The raise comprised a $27.75 million placement at 16 cents per share and a subsequent share purchase plan targeting a further $3 million. Directors also chipped in a further $250,000, signalling confidence in the company’s forward program.
Beetaloo Energy also recently secured formal consent from traditional owners to sell gas under the NT’s Beneficial Use of Test Gas provisions, clearing a key regulatory hurdle on its path to commercialisation.
The Carpentaria gas plant is now fully funded and ready for installation when remaining government approvals are finalised. The facility, which was acquired from AGL, has a nameplate capacity of 42 terajoules (TJ) per day – or 42 trillion joules – and is expected to process gas from Carpentaria-2H, 3H and 5H wells in the pilot phase.
The company has already inserted a “T-piece” connection into the McArthur River gas pipeline, enabling immediate access to infrastructure. A binding 10-year gas sales agreement is in place with the NT Government for up to 25TJ per day, with an option to increase to 35TJ depending on production outcomes.
Importantly, the company is also laying the groundwork for future east coast gas supply and has engineering and design work underway with APA Group to evaluate a potential pipeline from the Beetaloo Basin to Queensland.
Beetaloo’s progress could not come at a more critical time. According to the Australian Energy Market Operator’s latest gas statement of opportunities, supply gaps in the east coast market are expected to emerge from 2029 and worsen through the 2030s.
The Beetaloo Basin is widely regarded as one of the country’s most promising gas plays, with Beetaloo Energy – formerly Empire Energy – having independently certified 1.6 trillion cubic feet of contingent resources and a further 47 trillion cubic feet of prospective gas in place across its acreage.
It is also sitting on high calorific gas with an ultra-low carbon dioxide content of less than 1 per cent, making it ideally suited to blending with existing LNG streams to help meet tightening Japanese and Korean import standards.
With flow testing of Carpentaria-5H imminent, regulatory approvals in hand, a gas plant ready to install and pipeline partnerships in development, Beetaloo Energy appears closer than ever to unlocking one of Australia’s most consequential energy resources.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
