The Carpentaria gas plant is progressing on schedule and on budget, keeping the pilot project on track for first gas sales in the fourth quarter of 2026.

Testing confirms strong performance at C-5H, delivering a peak rate over 14 TJ/d and a steady ~7 TJ/d during the test.

CEO Alex Underwood reiterates a Q4 2026 gas sales target, positive interim flow test signals, and a low decline trend during well cleanup.

Initial production potential is signaling a 30-day production rate by mid-July, ahead of full-scale development.

Flow test cleanup shows decreasing flowback water, from about 1,300 barrels per day to 500 bpd, indicating a cleaner, gas-dominated output and improving near-term prospects.

Beetaloo expects to drill fewer replacement wells at scale as early production proves robust and efficiency measures, including the gas plant and sand supply deal, lower development costs.

Sustained production could further reduce the need for replacement wells, strengthening long-term project economics and cutting development costs.

Beetaloo has raised about $66 million through an equity placement and secured a $45 million midstream facility to fund the next growth phase and bring the first pilot gas sales closer.

The funding package provides capital through to first pilot gas sales, with the combination of equity and midstream facilities supporting early production momentum.

Flow test results from Carpentaria-5H in the Northern Territory show peak gas flow above 14 TJ/d and an average sustained rate near 7 TJ/d, with current production around 6.7 TJ/d.

Beetaloo controls a 28.9-million-acre landholding across the McArthur and Beetaloo sub-basins, with a 2C contingent resource exceeding 1.6 Tcf and a 2U prospective resource over 46 Tcf equivalent.

The Beetaloo Basin is viewed as a potential next major Australian gas province, with industry players planning up to about $1 billion in investment over 18 months to supply the east coast market for decades.