Beetaloo Energy Australia (BTL) H2 2024 earnings summary

Executive summary

• Achieved significant milestones in progressing the Carpentaria Pilot Project in the Beetaloo Basin, including drilling the Carpentaria-5H well on time and within budget, securing a $65 million funding package, and obtaining key regulatory approvals.

• Completed the profitable sale of US oil and gas assets, transforming into a pure-play Beetaloo/McArthur Basin operator.

• Signed a 10-year Gas Sales Agreement with the Northern Territory Government, underpinning future revenue streams.

Financial highlights

• Group revenue was $2.0 million from discontinued operations, down from $6.1 million in 2023.

• Net loss after tax was $14.4 million, an improvement from a $22.1 million loss in 2023.

• Cash at bank increased to $25.4 million from $13.0 million at the prior year-end.

• Outstanding debt facility reduced to $1.8 million, fully repaid in January 2025.

• Total assets at year-end were $167.0 million, with net assets of $136.4 million.

Outlook and guidance

• Targeting first production and gas sales from the Carpentaria Pilot Project by the end of 2025, pending final regulatory and traditional owner approvals.

• Well-advanced regulatory processes and strong stakeholder engagement position the company for the next phase of growth.