Australia’s energy landscape is quietly shifting, and one company is beginning to draw serious attention from both local and international investors. Tamboran Resources (ASX: TBN) has launched a US$30 million (A$46 million) Share Purchase Plan (SPP), offering eligible shareholders the opportunity to acquire up to A$30,000 worth of new shares at A$0.162 per CDI, without paying any brokerage fees.

The move follows a period of rapid corporate and technical progress, and it has left many asking a simple question: could this be Australia’s next big energy breakthrough?

Tamboran’s projects are centred on the Northern Territory’s Beetaloo Basin, one of the most promising onshore gas regions in the country. For new investors, the combination of strategic partnerships, institutional backing and near-term production milestones make Tamboran a name worth understanding.

Building financial momentum

The SPP comes on the back of a US$56.1 million public offering on the New York Stock Exchange, which was supported by major institutional investors, followed by a US$29.3 million PIPE (Private Investment in Public Equity) placement. Notably, Tamboran’s largest shareholder Bryan Sheffield and board member Scott Sheffield invested US$6.6 million between them.

The company also entered into a strategic partnership with Baker Hughes, a global energy technology leader that invested US$10 million and will supply oilfield services to Tamboran. This partnership is designed to improve drilling efficiency and reduce costs, bringing world-class capability to one of Australia’s most strategic gas developments.

These combined initiatives have strengthened Tamboran’s balance sheet and set the foundation for its 2026 development plans. Together with the SPP, they provide a clear runway for Tamboran to advance the Beetaloo Basin from exploration to early production.

Partnerships that carry weight

Few ASX-listed energy companies can claim backing from global energy leaders and billion-dollar shale veterans. Tamboran’s alliance with Baker Hughes signals the arrival of advanced drilling and completion technologies that could transform efficiency across the Beetaloo Basin.

Equally significant is the participation of the Sheffield family, well known in the United States energy sector. Scott Sheffield, former Chief Executive of Pioneer Natural Resources, recently oversaw Pioneer’s sale to ExxonMobil for approximately US$70 billion. His decision to join Tamboran’s board and personally invest demonstrates conviction in the company’s strategy and asset quality.

Such partnerships offer more than validation. They bring access to experience, capital and networks that can accelerate Tamboran’s transition into a producing gas company.

The scale of the Beetaloo

The Beetaloo Basin is a geological powerhouse. Tamboran holds the largest operated acreage position in the region, covering around 1.9 million net prospective acres, which will increase to approximately 2.9 million acres following its planned acquisition of Falcon Oil & Gas.

Located within the Greater McArthur Basin, the Beetaloo has been identified by Geoscience Australia as one of the country’s most significant onshore gas opportunities. It has the potential to enhance domestic energy security, support Australia’s LNG exports to Asia, and underpin long-term energy supply for industrial customers.

For new investors, the appeal lies in the scale and timing. Few basins in the world remain this underdeveloped yet strategically positioned near infrastructure and major export routes.

A path toward production

Tamboran has already reached Final Investment Decision (FID) for its Shenandoah South Pilot Project, which is expected to supply around 60 per cent of the Northern Territory’s gas demand once in operation. The company anticipates initial gas production by mid-2026, subject to weather and infrastructure progress.

Key milestones are already in motion. These include the stimulation and flow testing of the Shenandoah South 4H well, Tamboran’s first 10,000-foot horizontal well in the Beetaloo Basin, and the completion of a farm-out process with RBC Capital Markets. In addition, three more wells are scheduled for completion during the first half of 2026.

Each step marks progress toward commercialisation, creating a foundation for Tamboran to supply both domestic and export markets in the years ahead.

Leadership with experience

Tamboran’s board combines deep geological expertise with proven capital markets experience. Dick Stoneburner, Chairman and Interim Chief Executive, brings over 35 years of petroleum geology experience from senior roles at Petrohawk Energy and BHP Billiton. His leadership is supported by Scott Sheffield, whose decades of experience in unconventional gas development in the United States add valuable perspective to Tamboran’s Australian operations.

Both leaders have demonstrated confidence in the company through personal investment and active involvement in strategic planning. This alignment between management and shareholders reinforces Tamboran’s commitment to long-term value creation.

Tamboran’s story is one of scale, timing and alignment. The combination of institutional confidence, global partnerships and operational progress sets the company apart within Australia’s emerging gas sector.

Its balance sheet is stronger, its partnerships deeper and its development path clearer. With first gas targeted for mid-2026, Tamboran is moving steadily toward its goal of becoming a leading independent gas producer from one of the country’s most strategic basins.

For more information, readers can visit Tamboran Resources’ official announcements and review company updates in full.

Frequently Asked Questions (FAQ)

1. What is a Share Purchase Plan (SPP)?
A Share Purchase Plan, or SPP, is an offer that allows existing shareholders to buy additional shares directly from the company without paying brokerage or commission. In Tamboran’s case, eligible shareholders can apply for up to A$30,000 worth of CDIs at A$0.162 each. You can find full details on the company’s investor announcements page.

2. Who is eligible to participate in Tamboran’s SPP?
Only shareholders who held Tamboran securities on the record date specified in the SPP offer document are eligible. The plan is designed to give existing investors an opportunity to increase their holding under the same terms as recent institutional participants in Tamboran’s capital raises.

3. What will Tamboran use the SPP funds for?
Funds raised from the SPP will support the development of Tamboran’s projects in the Beetaloo Basin, including securing long-lead drilling items, advancing its farm-out process with RBC Capital Markets, and providing working capital to maintain progress toward first gas production by mid-2026.

4. When does Tamboran expect to produce its first gas?
Tamboran has stated that initial gas production from the Shenandoah South Pilot Project is targeted for mid-2026, subject to weather conditions, infrastructure completion, and final regulatory approvals. This project is expected to meet around 60 per cent of the Northern Territory’s gas demand once operational.

5. How does the Baker Hughes partnership benefit Tamboran?
The Baker Hughes partnership brings advanced oilfield technology, global expertise and operational support to Tamboran’s Beetaloo Basin development. Baker Hughes has also invested US$10 million in the company, which helps reduce drilling costs, improve efficiency and strengthen Tamboran’s technical capabilities as it moves toward commercial production.

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DISCLAIMER: The information in this article does not constitute personal financial advice. Consult your adviser or stockbroker prior to making any investment decision