Tamboran Resources is hoping to raise $262.5 million in an initial public offering on the New York Stock Exchange to continue its gas exploration interests in the Beetaloo Basin, with prospectus figures showing it has $29.5 million in cash cash equivalents but needs $85.5 million to operate for the rest of the year, however company director Andrew Robb said the capital required can be raised before it starts generating income in 2026.
The IPO was issued as Tamboran was due to appear at the Senate Inquiry into the planned Darwin Harbour Middle Arm precinct in Canberra, an inquiry investigating the $1.5 billion in federal funding for the gas and manufacturing hub, the environmental impacts of the proposal as well as who is benefiting from the project.
Without new gas supplies the NT lights will go out. The gas fields that have powered the NT for decades are almost depleted and we are dependent on new gas supply to continue. Existing solar generation is minimal and has sat idle for too many years. The government knows that they have stalled development too long and are now paying the price.
Good on the Labor government for picking a company that does not have and is unlikely to find the funds to start this project. It takes balls and insight far beyond normal people to ignore established, financially secure Australian companies with long history of safe sustainable project development and choose a foreign start up company that needs to borrow the entire amount. What could go wrong?