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 Carpentaria-5H (C-5H) testing phase (IP30 data) is now expected to conclude in early December. Delays can be frustrating but progress towards first gas continues with civil works preparations for the processing plant underway. The company has indicated it can move to FID upon receipt of the final ministerial approvals[1], which may come before IP30 results. We think this represents a strong statement of confidence in the commercial success case, similar to recently reported progress from Tamboran Resources[2] (ASX:TBN). The recent equity financing raise by TBN[3] also underscores the increasingly positive market sentiment to the Beetaloo play holistically, with that offering fully subscribed and share prices sitting at a significant premium to the raise price. Gas commerciality doesn’t stop at permit boundaries and what works in one area likely works in others on a regional basis with directly positive implications and look-throughs for BTL. Completion of the remaining field and regulatory processes, should support further commercial success-case and rerating outcomes for BTL.
