Stocks of the Hour: Tamboran Resources, Adbri, Cauldron Energy
Tamboran Resources (ASX:TBN) have entered into three formal and binding agreements with APA Group (ASX:APA) to support the development of the Company’s Beetaloo Basin assets. In response, Managing Director and CEO, Joel Riddle, said, “Under the agreements, APA will commence early development works associated with the SPP and Beetaloo to East Coast gas pipelines, including conditional expenditure of up to A$10 million to progress early work.” Shares are trading 12.5 per cent higher at 18 cents.
Adbri (ASX:ABC) has received a non-binding indicative proposal from CRH and the Barro Group at a price of $3.20 cash per share, a 41% premium to last close. CRH and the Barro Group have informed Adbri that the Proposal represents its best and final price in the absence of a competing proposal. Shares are trading 33.04 per cent higher at $3.02.
Cauldron Energy (ASX:CXU) advised that drilling has commenced at the Melrose Project, located in Western Australia. Cauldron CEO Jonathan Fisher commented, “We are excited by the technical information we have compiled on the Project so far, and look forward to further developing our understanding through this initial air core programme. The West Yilgarn remains one of the hottest areas of nickel exploration and we believe the large Melrose landholding and project characteristics position us well for successful discovery.” Shares are trading 8 per cent higher at 2.7 cents.