Beetaloo Energy had a strong third quarter, successfully fracture stimulating the Carpentaria-5H well, which the company called the largest fracture stimulation of a petroleum well in Australian history.
C-5H was then shut in for a period ofn ‘soak’ prior to commencement of IP30 flow testing which is expected to commence in early November.
A final investment decision for the Carpentaria pilot project will be sought from the Beetaloo Energy board of directors once final ministerial approvals for the pilot project are received.
Total liquidity at end of the quarter was $32.6 million comprising $27.1million in cash and $5.5 million of undrawn funding available under the Macquarie facilities. An additional $30 million under the Macquarie midstream infrastructure facility is expected to become available immediately following FID.
“The September quarter marked a period of significant operational progress for Beetaloo Energy, highlighted by the successful fracture stimulation of the Carpentaria-5H well — the largest in Australian history, representing an important technical and operational milestone for the company and demonstrating the growing capability and scalability of our Beetaloo operations,” Beetaloo managing director Alex Underwood said.
“ In readiness for FID, Beetaloo Energy has commenced civil works for the Carpentaria gas plant.”
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