Subsequent Events |
12 Months Ended |
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Jun. 30, 2025 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14 – Subsequent Events On July 22, 2025, the Company closed the Second Tranche of the Offering and issued 940,729 shares of common stock pursuant to Subscription Agreements for $17.74 per share. Total proceeds from the Second Tranche of the Offering were $16,688,532 out of which $5,722,374 was received in May 2025 (Refer Note 8). Additionally, on July 22, 2025, the Company issued 112,740 shares of Common Stock at a price of $17.74 per share to Macquarie Bank Limited as prepayment for certain fees that will become due under the Performance Bond Facility Agreement between Tamboran (West) Pty Limited, as borrower, Tamboran Resources Pty Ltd, as guarantor, and Macquarie Bank Limited, as lender, dated December 19, 2024. On July 27, 2025, the Group entered into a Cooperation Agreement (the “Cooperation Agreement”) with Bryan Sheffield, Sheffield Holdings, LP and certain other affiliated entities party thereto (collectively, the “Sheffield Group”). In connection with the Cooperation Agreement, the Company agreed, among other things, to appoint (i) Scott D. Sheffield as a Class II director to the board of directors, effective immediately upon the execution of the Cooperation Agreement, with a term expiring at the Company’s 2025 annual meeting of stockholders and (ii) Phillip Z. Pace as a Class III director to the Board, effective upon the execution of the Cooperation Agreement with a term expiring at the Company’s 2026 annual meeting of stockholders. In connection with the Cooperation Agreement, the members of the Sheffield Group have agreed to abide by certain customary standstill restrictions and voting commitments that will remain effective from July 27, 2025 until the earlier of (i) the Company’s 2028 annual meeting of stockholders and (ii) December 31, 2028, unless earlier expired in accordance with the terms of the Cooperation Agreement. On July 28, 2025, the employment of Joel Riddle, the former Chief Executive Officer and board member of the Company, was terminated and consequently Mr. Riddle resigned from the board. Additionally, the H&P appointee retired from the board effective upon the execution of the Cooperation Agreement (Refer Note 13). The board appointed Dick Stoneburner, Chairman of the board, as interim Chief Executive Officer. Mr. Stoneburner was an independent member of the board prior to the appointment and will continue to serve on the board. On August 14, 2025, the lease of modular buildings and related equipment (“Stage 1 and 2 Hire Goods”) commenced pursuant to the Hire Terms and Conditions (the “Hire Conditions”) entered into with Northern Transportables Pty Ltd on June 9, 2025 to support the on-site operations. Pursuant to the Hire Conditions, Tamboran is required to pay A$223,826 per month for Stage 1 and 2 Hire Goods with a minimum hire period of 18 months. The Hire Conditions also provide an option for Tamboran to hire additional assets (“Stage 3 Hire Goods”) at a hire rate of A$395,536 per month for a minimum hire period of seven months. On September 2, 2025, the Beetaloo Joint Venture received approval from the NT Government to sell appraisal gas from its exploration permits in the Beetaloo Basin under the Beneficial Use of Gas (“BUG”) legislation. This is the first approval granted by the NT Government through the new BUG legislation and follows the recent consent from Native Title Holders for the sale of up to 60 TJ per day from the Shenandoah South Pilot Project over a three-year period. The Beetaloo Joint Venture now holds all necessary approvals to sell gas from the Shenandoah South Pilot Project. The project aims to begin gas sales of up to 40 TJ per day under the NTGGSA commencing in mid-2026, subject to weather conditions. Group has evaluated its subsequent events occurring after June 30, 2025, through September 25, 2025, which represents the date the audited financial statements were available to be issued. No further material subsequent events have been identified that would require disclosure in these audited financial statements.
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