Update on neighbours in the Beetaloo
Earlier this week our domestic gas exploration Investment Top End Energy (ASX: TEE) provided an update on the activity of its neighbours in the Beetaloo sub-basin in the Northern Territory.
Particular focus was on the following:
- Tamboran Resources - On 20 September, Tamboran announced that it would acquire Origin Energy’s Beetaloo projects, funded through a $195M capital raise. Tamboran also brought onboard two separate US investors as strategic investors through the capital raise.
- Empire Energy - On 12 September, Empire Energy announced that its two well (Carpentaria-3H and Carpentaria-4V) drilling program is on track to be completed by early October, with extended production tests planned before the end of the year.
We are tracking the developments in the region pretty closely and think the Tamboran news is of particular interest with a heap of capital being poured into the region at a corporate level AND from international oil & gas players.
Our thinking is that exploration success and big corporate transactions like Tamboran’s will continue to bring market interest to the region, eventually flowing through to interest in the permits TEE holds.
We see these developments out of Empire are positive as part of the overall macro picture regarding the Beetaloo sub basin.
To see our latest coverage on TEE’s neighbours, actively exploring the region and how we are tracking them check out our most recent TEE note.
