Wells Fargo initiated coverage of Tamboran Resources (TBN) with an Overweight rating and $35 price target The firm notes the company is an international shale gas E&P active in the Beetaloo Basin in NT, Australia. The Beetaloo is entirely undeveloped and TBN controls 2.9M net acres, all prospective. Our valuation is based on a build-up of TBN’s 3 phase development plan, Wells adds.
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