Beetaloo Energy Australia (BTL) Q2 2024 TU earnings summary

Executive summary

• Signed a binding 10-year gas sales agreement with the Northern Territory Government for up to 25 TJ/day, with an option for additional volumes, commencing in 2025.

• Completed a $46.8 million capital raise, supported by Bryan Sheffield, Liberty Energy, and institutional investors.

• Sold US oil & gas assets for up to US$9.1 million, repaid US Macquarie Bank loan in full, and became a pure-play Beetaloo/McArthur Basin company.

• Appointed Chris White, ex-Origin executive, as Chief Operating Officer to accelerate transition to production.

• Cash at quarter-end was $51.6 million, the strongest financial position to date.

Financial highlights

• Cash balance at 30 June 2024: $51.6 million, up from $12.0 million at 31 March 2024.

• Net cash position at quarter-end: $45.3 million, after full repayment of US debt.

• Total available liquidity: $52.0 million, including undrawn credit facility.

• No production and development expenditure on other assets during the quarter.

Outlook and guidance

• Drilling, stimulation, and tie-in of Carpentaria-5H well planned for Q4 2024.

• Targeting final investment decision for the Carpentaria Pilot Project and gas deliveries from mid-2025, subject to regulatory approvals.

• Gas sales agreement enhances financing options for the pilot project.