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BEETALOO ENERGY AUSTRALIA LIMITED
Symbol	EEGUF
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Beetaloo Energy Australia Ltd (EEGUF) Half Year Financial Report - Advances Carpentaria Pilot Project Toward Q4 2026 Pilot Gas Sales

2026-09-10 21:11 ET - News Release

Sydney, Australia, Sep 11, 2026 - (ABN Newswire) - Beetaloo Energy Australia Ltd (ASX:BTL) (OTCMKTS:EEGUF) has reported continued progress on the Carpentaria Pilot Project during the six months ended 30 June 2026, alongside strengthened liquidity, further appraisal activity and completion of a $66.3million institutional placement.

Civil works and piling for the Carpentaria Gas Plant were completed during the half-year. Refurbishment and planned modifications to plant equipment in Roma were completed, key plant components were mobilised to the Carpentaria site, and structural and mechanical installation works were well advanced at 30 June 2026. Clearing of the gas-gathering flowlines connecting Carpentaria-2H, Carpentaria-3H and Carpentaria-5H to the plant was also completed.

The Company said the project remained on schedule and within budget, with commissioning of the Carpentaria Gas Plant and commencement of pilot gas sales targeted for the fourth quarter of 2026. The 25 TJ/day Carpentaria Pilot Project is intended to connectthe three existing horizontal wells, support appraisal-gas sales to the Northern Territory market and provide longer-term production and reservoir-performance data.

Carpentaria-5H Flow Test

Carpentaria-5H recommenced extended production testing on 11 June 2026. Following the reporting period, Beetaloo Energy announced completion of the 30-day IP30 flow test on 13 July 2026.

The well achieved:

- A peak flow rate of more than 14 TJ/day.

- A 30-day average flow rate of 6.9 TJ/day.

- An exit rate of 6.7 TJ/day.

Beetaloo Energy said C-5H exhibited a low gas-decline rate during testing, while water rates declined substantially as the well continued to clean up. The well has since been shut in and is planned to be tiedinto the Carpentaria Gas Plant with C-2H and C-3H ahead of pilot gas sales.

The Company continues to reference its previously disclosed estimate of approximately 10 PJ of recoverable gas at C-5H, with sub-1% CO2 at the well location. It cautioned that longer-term production data will be required to assess connected reservoir volume and ultimate well productivity.

Financial Position

Beetaloo Energy recorded a loss after income tax of $8.298 million for the six months ended 30 June 2026, compared with a loss of $9.076 million in the prior corresponding period. Basic and diluted loss per share were both 0.62 cents, compared with 0.86 cents in the prior corresponding period.

At 30 June 2026, the Group reported cash and cash equivalents of $63.059 million, total assets of $257.212 million and net assets of $222.934 million. The Company's shareholder letter stated that it had approximately $124.9 million of available liquidity, comprising $63.3 million of cash and $61.6 million of undrawn funding available under its Macquarie facilities.

During the half-year, the Company:

- Completed a $66.3 million institutional placement before costs, issuing 236,835,714 shares at $0.28 per share.

- Completed a Share Purchase Plan that raised approximately $5 million before transaction and underwriting costs, issuing 17,857,143 shares at $0.28 per share.

- Received a $15.4 million Research and Development Tax Incentive refund, including interest, in relation to eligible FY2024 activities.

- Increased its Macquarie Midstream Infrastructure Facility from $30 million to $45 million.

Beetaloo Energy's Macquarie credit facilities total $80 million, comprising a $30 million R&D Facility, $5 million Performance Bond Facility and $45 million Midstream Infrastructure Facility. Total facility utilisation at 30 June 2026 was $18.4 million, including $12.4 million under the R&D Facility, $2.5 million under the Midstream Facility and $3.5 million under the non-cash Performance Bond Facility.

Western Beetaloo and Supply Chain

In the Western Beetaloo, Beetaloo Energy commenced the approximately 236-kilometre Birdum Creek 2D Seismic Survey across EP167 and EP168 during June 2026. Acquisition was completed after the reporting date, with processing and interpretation under way to support future appraisal and horizontal-well planning.

The Company also completed long-form loan documentation with Territory Sands to support development of the Forest Hill South frac-sand project near Larrimah. Under the secured facility, Beetaloo Energy may provide up to $10.4 million for construction and commissioning. A first utilisation of $3.4 million was advanced on 1 July 2026.

Subsequent Developments

Following the reporting period, Beetaloo Energy established Beetaloo Digital, a wholly owned subsidiary intended to progress a proposed integrated power and data-centre development in the Northern Territory. The Northern Territory Government granted the Company exclusivity over 185 hectares at Weddell, south-east of Darwin, for the proposed development.

The Company has also entered non-binding memoranda of understanding with Halliburton and Australian Gas Infrastructure Group in relation to assessment and infrastructure planning for the proposed Beetaloo Digital opportunity. The initiative remains subject to concept studies, consortium formation, financing, government and regulatory approvals, and other conditions.

Outlook

Beetaloo Energy's immediate focus remains completion and commissioning of the Carpentaria Gas Plant and commencement of pilot gas sales, currently targeted for Q4 2026. The Company will also continue appraisal planning across its Beetaloo Basin acreage, interpret the Birdum Creek seismic data and advance local supply-chain initiatives.

All timing and development references are forward-looking and subject to operational execution, financing, regulatory approvals and the risks described in Beetaloo Energy's half-year financial report.

*To view the company's Half Yearly Report, please visit:
https://abnnewswire.net/lnk/RV6S1MOD

This media release has been independently prepared by ABN Newswire editorial staff based on BeetalooEnergy Australia Limited's Half-Year Financial Report for the six months ended 30 June 2026. It is intended as an editorial summary of information disclosed in that report and should be read in conjunction with Beetaloo Energy's full ASX announcement.

All financial, operational and post-reporting-period information in this editorial has been sourced from the Company's half-year report. Statements relating to future activities, including Carpentaria Pilot Project commissioning, pilot gas salesand the proposed Beetaloo Digital initiative, are forward-looking in nature and remain subject to the conditions, approvals, risks and uncertainties identified by Beetaloo Energy.

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