MELBOURNE Reuters Shale gas explorer Tamboran Resources is set to debut on the Australian bourse on June 30 in the countrys biggest oil and gas float in a decade, pitching itself as a growth story despite the worlds push toward greener energy.
Tamboran owns assets in the Beetaloo shale subbasin in the Northern Territory, considered comparable to the prolific Marcellus Shale, the biggest U.S. natural gas field. It aims to start producing in 2025.
If they can get the flow rates that are needed to be economic, the Beetaloo could have quite a big impact on the Australian gas industry, said Daniel Toleman, an analyst at consultants Wood Mackenzie.
The Australian government, eager to see the remote basin developed, has committed A224 million to improve roads and spur drilling there.
Beetaloo exploration was halted in 2016 when the Northern Territory banned hydraulic fracturing, also known as fracking. It lifted the ban in 2018.
A lack of infrastructure makes Beetaloo development challenging. The roads are so bad that during the wet season, trucks cant enter. Tamboran is bringing sand from 2,000 km 1,200 miles away in South Australia for fracking.
Its going to require billions of dollars to develop the Beetaloo. Theres a question where the appetite for that level of development capital is going to come, said Credit Suisse analyst Saul Kavonic.
Tamboran raised more than A60 million 45 million, just above the low end of its target range, but that was cut from an…