Northland starts Tamboran with an Outperform on Beetaloo Basin potential

As previously reported, Northland initiated coverage of Tamboran Resources (TBN) with an Outperform rating and $36 price target The “pure-play” in Australia’s unconventional Beetaloo Basin has assembled “a team of noteworthy U.S. fracking partners,” while early results show the potential for the play to rival some of the best U.S. natural gas basins, the analyst tells investors. Characteristics of the Velkerri Shale in the Beetaloo compare favorably with the Marcellus Shale and Tamboran is taking best practices and equipment from the U.S. to develop its acreage, the analyst added.