Sydney, Australia, July 28, 2026 - (ABN Newswire) - Beetaloo Energy Australia Limited (ASX:BTL) (OTCMKTS:EEGUF) released its Q2 2026 Quarterly Report, reporting significant progress on the Carpentaria Pilot Project with gas plant construction remaining on schedule and budget for Q4 2026 commissioning.
Highlights:
- Construction of the Carpentaria Gas Plant made significant progress with key plant components now installed on site. The project is tracking on schedule and on budget for a scheduled commissioning in the fourth quarter of 2026
- Carpentaria-5H flow testing commenced in June, and was completed post quarter, achieving an average rate over 30-days of 6.9 TJ / day (IP30) and an exit rate of 6.7 TJ / day, demonstrating a remarkably low rate of decline
- The Birdum Creek 2D Seismic Survey acquisition commenced June, and was completed post quarter, across the >20 TCF resource area in EP167 and EP168 to support future horizontal well planning
- Successfully completed the $5.0 million Share Purchase Plan, complementing the $66.3 million institutional Placement completed in April
- Territory Sands and Beetaloo Energy entered into long form loan documentation to support development of the first in-basin frac sand operation
- Initial $2.5 million drawdown made under the $45 million Macquarie Midstream Infrastructure Facility following satisfaction of all conditions precedent
- Total liquidity at end of the Quarter increased to $124.9 million, comprising $63.3 million in cash and $61.5 million of undrawn funding available under the Macquarie facilities
"The June 2026 quarter marked an important transition for Beetaloo Energy as we moved from planning and funding into execution across our Beetaloo Basin portfolio. Construction of the Carpentaria Gas Plant progressed during the quarter and remains on track for commissioning in the fourth quarter of 2026.
Commissioning of the plant will enable first pilot gas sales through connection of our existing Carpentaria horizontal wells commencing this year.
We also continued to strengthen the foundations for future growth across the basin. The successful completion of the Birdum Creek 2D Seismic Survey across our Western Permits has enhanced our understanding of this highly prospective acreage and will support planning of future horizontal drilling and stimulation programmes. The execution of long-form loan agreements with Territory Sands also secured an important component of our long-term development supply chain.
Together, these achievements reflect the strong operational momentum across the business. We are advancing the Carpentaria Pilot Project while continuing to unlock the broader potential of our portfolio, all while maintaining a strong balance sheet and financial flexibility.
Encouraging performance from Carpentaria-5H has increased our confidence in the quality of the resource and our development strategy as we continue to execute the Carpentaria Pilot Project and create long-term value for shareholders. Activity across the wider Beetaloo Basin continues to accelerate as operators progress appraisal and pilot development programmes, reinforcing confidence in the basin's emergence as a strategically important new source of Australian gas supply. Beetaloo Energy is well positioned to play a leading role in that development as we advance toward first pilot gas sales."
- Alex Underwood, Managing Director
NORTHERN TERRITORY OPERATIONS UPDATE
The June quarter marked a significantincrease in operational activity across Beetaloo Energy's Northern Territory assets following the end of the wet season. Multiple work programmes progressed in parallel, including construction of the Carpentaria Gas Plant, completion of the Carpentaria-5H extended production test, commencement of the Birdum Creek 2D Seismic Survey and continued development of the infrastructure required to support first pilot gas production. These activities highlight the strong progress made across the Company's Northern Territory operations during the quarter as the Carpentaria Pilot Project continues to advance towards first pilot gas sales in Q4 2026.
Carpentaria Pilot Project Update
Significant progress was achieved during the quarter, with the key components of the Carpentaria Gas Plant successfully mobilised to site and structural and mechanical installation works well advanced. Clearing for the flowlines connecting the Carpentaria wells to the gas plant was completed, marking another important milestone in the Pilot Project. The project continues to be executed safely and professionally, with no reportable incidents, and remains on schedule and within budget.
Carpentaria-5H IP30 Flow Testing
Carpentaria-5H ("C-5H") IP30 flow testing commenced on 11 June 2026 following prior periods of shut-in and flowback. The well initially flowed at more than 14 TJ/day before quickly settling, achieving an average 30-day production rate of 6.9 TJ/day, following the end of the quarter and an exit rate of 6.7 TJ/day.
The low decline rates across multiple test periods supports the previously disclosed 2C recoverable gas estimate of approximately 10 PJ at the well location1 and provided valuable reservoir and production performance data to support future well planning and field development. Following testing, the well was shut in and will be tied into the Carpentaria Gas Plant, alongside Carpentaria-2H and Carpentaria-3H, ahead of pilot project gas sales following plant commissioning anticipated in Q4 2026.
Birdum Creek 2D Seismic Survey
Acquisition of the 236 kilometre Birdum Creek 2D Seismic Survey commenced mid-June and was completed following the end of the quarter. The survey was undertaken over the > 20TCF Gas Discovery Area in EP167 and EP168 and designed to support future horizontal drilling, improve reservoir characterisation and maximise drilling opportunities.
The seismic processing is now underway with interpretation scheduled for Q3 2026.
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/0I778RUH
About Beetaloo Energy Australia Limited:
Beetaloo Energy Australia Limited (ASX:BTL) (OTCMKTS:EEGUF) holds 28.9 million acres of highly prospective exploration tenements in the McArthur Basin and Beetaloo Sub-basins, Northern Territory. Work undertaken by the Company since 2010 demonstrates that the Eastern depositional Trough of the McArthur Basin, of which the Company holds around 80%, has enormous conventional and unconventional hydrocarbon potential. The Beetaloo Sub-basin, in which Beetaloo Energy holds a substantial position, has world-class hydrocarbon volumes in place and a ramp up in industry activity to appraise substantial discoveries already made by major Australian oil and gas operators is ongoing.
Contact:
Media and Investor Enquiries
Nick Kell
E: info@beetalooenergy.com
T: +61-2-9251-1846
WWW: www.beetalooenergy.com
Source:
Beetaloo Energy Australia Limited
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