Tamboran Resources (ASX:TBN) shares fell dramatically, by as much as 10.3%, to A$0.13, marking its biggest single-day percentage decline since September 26.

This downturn puts Tamboran Resources at its lowest stock level since September 27.

The company has decided to delist from the ASX and become a part of a newly formed corporation, Tamboran US HoldCo, based in Delaware.

This move will see Tamboran Resources and its units re-domicile from Australia to the United States.

In announcement, Tamboran Resources disclosed that Tamboran US HoldCo will be the parent company of Tamboran Resources and will retain a listing on the ASX through Chess Depositary Interests.

The news led to nearly 2.3 million shares changing hands, 3.5 times the 30-day average volume of 643,456 shares.

In a year-to-date measure, the stock fallen 39.6%.

Tamboran Resources is an energy company specializing in the development of natural gas resources.