• $35 million share placement and SPP completed with strong SPP participation
• Successful completion of hydraulic stimulation of Carpentaria-5H well
• IP30 flow rate results expected by end September
• Traditional owner consent to the sale of appraisal gas from the Carpentaria Pilot Project

Beetaloo Energy Australia Limited has reported a breakthrough quarter, with the completion of a $35 million share placement and SPP, successful completion of the longest hydraulic stimulation of a gas well in Australia on the Carpentaria-5H well, and traditional owner consent to the sale of appraisal gas from the Carpentaria Pilot Project. The hydraulic stimulation was completed over a 2,955 metre section within the B Shale of the Velkerri Formation, with an average pump rate over 100 bbl/min achieved on multiple stages. 67 stages were placed, and an average fluid intensity of 52 bbl/ft was achieved with proppant (sand) intensity of 2,320 lb/ft using a fully slickwater design. Coiled tubing mill out operations were undertaken after completion of the hydraulic stimulation, with a 2,760m section (~93%) of the horizontal well bore cleaned out. The C-5H well is currently undergoing a soak period, and extended production testing will be undertaken for a 30-day period ('IP30'), with results expected to be announced in late September. The IP30 test is a precursor to the longer term planned pilot production following the commissioning of the Carpentaria Gas Plant. Beetaloo Energy was also successful in its application for funding in the Round 18 co-funded Geophysics and Drilling Collaboration program, which will be used for a LiDAR survey over the EP187 Carpentaria Gas Project Area. The company also drew down $2.6 million under the new $30 million R&D Facility with Macquarie Bank Limited, applying the proceeds to the Carpentaria Pilot Project.

The focus is now on completion of the Carpentaria Pilot Project including installation of the Carpentaria Gas Plant, with production expected to commence in 2026.