Tamboran’s Joel Riddle closes New York stock exchange to mark debut

One of the main Beetaloo Basin developers has opened on the New York stock exchange. Read what happened.

Tamboran’s Joel Riddle closes Wall Street stock exchange to mark the company’s debut.

It was fist-pumps and high-fives as Tamboran Resources chief executive Joel Riddle rang the closing bell at Wall Street on Friday to mark the launch of the company’s initial public offering.

The Alabama born and raised boss of one of the Beetaloo Basin’s main players was back Stateside for the much anticipated IPO, which was first flagged with the Australian Stock Exchange in October 2023.

Riddle, who brought his family to Australia in 2012 and is now a citizen, savoured the moment as the clock ticked down to Wall Street’s 4pm closing (2.30am in Darwin).

The previous day Tamboran announced the pricing of its IPO of 3.125m common stock shares at US$24 per share, to raise US$75 million to fund its ongoing drilling activities for the proposed Shenandoah South Pilot Project in the Beetaloo.

In a statement issued Thursday, Tamboran said it had granted the underwriters a 30-day option to buy an additional 468,750 common stock shares at the IPO price, less underwriting discount.

“The raising was well supported by US$20 million from existing shareholders Sheffield Holdings, LP (an affiliate of Bryan Sheffield) and Liberty Energy,” the statement said.

Trading under the ticker symbol TBN, the offering for the Sydney-listed company closed the following day.

Reuters reported Tamboran’s shares opened at $22.50 each, 6.3 per cent below the IPO price of $24.

Empire Energy's Alex Underwood, Tamboran Resources investor Bryan Sheffield and Tamboran Resources chief executive Joel Riddle.

It said the company downsized its IPO, selling less than half the number of shares it had initially marketed, to raise the $75 million.

Reuters said the company had targeted at least $156 million in proceeds.

“Companies often list in the U.S. to command a more favourable valuation,” Reuters said. “But public markets have been wary of backing firms with limited financial history and are scrutinising business models much more closely than they did during the pandemic-era boom.”

Tamboran is hoping to begin selling Beetaloo gas from its pilot program next year.

Tamboran’s NYC debut comes as the Australian Energy Market Operator (AEMO) estimated Australia’s east coast will need 13 gigawatts of new gas fired electricity generation – the equivalent of building 26 new gas plants – within the next 25 years to back up the rollout of renewables.

While Tamboran’s structure is US based, the company remains listed on the Australian Stock Exchange.