News: TBN UPDATE 1-Australia's Tamboran Resources raises $75 million in New York listing

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Australia's Tamboran Resources (TBN) has priced its shares at $24 each to raise $75 million in its New York listing, according to the company's filings on Thursday.

The company sold 3.125 million shares in the deal that was priced at the bottom end of the $24 to $27 per share price range flagged when the deal launched last week.

Its largest investor Sheffield Holdings, led by Texas oilman and billionaire Bryan Sheffield and Liberty Energy invested $20 million in the listing, Tamboran said on Thursday.

Tamboran said in its initial U.S. filings it planned to sell 6.5 million shares in the deal but the total number was scaled back as the transaction was finalised.

The proceeds are expected to fund Tamboran's activity in Australia's Beetaloo basin, tipped to be one of the world's most promising shale gas fields and often compared with the Marcellus Shale field in the U.S.

The early stage natural gas exploration and production company is focused on commercial development of natural gas resources in Australia's Northern Territory.