4 questions lodged at 2025 Tamboran Resources virtual EGM
July 16, 2025
Below is the text of the 4 written questions submitted to company secretary Rohan Vardaro and colleagues ahead of the Tamboran Resources (TBN) 8am Melbourne time virtual EGM on July 17, 2025 to approve 13 share issue resolutions. Tamboran is Delaware registered so the record date of June 12 had already passed after I bought in on July 8 but emailed cosec Vardaro on July 11 requesting a control number so could ask a couple of questions, even if unable to vote. He said no, so I instead emailed him the day before the meeting requesting that these 4 questions be dealt with at the meeting, even just in the formal addresses if need be. Market cap $466m. Is dual-listed on the NYSE. See notice of meeting and voting results.
Q1 on item 1.. On May 14 we announced a $US55.4m placement two stage placement to further our Beetaloo Basin gas aspirations. It was priced at $US17.74, a 15% discount to the previous close of $US20.87, and there was no follow on Share Purchase Plan for retail shareholders. The last annual report (see page 87) claims that we have 2,763 CDI holders. Why we weren't we given a chance to participate in this latest capital raising on the same terms as the big end of town investors and some of the insiders whose latest investments are being approved by shareholders today?
Q2 related to items 4 to 10. There are 7 resolutions at today's EGM seeking the approval of equity grants to individuals. Which of these individuals are Australian residents or Australian citizens?
Q3 on item 12: Macquarie Bank presents itself as a keen supporter of renewable energy which is transitioning away from associating with new fossil fuel projects. Resolution 12 involves us gifting them $US2m worth of stock at $US17.74 in lieu of them not charging what sound like ridiculously large and and onerous lending fees on the performance bonds they are providing us. Given that the US$55.4m placement was solely managed by Bank of America, an enormous enterprise currently capitalised at $US347.6 billion, why didn't we arrange finance through them rather than entering into these expensive arrangements with Macquarie Bank? Is Macquarie charging us more because we are a fossil fuel greenfields project that many financiers won't touch?
Q4 on general business. If the Trump Administration turns hostile on Australia with excessive tariffs and other aggressive trade tactics such as demanding we change Australia's popular Pharmaceutical Benefits Scheme, as a Delaware registered and NYSE listed company, could we potentially be at risk of losing tenure over our Beetaloo Basin acreage, in much the same way that the Chinese owner of the Port of Darwin is currently being forced to relinquish control of this asset in the Northern Territory? Are we concerned that our tenure over Beetaloo Basin gas acreage could come into play in a trade dispute with Australia and what are we doing to avoid this happening? Does this explain why we are one of the biggest corporate advertisers on Australia's powerful Sky News cable channel?
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