaloo push?

• Tamboran Resources Corporation has raised US$56.1 million through a public offering of common stock at US$21.00 per share, with net proceeds of approximately US$52.5 million.
• The raise includes a cornerstone US$10 million investment from energy technology company Baker Hughes, which will provide oilfield services in the Beetaloo Basin.
• A concurrent PIPE transaction is expected to generate up to US$29.3 million, including a US$6.6 million insider investment from Bryan and Scott Sheffield, pending shareholder approval.
• The company plans to launch a Share Purchase Plan (SPP) offering up to US$30 million to eligible retail CDI holders at the same issue price, representing a 19.84% discount to recent VWAP.
• Proceeds from all three funding streams will support drilling, development, working capital, and long-lead procurement for 2026 Beetaloo operations.
• The partnership with Baker Hughes adds technical depth and cost-reduction potential to Tamboran’s operational strategy, complementing existing ties with Liberty Energy and Helmerich & Payne.
• The capital raise follows Tamboran’s successful completion of the largest drilling campaign in Beetaloo Basin history, including three 10,000-foot horizontal wells.
• Investors are watching for key milestones including stimulation of the SS-4H well in Q4 2025, IP30 flow test results, and shareholder approvals for the PIPE.
• Institutional and insider participation suggests strong confidence in Tamboran’s execution roadmap, but delivery on gas production, cost targets, and commercialization timelines remains critical.
• If successfully executed, this raise positions Tamboran Resources to become a first-mover in unlocking commercial-scale, low-emission gas supply from Australia’s Beetaloo Basin.