Beetaloo Energy Australia (BTL) Q3 2024 earnings summary

Executive summary

• Preparation for Carpentaria-5H drilling and gas plant installation advanced, with contracts secured and civil work substantially completed.

• Signed a 10-year binding Gas Sales Agreement with the Northern Territory Government for up to 25 TJ/day, with an option for an additional 10+ TJ/day, starting in 2025.

• Received $4.0 million R&D Tax Offset post-quarter, boosting liquidity.

• Cash balance at quarter-end was $39.8 million, with total available liquidity of $40.2 million.

• Final investment decision for Carpentaria Pilot Project and gas deliveries targeted for mid-2025, pending regulatory approvals.

Financial highlights

• Cash at 30 September 2024: $39.8 million, down from $51.6 million at 30 June 2024.

• Total available liquidity: $40.2 million, including $0.4 million undrawn under Facility A.

• Net cash position: $33.6 million at quarter-end.

• Received $4.0 million R&D Tax Offset after quarter-end.

• US$200,000 received from deferred solar payment; further US$500,000 expected by June 2026 or project commencement.

Outlook and guidance

• Drilling of Carpentaria-5H scheduled for November 2024, with production test and gas plant installation in 2025.

• Gas deliveries to commence mid-2025, subject to regulatory approvals and final investment decision.

• Financing process for project development progressing with a preferred financier selected.