Macquarie research note on TBN:Tamboran Resources shares have...

Macquarie research note on TBN:
Tamboran Resources shares have also been range bound since July last year. The company is the largest acreage holder of the Beetaloo Basin in the NT, with 1.9 million prospective acres and a contingent resource of 1.5 trillion cubic feet. The stock has been under pressure in recent days after raising $53.2 million at 18 cents per share (12.2% discount to pre-raise close).
Macquarie noted:
“Amungee-2H has been challenging (potentially due to a reservoir skin issue), with an uninhibited gas flow yet to be achieved. Management will be seeking to better understand this completion issue for future wells.”
“Agreement with APA on a 500MMscf/d pipeline is positive, in our view.”
“We have factored in the dilution from the $71.4mn capital raise. We estimate another $250-280m needs to be raised prior to commercial production; if flow tests strengthen, this becomes far less dilutive.”

Macquarie rates TBN as outperform with target price of .30