Beetaloo Energy secures licence covering 1,739 petajoules
Key points
- The Northern Territory granted Beetaloo Energy Retention Licence 11 over the Carpentaria gas fairway.
- Beetaloo Energy shares were unchanged at $0.20 following the morning announcement.
- The licence secures long-term tenure to support commercial appraisal and a pathway towards production.
The Northern Territory granted Beetaloo Energy Australia (ASX:BTL) Retention Licence 11, securing tenure over 1,739 petajoules of contingent gas resources.
The grant replaces earlier exploration tenure, allowing five-year renewals while the company evaluates full commercial development of the fairway.
"It secures our tenure over the Carpentaria gas discovery area, held in our own right while we evaluate the stacked shales of the Velkerri Formation and determine the optimal approach to full-field development," said Beetaloo Energy Managing Director Alex Underwood.
The company stated that approvals under the Aboriginal Land Rights Act allow appraisal gas sales to fund ongoing operations.
Following the announcement, the Beetaloo Energy share price was unchanged at $0.20.
The company plans to use this secured tenure to advance commercial talks for its Beetaloo Digital computing project.
Beetaloo Energy previously partnered with Australian Gas Infrastructure Group to plan a 750-kilometre gas pipeline to Darwin.
