for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

CORRECTED-Australian shale play Tamboran drops 10% in ASX debut

(Corrects last paragraph to say “Tamboran’s two main assets”, not “the assets it will explore with Santos”; Adds media packaging code)

July 2 (Reuters) - Tamboran Resources shares fell as much as 10% in their Australian stock market debut on Friday, underscoring weak investor interest for the country’s biggest oil and gas float in a decade amid a global push towards greener energy.

Shares of the shale gas explorer, which has pitched itself as a “net-zero” producer to allay climate concerns, opened little changed from the initial public offering price at A$0.40 to give the company a market value of A$168.9 million ($126.03 million).

Its shares were trading around A$0.36 by 0340 GMT.

Tamboran raised more than A$60 million ($44.78 million) in its IPO, casting itself as a growth story with assets in the Beetaloo sub-basin of Northern Territory - considered comparable to the biggest U.S. natural gas field Marcellus Shale. It aims to start producing in 2025.

The company has said Beetaloo gas has a carbon dioxide content of just 3%, which it plans to offset using renewable energy, carbon credits, and carbon capture.

Tamboran plans to use the funds raised from the offering to drill three wells in the next 12 months, including two with gas producer Santos Ltd.

Tamboran’s two main assets are estimated to have 31 trillion cubic feet of prospective resources. ($1 = 1.3401 Australian dollars) (Reporting by Riya Sharma and Shashwat Awasthi in Bengaluru; Editing by Aditya Soni)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up