Industry News

Sturt Plateau Compression Facility starts on time and on budget.

Opens the way to first natural gas sales in Australia’s Northern Territory.

AUSTIN, Texas--(BUSINESS WIRE) --Formentera Partners and its Australian operating company, Daly Waters Energy (DWE), today announced the start of natural gas commissioning at the Sturt Plateau Compression Facility (SPCF). The SPCF is the final piece of infrastructure needed to start the flow of natural gas from the Beetaloo Basin to the people and businesses of the Northern Territory.

“This is a great day for the Northern Territory,” said Bryan Sheffield, Managing Partner of Formentera. “Four years ago, we said we would bring U.S. shale know-how to the Northern Territory, and today the plant is built, five wells are tied in, three additional wells are being drilled, and natural gas is flowing through the facility. Our partnership delivered on time and on budget. That’s rare in a frontier basin, and it demonstrates what companies, governments, and local communities can do when they work together. The Beetaloo is one step closer to moving beyond potential to a reliable, long-term supply source for the Territory.”

The plant is owned by the SPCF Trust, a 50/50 joint venture between Daly Waters Energy and Tamboran Resources Corporation (NYSE/ASX: TBN). DWE holds its share through Daly Waters Infrastructure, a wholly owned unit. Tamboran operates the project.

Highlights

• The SPCF has a nameplate capacity of 48.5 MMcf/d (50 TJ/d) of natural gas.
• 38.8 MMcf/d (40 TJ/d) is contracted to the NTG under a take-or-pay agreement that runs for up to 15 years.
• All five wells on the Shenandoah South 2 pad are drilled, completed and tied back to the plant.
• The plant was delivered on schedule and inside the gross budget of US$99 million.
• Natural gas will be sold during the commissioning period.

Great Progress in Just Four Years

Formentera entered the play in 2022. It now holds 1.9 million net acres, one of the largest blocks of onshore shale acreage in the basin. The rock shares key traits with proven U.S. plays such as the Marcellus Shale in Pennsylvania. A string of successful appraisal wells points to multi-TCF potential, which means there is enough natural gas to meet the needs of the Northern Territory and eventually supply larger cities and industry on Australia’s East Coast and also help backfill and grow LNG export capacity.

In March 2026, Formentera and DWE joined together with INPEX, one of the world’s leading LNG providers, to accelerate work in the basin. In August, the group announced plans to add a Helmerich & Payne FlexRig®, which is expected to arrive in the second quarter of 2027.

Source: Business Wire

• First gas will flow tomorrow from the Beetaloo Sub-basin into the Northern Territory gas network, marking the transition from potential to production. 
   
• Development of the basin is forecast to generate more than $17 billion in economic value over the next two decades and support more than 13,000 jobs by 2040 .
   

• The milestone is the result of the Finocchiaro CLP Government's commitment to backing Territory gas by reducing red tape, delivering certainty in decision making and stopping lawfare.

In a historic moment for the Territory and the Finocchiaro CLP Government, Territory homes, businesses and industry will be powered by Territory gas which officially starts flowing from the Beetaloo Sub-basin tomorrow.

More than 40 terajoules a day will flow straight into the Territory grid from one of the world's most significant onshore gas reserves, containing an estimated 430 trillion cubic feet of gas in place, enough to meet Australian gas demand for 200 years. 

Development of the basin is forecast to generate more than $17 billion in economic value over the next two decades and support more than 13,000 jobs by 2040 through royalties, business growth, construction activity and long-term employment opportunities. 

Chief Minister Lia Finocchiaro and Minister for Energy Gerard Maley will be at Tamboran’s Shenandoah South development for the landmark moment when first gas is turned on. 

The Chief Minister said gas from the Beetaloo Basin would secure the future for generations of Territorians by driving new investment in the Territory across a range of sectors, creating employment and growing the economy. 

"This is a pivotal moment in the Territory’s history, and a turning point in our bright future as a decade of potential becomes production," the Chief Minister said. 

"As a Government, we are so incredibly proud to say that gas from the Beetaloo Basin will be powering Territory homes and businesses. Every time Territorians flick on a light switch, or pull a cold beer from the fridge, they'll see the benefits of the Beetaloo Basin at work. 

"The Beetaloo Basin will usher in a new era of energy security, industrial development, and economic prosperity and opportunity for Territorians and our nation." 

The commencement of Beetaloo Basin gas production positions the Territory at the forefront of Australia's energy security.

Minister for Mining and Energy Gerard Maley said first gas represented the beginning of a new chapter for the Territory economy. 

"The conversation is no longer about what the Beetaloo could deliver, but what it is delivering: investment, jobs, infrastructure, supply chain opportunities and, from today, a new source of reliable and affordable energy for the Territory," Mr Maley said. 

"Since coming to office, our Government has made unlocking the Beetaloo and getting it into production a key economic priority. 

"We recognised that having a world-class resource underground was not enough. We needed to create the right conditions for companies to invest, develop projects and bring that gas to market." 

The Chief Minister said the milestone was only the beginning. 

"We are at the beginning of the next chapter." 

Since coming to Government, the Finocchiaro CLP Government has implemented a series of reforms to support resource development and improve investment certainty. 

Key initiatives include establishing the Territory Coordinator to accelerate projects of economic significance, modernising petroleum legislation, streamlining retention licences, introducing contemporary tenure arrangements and delivering a new code of practice for well integrity. 

The Government has also released approximately 4,000 square kilometres of highly prospective acreage in the Beetaloo Basin, supported construction of APA's Sturt Plateau Pipeline, enabled appraisal gas recovery projects and progressed future energy infrastructure connections, including the proposed North Australia to East Coast gas pipeline and Territory Energy Link.

Source: Northern Territory Government Newsroom

As energy development accelerates across the Northern Territory, operators are under increasing pressure to deliver safe, efficient and reliable operations while generating the data needed to support critical development and investment decisions. 

The Beetaloo Basin is rapidly emerging as one of Australia's most significant onshore gas developments, attracting major investment and creating new opportunities for the Northern Territory. As projects scale up, operators need trusted partners who can provide the expertise, resources and reliable operational support required to keep projects moving forward safely and efficiently. 

Behind every successful well testing program is a team of experienced specialists working alongside customers to navigate operational challenges, maintain safety standards and deliver the reliable data needed to support confident decision-making. 

Turning Data into Better Decisions 

Reliable well testing is fundamental to understanding reservoir performance, evaluating production potential and reducing uncertainty throughout the development process. 

For operators, the value of well testing goes beyond data collection. Accurate, high-quality production data enables informed decision-making, supports future development planning and helps maintain confidence among stakeholders and investors. 

Delivering these outcomes requires more than equipment alone. It requires experienced personnel, disciplined execution and the ability to operate effectively in remote and challenging environments. 

Today, SGS is supporting operations in the Beetaloo Basin with 18 specialists deployed onsite. 

Supporting Success in Remote Operations 

Operating in remote regions presents unique challenges. Workforce shortages, logistics constraints and maintaining operational continuity can all impact project schedules and performance. 

Access to experienced personnel remains one of the industry's biggest challenges, particularly as activity across the Australian energy sector continues to grow. Operators need partners that can mobilise quickly, adapt to changing project requirements and provide skilled resources capable of working safely in demanding conditions. 

For customers operating in the Beetaloo Basin, having access to experienced well testing specialists can be critical to maintaining schedules, reducing operational risk and ensuring reliable data is available when key project decisions need to be made. 

By combining local field expertise with national capability, SGS helps customers overcome these challenges while maintaining a strong focus on safety, efficiency and operational performance. 

This support helps operators: 

• Improve confidence in production and reservoir data 

• Reduce operational risk and uncertainty 

• Maintain project schedules and operational continuity 

• Enhance safety and compliance outcomes 

• Access skilled personnel in a competitive labour market 

• Improve decision-making through reliable field data 

Investing in Capability for a Growing Energy Sector 

As demand for well testing and production support services increases, SGS continues to invest in advanced equipment, automation and operational capability. 

These investments help customers access reliable operational insights faster, improve visibility of well performance and maintain confidence in data quality and integrity. Combined with experienced field teams and scalable resources, they support more efficient operations and better decision-making across the asset lifecycle. 

For operators, this means access to a partner that can scale alongside project requirements while maintaining the highest standards of safety, quality and operational execution. 

Supporting the NT Energy Future 

As investment in the Beetaloo Basin continues to grow, operators need more than equipment providers. They need partners that can deliver trusted expertise, reliable data and operational certainty in some of Australia's most challenging environments. 

With 18 specialists currently supporting operations onsite, SGS's largest deployment in the Northern Territory reflects both the scale of activity in the region and the growing need for experienced field support. 

Beyond well testing and operational support, SGS also provides independent production measurement and verification services, helping operators maintain confidence in production data throughout the asset lifecycle. 

By combining field expertise, technology and proven operational support, SGS is helping energy operators navigate complexity and maintain momentum as development across the Northern Territory continues to grow. 

About SGS

SGS is the world’s leading Testing, Inspection and Certification company. We operate a network of over 2,500 laboratories and business facilities across 115 countries, supported by a team of over 100,000 dedicated professionals. With more than 145 years of service excellence, we combine the precision and accuracy that define Swiss companies to help organizations achieve the highest standards of quality, compliance and sustainability.

Find out more at: www.sgs.com

• Chief Minister Lia Finocchiaro today secured two big wins for the Northern Territory following a successful National Cabinet.
   
• New National Firearms Agreement means Territory gun owners will not be part of a National Gun Buyback Scheme.
   
• Nationally consistent regulation of data centres will go ahead, with full recognition that the Territory’s position on energy is uniquely different to the other states.

Chief Minister Lia Finocchiaro today secured two big wins for the Northern Territory following a successful National Cabinet.

As the first state leader to refuse to limit the number of guns or sign up to the National Gun Buyback Scheme, today both are now confirmed through the signing of the new National Firearms Agreement.

“Today is a big win for law-abiding Territory gun owners who will not be part of a National Gun Buyback Scheme," the Chief Minister said.

“From day one it was never an option for Territorians to be unfairly targeted in response to the atrocities that took place at Bondi.”

Instead, the focus of the newly signed Agreement includes three critical components.

· Sharing of criminal intelligence with States and Territories

· Making Australian citizenship a condition of holding a firearms licence subject to agreed exemptions (for example, workers)

· Prohibiting the manufacture of 3D-printed firearms, and the possession and distribution of material for manufacturing 3D firearms.

“The Territory has already made the necessary changes to our laws on 3D-printed firearms,” the Chief Minister said.

Nationally consistent regulation of data centres will go ahead, with full recognition that the Territory’s position on energy is uniquely different to the other states.

“I thank the Prime Minister and my State and Territory counterparts for recognising that the Territory needs a different approach," the Chief Minister said.

“When it comes to issues like data security, data sovereignty, water usage, and location of data centres we need a nationally consistent approach because all Australians know this is important.

“Today’s deal recognises the Beetaloo Basin will be online within days, we are not part of the National Electricity Market and we have a Territory-owned generation, transmission, and distribution system.

“Our focus remains on affordability and reliability of electricity for Territorians above all else.

“We are proud of the large uptake of renewables in the Territory, and they will continue to be an important part of our energy mix.

“Today’s result comes after I secured an additional $1b for our hospitals at the last face to face National Cabinet in February of this year.”

The Chief Minister is travelling back to Darwin this evening and will be in Parliament tomorrow for the important debate.

Source: Northern Territory Government Newsroom

• Beetaloo Energy has signed a non-binding Memorandum of Understanding (MOU) with Australian Gas Infrastructure Group (AGIG) to conduct preliminary assessments on a gas pipeline from the Carpentaria Gas project to future demand centres in the Darwin area

• The parties will jointly assess infrastructure requirements including gas transportation, processing and associated facilities required to support the transformative vertically integrated Beetaloo Digital development, ultimately targeting Final Investment Decision for the project

• AGIG intend to lead the design and planning of an ~750 km gas pipeline and associated infrastructure to supply the proposed Beetaloo Digital project, with the pipeline intended to be located within the NT Government's proposed Territory Energy Link common user infrastructure corridor 

• The collaboration will include development of an integrated project plan

• This MOU maintains the momentum following the NT Government’s award of exclusivity over 185ha of strategic land in Waddell for the Beetaloo Digital Data Centre opportunity. It would bring together Beetaloo Energy's upstream gas resources and AGIG's extensive experience in developing, owning and operating gas transmission infrastructure

• The MOU represents another important step in progressing the Beetaloo Digital opportunity following the recent collaboration agreement with Halliburton

Source: Beetaloo Energy Australia

To view the full ASX Announcement click here

• A second world-class Helmerich & Payne (H&P) drilling rig has been secured for the Beetaloo Sub-basin, reflecting international confidence in the Northern Territory.

• Additional drilling capacity will drive the next phase of Beetaloo development beyond first gas in September, supporting jobs, investment and long-term economic growth across the Territory.

• The Finocchiaro CLP Government continues to support the development of the Beetaloo to deliver affordable, reliable and secure energy for Territorians.

Minister for Mining and Energy Gerard Maley has welcomed today's announcement by Formentera Partners, its Australian operating company, Daly Waters Energy, and INPEX that a second world-class Helmerich & Payne (H&P) ‘super-spec’ drilling rig has been contracted for its operations in the Beetaloo Sub-basin, describing it as another strong vote of confidence in the Territory.

The additional FlexRig, expected to arrive in the Territory in 2027, will support the next phase of appraisal and development in the Beetaloo and provide drilling capacity through to the end of the decade.

The world-class drilling rig is an advanced, high-performance piece of equipment designed to deliver greater efficiency, flexibility and capability compared with conventional drilling rigs.

It will be the second H&P FlexRig operating in the Beetaloo, and the third in Australia.

Minister Maley said the investment demonstrated growing international confidence in the Territory's abundant gas resources and the certainty being delivered by the Finocchiaro CLP Government.

“This is another significant milestone for the Beetaloo and another clear sign that development is accelerating as we move closer to first gas,” Mr Maley said.

“This H&P drilling rig will be used by Daly Waters Energy and Inpex to undertake their drilling programs in the Beetaloo and deliver the ‘checker boarding’ development strategies.

“Having two H&P drilling rigs dedicated to development of the Beetaloo that can drill shale gas wells in around 25 days is a strong sign of industry confidence in the Territory.

“The rigs will also fast-track the Territory’s ability to supply much-needed gas to the east coast markets that are facing severe supply shortages.

"Global companies are making long-term investments in the Northern Territory because they recognise the enormous potential of the Beetaloo and have confidence in the stable, investment-friendly environment we are creating.

"By bringing world-leading expertise and advanced drilling technology to the Beetaloo, we are improving efficiency and helping position the Territory as a globally competitive gas province.”

Minister Maley said the announcement reinforced the enormous potential of the Beetaloo and the Government's commitment to unlocking this nationally significant resource for the benefit of Territorians and Australia's energy security.

"The Beetaloo Sub-basin can provide reliable gas for Australian households and manufacturers for decades, while creating jobs for Territorians and attracting billions of dollars in private investment.

"We will provide the policy certainty, streamlined approvals and infrastructure planning needed to unlock this nationally significant resource."

Photo: First FlexRig currently operating in the Beetaloo Sub-basin.

Source: NT Government

Gerard Maley
Deputy Chief Minister
Minister for Mining and Energy

Additional Helmerich & Payne FlexRig® supports growing development in the Northern Territory’s Beetaloo Basin

AUSTIN, Texas--(BUSINESS WIRE)--Formentera Partners, its Australian operating company, Daly Waters Energy (DWE), and INPEX Pty Ltd (INPEX) today announced that, together with Helmerich & Payne (NYSE: HP), they have contracted an H&P FlexRig® for operations in Australia. This agreement is a key milestone and provides critical drilling capacity as the partners advance the Beetaloo Basin into its next phase of appraisal and development. The rig is expected to arrive during the second quarter of 2027.

Contract highlights:

H&P’s second operating rig in the Beetaloo Basin and its third operating in Australia, reflecting growing international operator confidence in the region.

Secures rig capacity through the end of the decade, with the option to extend to 2032, providing the rig certainty needed for a sustained, multi-year exploration and development program.

The HP-480 FlexRig® is a super-spec rig that is engineered for extended-reach laterals of more than 20,000 feet with 5.5-inch casing.

The rig’s skiddable substructure allows it to move between drilling locations on a pad, significantly reducing downtime between wells.

H&P’s integrated automation technology standardizes execution across crews, improving wellbore quality and rate of penetration.

“Bringing another H&P rig to Australia shows the confidence we have in the rapid growth and development of the Beetaloo Basin,” said Bryan Sheffield, Managing Partner of Formentera. “H&P has been with us since the beginning and is a strong partner in advancing U.S. shale technology in Australia. With three H&P flex rigs now operating in Australia, we are focused on this next phase of growth, with the ability to scale quickly and bring down the cost curve. This is the kind of investment you make when the resource is real and the path to a large-scale natural gas development for domestic use and future LNG export is becoming even clearer.”

“We are excited to expand our partnership with Formentera and Daly Waters Energy as development activity in the Beetaloo Basin continues to advance,” said John Bell, EVP, Eastern Hemisphere Land Operations, Helmerich & Payne. “The addition of a third FlexRig® in Australia and our second in the Beetaloo Basin underscores our commitment to providing industry-leading drilling technology and operational excellence to support safe, efficient, and reliable operations. We look forward to continuing our work together unlocking the huge potential in the Beetaloo.”

Strategic Collaboration with Global Impact

Formentera and DWE announced a strategic collaboration with INPEX in March 2026 to accelerate development of the Beetaloo Basin. The H&P rig addition is the latest milestone combining Formentera’s leading shale expertise, DWE’s experience in the Northern Territory, and INPEX’s global LNG capabilities.

“Through this collaboration, we are bringing together proven U.S. shale technology and global energy market expertise to help explore the potential for new domestic gas supply for Australia while supporting prospective future LNG exports to key Indo-Pacific markets,” said Tetsu Murayama, Managing Director, Country Chair Australia at INPEX. “Securing additional drilling capacity demonstrates the confidence this collaboration has in the long-term development potential of the Beetaloo Basin.”

Rapid Development

Since entering the play in 2022, Formentera has assembled one of the largest contiguous onshore unconventional acreage positions in the Beetaloo, spanning 1.9 million net acres. The position shares key characteristics with prolific U.S. basins such as the Marcellus Shale in Pennsylvania. A multi-well appraisal program has demonstrated multi-TCF resource potential across key development areas.

The Path for First Gas

Formentera, Daly Waters, and Tamboran Resources have a long-term gas supply contract with the Northern Territory Government for 40 million cubic feet per day (MMcf/d), with first sales targeted for the third quarter of 2026. Over the longer term, the Beetaloo’s scale and location position it to serve higher-demand population and industrial centers along Australia’s East Coast, as well as to backfill and expand LNG export capacity.

To view the full announcement by Formentera Partners, please click here.

• Beetaloo Energy and Halliburton have signed a non-binding MOU for the Beetaloo Digital vertically integrated data centre development opportunity in the Northern Territory

• Halliburton is a global leader in oilfield services, subsurface consulting, field development planning, drilling, completions and production optimisation, and power generation through its new Power service line. Through this MOU, Halliburton will provide strategic technical expertise and services to support the assessment and development of the upstream gas resource underpinning the Beetaloo Digital opportunity

• Halliburton also delivers scalable, power solutions for hyperscale data centres and AI infrastructure—combining global execution capabilities, modular gas-fired generation expertise, and proven operational excellence to deploy reliable power quickly and at scale

• Beetaloo Energy has established Beetaloo Digital for the purpose of bringing together a world class coalition of specialist partners across pipeline, power generation and data centre development, with Beetaloo Energy providing the upstream gas supply.

The agreement represents another step in Beetaloo Energy's plan to assemble a coalition of specialist parties across upstream gas supply, power generation, pipeline infrastructure, and data centre development.

The project is anchored by Beetaloo Energy's Beetaloo Basin gas resource and a recently secured 185-hectare site at Weddell, near Darwin. Halliburton expects to provide expertise in upstream field development, integrated drilling services, and project execution.

"Following the Northern Territory Government's decision to grant us exclusivity over the Weddell site, we are committed to building a world-class consortium capable of delivering this opportunity," said Alex Underwood, CEO of Beetaloo Energy. "We are pleased to announce this MOU with Halliburton. The company brings a proven track record in oilfield services, engineering execution, and collaborative solutions, making it a valuable potential participant in the project."

Beetaloo Digital plans to generate new power capacity for the Northern Territory rather than draw from the existing grid. By intentionally building excess generation capacity, the project could provide a reliable, large-scale source of baseload electricity while supporting the rapid growth of data centres and AI infrastructure in the Asia-Pacific region.

"Hyperscale data centres and AI facilities operate continuously, creating durable and predictable demand. That demand profile supports long-term field development, accelerates upstream investment, and positions Beetaloo Digital as a potential large-scale, sustained cash flow generator for Beetaloo Energy,” concluded Underwood. The proposed project remains subject to concept studies, consortium formation, financing, and applicable government and regulatory approvals.

Beetaloo Energy CEO Alex Underwood signing the MOU with Halliburton COO, Shannon Slocum.

BEETALOO DIGITAL OVERVIEW

Beetaloo Energy Australia Limited (ASX: BTL) ("Beetaloo Energy" or "the Company") recently announced that the Northern Territory Government has granted the Company exclusivity over an area of contiguous land at Weddell, south-east of Darwin, for the proposed Beetaloo Digital integrated power and data centre development ("Beetaloo Digital"). Beetaloo Digital is a wholly owned subsidiary of Beetaloo Energy with the purpose of driving a vertically integrated infrastructure development anchored by Beetaloo Energy's gas resource in the Beetaloo Basin, Northern Territory.

The proposed development is intended to be delivered through a world-class consortium of specialist partners across pipeline, power generation and data centre development, with Beetaloo Energy developing the upstream gas supply. Beetaloo Energy continues to advance commercial discussions to secure a strongly aligned joint venture and will update the market as these negotiations progress.

Source: ASX Announcement

One of the world’s largest oilfield service companies employing roughly 55,000 people across more than 70 countries, has applied to build a major oil and gas support hub near Daly Waters.

Camden Smith

Business Reporter

@CamdenSmith1

July 21, 2026 - 1:09PM

Beetaloo Basin’s gas resource could power markets for over ‘200 years’

One of the world’s largest oilfield service companies, employing roughly 55,000 people across more than 70 countries, has applied to build a major oil and gas support hub near Daly Waters.

Halliburton, the company that built the Alice Springs to Darwin rail link, has lodged an application to construct and operate the Halliburton Beetaloo Facility within the Daly Waters Aerodrome precinct, delivering an integrated support  services hub for the Beetaloo Basin.

The proposed site is located approximately 600 metres from the aerodrome and 1.6km from Daly Waters township.

The application seeks to clear 21.36ha of land within NT Portion 339 for services including general warehousing and logistics, mechanical and heavy equipment servicing, industry treatment and materials processing, workforce accommodation and personnel recruitment and training.

The application seeks construction in four phases, with vegetation clearing carried out progressively as each phase is implemented beginning with 2.82ha, 1.83ha, 3.14ha and 13.56ha, totaling 31.36ha over four phases.

“The facility will be a support services base for storage, logistics, equipment servicing,materials processing, accommodation and personnel training,” the application said.

“Ensuring safe and efficient operations for the Beetaloo Basin and surrounding oil and gas developments. Daly Waters occupies a strategically important geographic position relative to current and future Beetaloo Basin exploration and development areas.

“The proposal provides an opportunity to consolidate oil and gas industry servicing activities with aviation-based support functions at a location that is already established and historically used for aviation purposes, thereby enabling efficient, orderly and lower-impact delivery of essential regional infrastructure.”

The proposed facility will be developed on fully sealed and bitumised surfaces and includes building footprints, internal access roads and hardstand areas; associated parking and service areas.

The application said native soils would not remain exposed or subject to erosion and the land would not be used in a manner where soil capability or land type influences environmental performance.

Once construction is complete, potential environmental risks associated with the proposal such as stormwater run-off, vegetation clearing and construction disturbance are not land-type dependent and can be adequately managed through engineering and stormwater management plans.

Halliburton has lodged a land clearing application.

AFP PHOTO / MIRA OBERMAN

“These risks are more appropriately addressed through design and management controls rather than land type mapping,” the application said. “Requiring a land type map for a development that results in permanent surface sealing would provide no meaningful additional environmental protection outcome.”

The Guidelines allow discretion where supporting studies do not materially inform decision-making or risk mitigation.

Highlights Activities Report and ASX Appendix 5B

• New multi-year Gas Sales Agreement (GSA): A new multi-year GSA was secured with the Northern Territory Government for the sale of up to 21 PJ of gas (10.5 PJ Central share) to be supplied through to the end of 2034, underwriting a final investment decision for two new wells at Palm Valley.

• Extinguishment of gas overlift liability: In mid-May, Central made its final delivery against the liability for previously overlifted gas, with future cash flows to be boosted through lower operating costs by approximately $7m per year.

• Sales revenue: ➢ June quarter: $10.9m - 3.9% lower than the March quarter. Gas sales volumes of 1.0 PJ, were 7% lower than the previous quarter due to scheduled maintenance at Mereenie and preparations for new well connections at Palm Valley. Realised gas and oil prices were 3.6% higher than the previous quarter. ➢ FY26: $43.9m – 3.7% higher than FY25. A 10% increase in realised prices more than offset lower volumes (6%) which were impacted by oil offtake constraints and pipeline restrictions during the first half of the year.

• Cash balance at the end of the quarter was $20.4m, up from $19.5m at 31 March. Key cash flows included: • Net operating inflows of $5.5m before net interest and exploration costs. The final payment of the gas overlift liability led to lower cash operating costs in the final two weeks of the quarter, with the full impact anticipated to be more visible on operating inflows going forward;

• Exploration and appraisal related expenditure of $2.0m, including site preparation and purchase of long lead equipment for the new Palm Valley wells which subsequently commenced drilling on 25 July;

• Capital expenditure of $1.6m, including surface facilities for the new Palm Valley wells and sustaining CAPEX; and • Share purchases by the Employee Share Scheme Trust of $0.4m.

• Net debt was $5.0 million at 30 June, including $2.5 million of funds held as security for the loan facility. The June quarter interest payment was capitalised into the loan balance.

• Increased loan facility: The existing loan facility was increased to provide up to $15m in working capital to support the acceleration of drilling at Palm Valley.

• Termination of Dukas / Mt Kitty sale agreement: Central terminated its conditional agreement to sell its interests in two Amadeus Basin exploration permits and withdrew from the Dukas joint venture after assessing the relative prospectivity of the permit and expected future exploration costs. Subsequent to the end of the quarter

• Commenced drilling the first of two new wells at Palm Valley: The new wells, if successful, are expected to increase Central’s share of total gas production capacity across its three producing fields by circa 40%.

Read the full ASX release here: Central Petroleum