Beetaloo Energy Australia Limited (ASX:BTL) is a gas development company, with onshore Northern Territory (NT) gas exploration and development assets. BTL has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin. The Final Investment Decision (FID) for the Carpentaria Project has now been taken and represents a major derisking event. With civil works preparations for the processing plant well underway, mobilisation and construction of the gas plant should follow post the end of the wet season. Carpentaria-5H (C-5H) IP30 data is also approaching and with all regulatory approvals in place and the last of the ‘mechanics’ underway, first gas sales in Q3’2026 appears deliverable. There are further derisking events to come, which we anticipate will include a gas resource revision and potential declaration of reserves. The important aspect here is that, the Carpentaria Project has material organic upside potential through the nameplate margin above contract rate capacity in the processing plant. We would not be surprised if the growth opportunity is not accelerated once field performance is better defined, perhaps out through end-2027. The gas commerciality potential is not going to be resource limited and as production data accrues, the transition to a probability play could also accelerate.
