UPDATE 1-Australian shale play Tamboran slides 16% in ASX debut

(Adds analyst comments, closing price)

July 2 (Reuters) - Tamboran Resources shares fell more than 16% 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 their offering price at A$0.40 to give the company a market value of A$168.9 million ($126.03 million).

The stock ended the day 12.5% lower at A$0.35, rounding off a poor week for newly listed Australian firms with online property company PEXA disappointing in its debut on Thursday.

“Tamboran Resources is a victim of the climate change policies, gas demand uncertainty and IPO exhaustion in the market,” said Mathan Somasundaram, chief executive officer at Deep Data Analytics.

“We had another big float in PEXA yesterday and they have been weak floats ... There are still more floats coming next week and investors are struggling to consume all the exposures with rising market risks.”

Tamboran raised more than A$60 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 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)