Nice surprise when I got up this morning and saw the price had...

Nice surprise when I got up this morning and saw the price had jumped a bit towards the end of the ASX trading day. When I went to bed things were pretty flat in early trading. Nice day for holders. Congrats all. Hopefully onwards and upwards with further news.

Rbmulvog do you have the link to that Australian Financial Review report that quotes Riddle?

Keen to see what else Riddle said in that interview. The scariest thing about the Riddle quote you posted is that it sounds like he actually expected the stock price to drop from the IPO price of $0.40 AUD. Not really what you want to hear if you were an investor who forked out $0.40 AUD per share.

I suppose when he made that quote he wouldn't have known that the first well would take 100 days which has probably made a few investors nervous about the final cost of the programme and the cash position Tamboran will be at come the end of 2021, and hence he sell down to current levels.

Falcon Oil and Gas surged another 40% over night. If that's anything to go by Tamboran might do well when the T2H and T3H wells come online, and if they preform well 2021/22. My guess is they will be very good wells based on the Tanumbirnri 1 vertical frack results.
In my personal opinion Riddle and Tamboran will need that surge in order to raise a decent contingent of fresh capital for 2022 for the 100% Maverick wells and potentially some significant (hopefully) ongoing Santos JV work.

I would say Riddle will have to play the sophisticated investors like a Fiddle and sell them with the story that Tamboran has enough cash for 2022 right up to a potential capital raise. Or they will see a potential Capital Raise coming a mile away and the discount required to raise capital may look a bit sad.

Rbmulvog. Thoughts on capital required for 2022?
I'm guessing they will want $50-60 million AUD in the bank before Maverick 1/1H spud in case they have issues while drilling / stimulation / production testing given they are exposed to 100% of the costs and risks. I think the IPO quoted a cost of ~$45 million AUD. But they would want a decent buffer on that in case things went sour.
They wouldn't want to raise halfway though a exploration programme if it wasn't going well.




DYOR