Tamboran Resources (ASX:TBN) has raised $38.7 million in the first tranche of its private placement, via the issue of around 2.2 million shares at $17.74 each to fund drilling at its Shenandoah South Pilot Project, according to a Friday filing with the Australian bourse.

A second tranche, expected to close in August pending shareholder approval, is set to issue 940,729 shares at the same issue price, increasing the amount raised in the placement to $55.4 million, the filing said.

A shareholder meeting to approve the second tranche is scheduled for around August 18.

Bank of America was the sole agent for the placement.