Ann: Tamboran launches NYSE Initial Public Offering, page-6

Perhaps but a A$400m mkt cap for any pre-rev developer owing less than 50% of initial project (whatever the resource or size of opp) without funding to get to revenue seems fair enough to me.

Sure it could have been hyped but not sure any significant investors in Aus would have listened, esp given all the activists, negative screened super and long history of write-offs.

Regardless, mgt have done an excellent job in developing the resource, partnering up with proven developers, getting a binding offtake from NT gov, navigating the complexities of achieving a NYSE listing and lining up deep-pocketed Roughneck Capital. And just in time, Blackout Bowen endorsed the need for gas.

Once underwritten, we will be fully funded with an aggressive, fully equipped drilling team. Wouldn’t be surprised if first gas is 12 mths from now. I’m ok with where we are now but from here on, flawless execution is key to unlocking the real upside.