Let's guess the US offering price., page-16

I wouldn’t expect Sheffield to merge DW into NYSE vehicle for now. He needs to capture much more of the upside before that but eventually he probably will.

Current set-up allows him to control the whole medium term development while owing 50% of the EP98/117 TB2 project JV (50% of 77.5% ownership or of 95% for initial SS2).

Plus there’s the Overriding Royalty Interest (ORRI): Daly Waters holds a 2.3% ORRI in all of Tamboran’s EP,6, 98, 117, and 161 exploration permits in the Beetaloo Basin. This ORRI allows Daly Waters to receive 2.3% of the revenue from production in these permits without bearing the operational costs .This arrangement highlights Daly Waters’ financial interest in the outputs of these significant exploration areas, while also minimizing their exposure to the operational complexities and direct expenses associated with exploration and production activities.

The ORRI on EP98/117 could generate over US$4bn for DW.

I wouldn’t swap all of this for shares in a listed vehicle unless the market cap was many, many $billions from here.

The purpose of the NYSE listing is to get access to equity capital which he can leverage.

He has control and substantial leverage to make many billions. Reckon he probably will.