The new Adani? ASX fracking play Tamboran Resources in the crosshairs of climate activists
A controversial gas explorer with plans to frack in the NT's Beetaloo Basin and backed by top brokers is emerging as the next big ASX target for activists.
A controversial ASX-listed gas explorer, looking to raise USD175 million ($265 million) by dual listing on Wall Street, is fast becoming one of the most contentious climate situations on the ASX, with analysts and brokers deeply split over its plans to frack in the Northern Territory.
Tamboran Resources has been on a 15 year mission to access vast gas stores in the Northern Territory's Betaloo Basin and on Tuesday launched an IPO on the New York Stock Exchange to fund the drilling of an initial six wells.
The company counts Texan billionaire Bryan Sheffield as its biggest shareholder and former federal trade minister Andrew Robb among its directors. Macquarie and Shaw and Partners both have positive recommendations on the stock.
But this week Tamboran found itself at the centre of fierce criticism, with fresh analysis from a prominent climate finance researcher casting about over its funding position, and its American chief executive Joel Riddle facing intense questioning in a Senate hearing over the environmental credentials of its project.
