Beetaloo Energy Australia Limited (EEGUF) Awarded Prospective Taroom Trough Acreage
Beetaloo Energy Australia Limited (ASX:BTL) (OTCMKTS:EEGUF) has advised that, following a competitive tender process, the Queensland Government has selected, as the preferred tenderer for the PLR2026-1-7 land release, a joint venture comprising Beetaloo Energy (through its wholly owned subsidiary, Imperial Oil & Gas A Pty Limited), Amplitude Energy (ASX:AEL), Xstate Resources (ASX:XST) and Eastern States Energy (the Joint Venture). The Joint Venture has accepted the Queensland Government's offer. Beetaloo Energy is to hold a 25% working interest (interests are held equally across the four participants) for zero upfront consideration under the Queensland Government land release process, and will participate in the Joint Venture as a non-operator. Xstate Resources will be the initial operator.
Highlights:
- The Queensland Government has selected Beetaloo Energy, as part of a joint venture, as the preferred tenderer for PLR2026-1-7, with Beetaloo Energy to hold a 25% nonoperated working interest, under the Queensland Government land release process.
PLR2026-1-7 is a highly prospective block within the Taroom Trough, Australia's premier emerging unconventional liquids play, covering an area of ~305 km2
- Beetaloo Energy will work in an equal partnership with Amplitude Energy, Xstate Resources (operator) and Eastern States Energy to define the prospectivity of PLR2026-1-7
- PLR2026-1-7 is located adjacent to and along trend with the Omega Oil and Gas' Canyon play currently being appraised, on the same liquids-rich fairway and within the same depth window
- The acreage contains substantial resource potential across stacked overpressured Permian reservoir intervals of the unconventional Basin Centred play
- Recent exploration and appraisal in the Taroom Trough have uncovered gas, liquids and oil, including light crude oil
- The acreage is well positioned for multiple export pathways via existing pipeline, road and rail infrastructure
- Selection as preferred tenderer reflects the Queensland Government's confidence in the Joint Venture's appraisal strategy, technical capability and commitment to developing Queensland and Australia's future energy resources with streamlined regulatory pathways and whole-of-basin coordination via the Coordinator-General's Taroom Trough Development Plan
- The initial work commitment entails seismic processing and early exploration activities. Beetaloo Energy's 25% share of this work program can be funded from existing cash resources
Alex Underwood, Managing Director commented:
"This award provides a low-cost entry into the liquids and oil-rich window of the Taroom Trough, secured for zero upfront consideration.
Recent drilling in this part of the Taroom Trough has demonstrated encouraging results. PLR2026-1-7 sits on the same liquids-rich fairway and within the same depth window as the Canyon play being appraised by Omega along trend to the south. With stacked, overpressured Permian reservoirs and pipeline, road and rail infrastructure close by, the acreage is well placed to capture value from the emerging liquids play.
Xstate Resources will be the initial operator and Beetaloo Energy will contribute its unconventional development expertise to the Joint Venture, while our principal focus remains on developing our Beetaloo assets. Our 25% share of near-term expenditure can be funded from existing cash, and the position gives our shareholders exposure to two of Australia's premier unconventional plays - the Beetaloo Basin's world-class gas resources and the Taroom Trough's liquids prospectivity."
PREFERRED TENDERER FOR PLR2026-1-7
PLR2026-1-7 covers an area of approximately 305 km2 on the eastern flank of the Taroom Trough, located between Miles and Condamine on the Western Downs in southern Queensland, and forms part of the broader Bowen and Surat basins. The acreage is regarded as highly prospective for gas, liquids and oil, is adjacent to a prolific and established hydrocarbon province, and is proximal to pipeline, road and rail infrastructure and services.
The initial work commitment entails seismic processing and early exploration activities over an initial two-year work program. Beetaloo Energy's 25% share of all near-term expenditure can be comfortably funded from the Company's existing cash resources.
Beetaloo Energy will contribute its unconventional resource development expertise to the Joint Venture. Participation as a non-operator preserves the Company's focus for its core Beetaloo Basin assets.
PROSPECTIVITY
The acreage provides exposure to substantial resource potential across multiple stacked, overpressured Permian reservoir intervals within the highly prospective Taroom Trough unconventional Basin Centred play. Recent exploration and appraisal drilling has demonstrated significant hydrocarbon potential across the Taroom Trough, including gas, liquids-rich hydrocarbons and light crude oil, with key wells located directly along trend from PLR2026-1-7.
The permit is strategically positioned within the eastern Taroom Trough, within the developing gas and liquids-rich fairway and broadly in the same depth window as Omega Oil and Gas' Canyon play along trend to the south, where further appraisal wells are planned. The block is situated 600-1800m directly up-dip of Fantome-1, which flowed gas from the Permian formation in 2012. The Company considers the Taroom Trough to be Australia's future premier unconventional liquids play, and PLR2026-1-7 will provide a complementary liquids-focused resource opportunity to Beetaloo Energy's large gas resource position in the Beetaloo Basin.
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Media and Investor Enquiries Nick Kell E: info@beetalooenergy.com T: +61-2-9251-1846 WWW: www.beetalooenergy.com
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