Norton Rose Fulbright advises Tamboran on its dual-market capital raise of up to A$283 million to advance Beetaloo Basin gas development, the first of its kind on the NYSE and ASX

Global law firm Norton Rose Fulbright has advised Tamboran Resources Corporation (NYSE: TBN, ASX:TBN) (Tamboran) on a cross-border capital raise in Australia and the United States to raise up to A$283 million to accelerate development activities across the Beetaloo Basin in Australia's Northern Territory.

The capital raise, comprising a fully underwritten registered US public offering pursuant to a prospectus supplement and accompanying base prospectus as filed with the US Securities and Exchange Commission (SEC) and an underwritten pro rata accelerated non renounceable entitlement offer in Australia, the US and other jurisdictions, is the first-of-its kind on the ASX and NYSE.

The institutional component of the entitlement offer was structured as a registered direct offer of shares of common stock at US$35 per share, pursuant to an effective registration statement filed with the SEC to certain qualified institutional buyers and accredited investors. The structure required bespoke regulatory coordination, including novel ASIC relief enabling institutional investors to elect to receive either US registered common stock or CHESS Depositary Interests (CDIs).

Tamboran has successfully completed the US offering, with the underwriters fully exercising their greenshoe option, raising approximately A$170 million in gross proceeds alongside the institutional component of its entitlement offer, which raised approximately A$86 million. The underwritten retail component of the entitlement offer is expected to raise up to a further A$27 million through the offer of CDIs to eligible retail holders of common stock or CDIs in Australia, New Zealand, Luxembourg, South Korea, Switzerland and the United Kingdom.

This dual-market structure offers a new pathway for dual listed ASX-listed issuers to access US capital markets while preserving pro rata participation for existing investors.

The Norton Rose Fulbright team advised on this high profile and complex transaction, navigating the intersection of ASX and NYSE regulatory regimes. This follows from our team's work on the significant US-Australia capital raise of up to A$180 million for the Beetaloo Basin in October 2025.

Norton Rose Fulbright partner Ashley Rose led the Australian aspects of the deal and commented:

"We are proud to have advised Tamboran on this significant and novel capital raise, building on our previous work with the company. This successful cross-jurisdictional structure has secured significant capital for the company, and continues to strengthen Tamboran's development capacity, supporting its progress towards facilitating Australia's energy transition."

Ashley was supported by the firm's capital markets and public M&A teams, including Sarah Roper (senior associate), Georgia Mateer (associate), James Newman (associate), Georgia Dixon (associate), Alice Zhao (associate) and Katherine Petsoglou (lawyer), as well as tax lawyers, Greg Reinhardt (partner) and Abhishek Shekhawat (senior associate).