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. After successfully completing the stimulation phase of Carpentaria-5H (C-5H), the well is in a 30-day soaking period after which clean-up and testing will commence. IP30 data is expected to be to hand by end-September. Although there is always some risk in extrapolating data across a play, the consistency in the geology of the target Velkerri-B Shale should underpin a relatively high degree of confidence that successes in one area can be replicated across other, more distant locations. In this regard we’d highlight recently announced testing data (up to IP90) from the Tamboran Resources’ (ASX:TBN) SS-2H ST1 well, which has delivered gas flows well in excess of the nominal commercial threshold, with lower-than-expected decline rates. Strong gas rates at low decline suggests the development well design is accessing a large area of gas with positive implications for per well recoveries. There are direct, positive implications and look-throughs for BTL ahead of its testing programme although in absolute terms, confidence should be constrained as the Carpentaria pilot area is some 1,000m shallower at the target zone, so is lower pressure. The shallower nature of the play means the gas rate should not be as high in an absolute sense, but there’s more frack ‘bang for buck’ on 67 stages. The absolute margin above commercial threshold achieved at SS-2H ST-1 should provide a material gas rate buffer for BTL, on a lower well cost base. We suggest an IP30 = 10 mmcfd could be achieved and that would be definitively commercial. The number of wells in the Carpentaria area drilled, fracked and tested from the same pad suggests the potential for material surprises is low. The company is well financed to first gas with $55m in facility availability ($39mn cash / Tranche 1/2 debt) and an undrawn $30mn Tranche solely related to infrastructure tie-in and commissioning. We note that BTL has a fit-for-purpose (42TJd) processing plant, with mobilisation, construction and connection to the pipeline expected to commence in Q4. With strong commercial leverage to production, a short lead time to first gas and having secured traditional owners’ consent, flow rates are now the key element required to deliver first gas.