Tamboran raises $55.4M PIPE, completes SS-2H ST1 stimulation, begins flow test

Tamboran Resources Corp

SS-2H ST1 well: 35 stages over 5,483 ft, 62-day soak, flow testing started mid-May 2025; IP30 expected mid-June.
PIPE raised $55.4M (pre-fees) at $17.74/share, 15% discount; $44.4M closing May 16, $11M subject to shareholder approval.
Checkerboard with DWE finalized; DWE acquires 100,000 acres for $15M, subject to approvals.
406,693 gross acres reserved as Phase 2 Development Area; RBC Capital Markets engaged for farmout.
Pro forma cash ~$96M; company fully funded for drilling three wells from mid-2025 and stimulation campaign for four wells.

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