Beetaloo Energy Australia (BTL) H1 2024 earnings summary

Executive summary

• Advanced towards first commercial gas production from the Beetaloo Basin, focusing on the Carpentaria Pilot Project and securing a 10-year gas sales agreement with the Northern Territory Government commencing in 2025.

• Completed sale of US oil & gas assets for US$8.2 million, repaid US debt, and transitioned to a pure-play Beetaloo/McArthur Basin operator.

• Raised $46.8 million through capital raise and royalty sale, attracting new institutional investors and industry partners.

• Loss after tax reduced to $2.3 million for H1 2024 from $8.3 million in H1 2023, driven by discontinued US operations and lower expenses.

• Cash at bank increased to $51.5 million as of June 2024, supporting ongoing development.

Financial highlights

• Group revenue was $2.0 million (H1 2023: $3.2 million); net production 2,098 Mcfe/day (H1 2023: 3,329 Mcfe/day).

• Net loss after tax of $2.3 million, a significant improvement from $8.3 million loss in H1 2023.

• Profit from discontinued US operations was $6.1 million, including a $6.9 million gain on disposal.

• Cash at bank rose to $51.5 million (Dec 2023: $13.0 million); outstanding debt facility reduced to $1.8 million (Dec 2023: $8.8 million).

• No interim dividend declared.

Outlook and guidance

• Targeting first commercial gas sales from the Beetaloo Basin in mid-2025 under a 10-year supply agreement.

• Drilling of Carpentaria-5H well to commence in Q4 2024, with hydraulic stimulation planned before the wet season.

• Regulatory approvals for the Carpentaria Pilot Project are well advanced.