Beetaloo Energy Australia (BTL) Q1 2025 TU earnings summary

Executive summary

• Focused on preparing for hydraulic stimulation of Carpentaria-5H, scheduled for June, and installation of the Carpentaria Gas Plant to enable gas sales from EP187.

• Regulatory approvals for gas sales under the Beneficial Use of Gas provisions are well advanced, with a key meeting with traditional owners set for mid-May.

• The company is seeking shareholder approval to change its name to Beetaloo Energy Australia Limited, reflecting its focus on the Beetaloo Basin.

Financial highlights

• Cash balance at 31 March 2025 was $14.4 million, with total available liquidity of $32.2 million including undrawn Macquarie facilities.

• Fully repaid Facility A with Macquarie Bank after receiving a $1.87 million R&D tax rebate; subsequently drew down $12.8 million under a new $30 million R&D Facility.

• No production and development expenditure incurred during the quarter; $18.8 million capitalised for the Carpentaria Pilot Project.

Outlook and guidance

• Hydraulic stimulation of C-5H to commence in June, with flow testing to follow; gas sales expected to begin late 2025 or early 2026.

• Construction of the Carpentaria Gas Plant to start immediately after regulatory approvals, anticipated in late Q2 or early Q3.