Tamboran’s $100M Beetaloo Project Triumph
The Finocchiaro CLP Government is backing, attracting and facilitating investment and development in the Beetaloo, delivering on our plan to grow the NT economy, strengthen energy security, and increase long-term royalty revenue for Territorians.
Minister for Mining and Energy Gerard Maley has welcomed Tamboran Resources’ successful capital raising of US$55.4 million (A$85 million) through a Private Investment in Public Equity (PIPE) arrangement, a strong show of investor confidence in the Beetaloo Sub-basin and its future production potential.
Tamboran’s financial position has been further strengthened through a checkerboarding acreage agreement with Daly Waters Energy and the acquisition by Daly Waters Energy of a non-operating interest in 100,000 acres of Beetaloo acreage, valued at $15 million.
Daly Waters Energy is owned by US private equity firm Formentera Partners, founded by Bryan Sheffield.
Through this arrangement, Daly Waters Energy will also become an operator of acreage in the Beetaloo Sub-basin, which will further advance development in the Territory.
Together, these investments represent a significant vote of confidence in the long-term development of the Beetaloo and the growing role of the NT in delivering cleaner, more affordable and more secure energy solutions to Australia and the region.
Following this successful capital raise, Tamboran Resources expects to be fully funded to drill and complete the remaining three wells required to deliver first gas under its Shenandoah South Pilot Project by mid-2026.
Tamboran Resources has also commenced IP30 (30-day initial production) flow testing at its Shenandoah South 2H sidetrack well (SS-2H ST1), with results expected in June.
These results will provide critical data for further investment decisions and underline the production capacity of the Beetaloo Sub-basin.
“The Finocchiaro CLP Government is proud to back Tamboran’s progress and welcome this new investment into the Beetaloo, which includes Daly Waters Energy becoming an operator,” said Mr Maley.
“Every milestone like this brings us one step closer to delivering more gas to Territory homes and businesses, creating local jobs, and boosting long-term royalty revenue to fund vital services and infrastructure.”
Tamboran’s Shenandoah South Pilot Project is expected to begin supplying around 40 terajoules of gas per day to the Territory market by mid-2026.
“The gas produced from the Beetaloo will be the fuel that drives our energy security and underpins the Territory’s economic recovery,” said Mr Maley.
“Importantly, royalties from the Beetaloo, calculated at 10% of the gross value of gas at the wellhead, will deliver long-term economic returns for Territorians.
“I look forward to working closely with Tamboran Resources and Daly Waters Energy into the future and promoting the enormous potential and rapid growth of the NT gas industry at the Australian Energy Producers conference in Brisbane later this month.”
https://nt.gov.au/