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) is in its testing phase with IP30 data expected in October. The success case (commercial flow) should trigger the mobilisation, construction and commissioning of the gas plant with the timing dependent on the approaching wet season. The consistency in the geology of the target Velkerri-B Shale supports a high degree of confidence that successes in one area can be replicated in other wells. We don’t see gas flow as the critical risk. Works underway and completed across the play by other operators have already demonstrated the commercial potential with above-expectation gas rates. Adding to the continuing derisking of project economics, we highlight recent ASX announcements from Tamboran Resources[1], [2] (ASX:TBN) on taking FID on the Shenandoah South Project and acquisition of Falcon Oil & Gas (AIM:FOG) as representing a strong statement of confidence in the geology and engineering of the gas potential, with directly positive implications and look-throughs for BTL. Gas commerciality doesn’t stop at permit boundaries and what works in one area likely works in others on a regional basis. Holistically, investors appear to increasingly recognise the Beetaloo Basin as the ‘next big gas thing’ and whilst the time line to production at scale is still long-dated, first gas from BTL appears tangibly close.